natgillin/translations-raw huggingface dataset:
Det må derfor konkluderes, at forskellene mellem prognoserne og de faktiske finansielle indikatorer, som efterfølgende blev indsendt af Mojo og Music Dome, ikke anfægter rigtigheden af den af Deloitte foretagne vurdering.
The Commission finds, therefore, that the differences between the forecasts and the actual financial indicators supplied ex post by Mojo and Music Dome do not vitiate the correctness of the valuation carried out by Deloitte.
I lyset af denne vurdering må det konkluderes, at Deloittes vurderingsrapporter udgjorde et troværdigt grundlag for de priser, som blev fastsat med henblik på kommunens salg af driften af Ahoy Rotterdam nv og udlejningen af Ahoy-komplekset.
On the basis of this assessment, the Commission considers that Deloitte’s market valuation reports presented a reliable basis for the prices that were set for purposes of the sale of the operation of Ahoy Rotterdam NV and the lease of the Ahoy complex by the municipality.
Kommissionen konkluderer derfor, at disse transaktioner under hensyntagen til de dermed forbundne forpligtelser, som blev fastlagt af kommunen i lejeaftalen, er foretaget i overensstemmelse med markedsvilkårene, og at driftsherren ikke som følge heraf fik uretmæssige økonomiske fordele.
Taking into account the relevant obligations imposed by the municipality in the lease, the Commission concludes that these transactions were carried out in conformity with market conditions and did not confer an undue economic advantage on the operator of the complex.
Hvad angår den del af den anmeldte investering, som specifikt har relation til opgraderingen/udvidelsen af kapaciteten i Sportpaleis, har Kommissionen i beslutningen om at indlede proceduren ikke udelukket, at denne investering tilbød driftsherren for Ahoy-komplekset en selektiv fordel, som rakte videre end de normale markedsvilkår, også når der tages hensyn til garantien i form af overskudsdelingsordningen, som er fastlagt i lejeaftalen mellem kommunen og Ahoy Rotterdam nv.
As regards the part of the notified investment relating specifically to the upgrading and expansion of the capacity of the Ahoy Arena, in the decision initiating the procedure the Commission said it could not rule out the possibility that this investment might confer a selective advantage on the operator of the complex going beyond normal market conditions, even when account was taken of the safeguard provided by the profit-sharing mechanism laid down in the lease concluded between the municipality and Ahoy Rotterdam NV.
Ifølge Kommissionens oprindelige vurdering påviste navnlig de af de nederlandske myndigheder anførte argumenter ikke, at udformningen af overskudsdelingsordningen var egnet til at garantere et lejebeløb, der var i overensstemmelse med markedsvilkårene efter investeringen. De udelukker derfor ikke en potentiel økonomisk fordel for kompleksets driftsherre, efter at investeringen er foretaget.
In particular, according to the Commission’s initial assessment, the arguments put forward by the Dutch authorities did not show that the design of the profit-sharing arrangement was such as to ensure that the rent would be at a market level following the investment; those arguments consequently did not show that there would be no economic advantage to the operator of the complex after the completion of the investment.
Kommissionen har som led i undersøgelsen foretaget en udførlig analyse af overskudsdelingsordningen, i hvilken forbindelse den har taget hensyn til de supplerende oplysninger, som de nederlandske myndigheder og andre interesserede parter har indsendt.
As part of the investigation, the Commission carried out an in-depth analysis of the profit-sharing mechanism in the light of the additional information provided by the Dutch authorities and the third parties.
Derefter har Kommissionen anmodet den uafhængige ekspert om at undersøge, om den i lejeaftalen fastlagte overskudsdelingsordning var i overensstemmelse med markedsvilkårene.
The Commission also asked the independent consultant to assess whether the profit-sharing arrangement laid down in the lease was in line with market conditions.
Som det forklares i betragtning 15 og 16, var privatiseringen af driften af Ahoy Rotterdam nv og udlejningen af komplekset baseret på den hypotese, at den planlagte investering [24] var nødvendig for at opretholde kompleksets værdi, men at dette ikke skulle give driftsherren supplerende indtægter [25].
As explained in recitals 15 and 16, the privatisation of the operation of Ahoy Rotterdam NV and the lease of the complex were based on the assumption that the planned investment [24] was necessary to maintain the value of the complex but would not produce any additional revenues for the operator [25].
I denne forbindelse bemærker Kommissionen, at den uafhængige ekspert har bekræftet, at antagelsen i Deloittes rapport om, at en kapacitetsudvidelse i Sportpaleis ikke nødvendigvis ville føre til en merværdi for driftsherren, var forsvarlig i betragtning af dynamikken på markedet for arrangementer, muligheden for at få nye konkurrenter og de dermed forbundne usikkerheder og risici.
In this respect, the Commission would point out that the independent consultant has confirmed that the assumption made in the Deloitte report that an increase in the capacity of the Ahoy Arena as a result of the intended investment would not automatically produce additional value for the operator was a defensible one, in view of the dynamics of the events market, possible new competitors, and the related uncertainties and risks.
Kommissionen slutter op bag den uafhængige eksperts undersøgelsesresultater og konkluderer, at denne antagelse var rimeligt begrundet, også i betragtning af Ahoys unikke markedsstilling, tilstedeværelsen af andre markedsdeltagere og deres markedsadfærd [26] samt den omstændighed, at renovationsarbejderne i en ret lang periode kan lægge hindringer i vejen for en normal drift af komplekset.
The Commission agrees with the findings of the independent consultant, and concludes that this assumption was justified, taking into account among other things Ahoy’s unique market position, the presence and behaviour of other operators in the market [26], and the fact that the operation of the complex could be hampered by the renovation work for a fairly long time.
Endvidere henviser Kommissionen til, at kommunen ved en garanti har indsat en overskudsdelingsordning i lejeaftalen.
The Commission would also point out that the municipality included a profit-sharing mechanism in the lease as a safeguard.
Denne ordning skal sørge for, at lejebeløbet for komplekset stiger, hvis den anmeldte investering fører til en værdiforøgelse af komplekset for driftsherren.
This arrangement was designed to ensure that the level of the rent for the complex would rise if the notified investment were to increase the value of the complex to the operator.
Kommissionen bemærker, at overskudsdelingsordningen set i forhold til Rotterdam kommunes planlagte investering ifølge den uafhængige ekspert garanterer en rimelig lejeforhøjelse i overensstemmelse med markedsvilkårene.
According to the independent consultant the profit-sharing arrangement guarantees a reasonable rent increase in conformity with market conditions in return for the planned investment by the municipality of Rotterdam.
Eksperten har bekræftet, at både den degressive struktur i ordningen og differentieringen i stigningstakten for lejebeløbet er rimelig.
The independent consultant has confirmed that both the degressive structure of the mechanism and the differentiation of the pace of the rent increase are reasonable.
Desuden har eksperten bemærket, at i betragtning af, at der ikke er knyttet nogen indeksering til overskudsdelingsordningen, er det ifølge eksperten ikke usandsynligt, at der vil opstå en ekstraordinær gevinst for kommunen (udlejeren), også selv om driftsherren (lejeren) ikke drager nytte af investeringen.
The independent consultant has also pointed out that as the thresholds set in the profit-sharing arrangement are not subject to indexation, the municipality, as the lessor, may well secure a windfall profit even if the operator, as the lessee, does not exploit the investment in the complex.
[…] I lejeperioden er det af Deloitte forudsagte bruttooverskud (med lejebeløbet fratrukket) i gennemsnit højere end tærsklen på 16,5 mio. EUR i regnskabsårene efter den planlagte gennemførelse af investeringen, selv om der ikke tages hensyn til det eventuelle ekstra bruttooverskud, der skabes i kraft af stigningen i kompleksets værdi.
[…] Over the period of the lease, the gross margins forecast by Deloitte (less the rent) are on average higher than the EUR 16,5 million threshold in the financial years following the projected completion of the investment, even when no account is taken of possible additional gross margin generated by the increase in value of the complex.
På grundlag af disse elementer konkluderer Kommissionen: at tærskelværdien er egnet til at fastlægge den potentielle stigning i driftsherrens bruttooverskud, som vil kunne opstå, såfremt investeringen ikke blot opretholder værdien, men også giver driftsherren en merværdi.
The Commission concludes that the threshold is at a level likely to capture potential increases in the operator’s gross margin that might arise if the investment were to increase the value to the operator, rather than merely preserving it.
I betragtning af at det ikke kan forventes, at opgraderingen/udvidelsen af Sportpaleis har en ubegrænset effekt på driftsherrens indtægter, er Kommissionen af den opfattelse, at det i dette tilfælde er rimeligt at differentiere lejestigningstakten og samtidig fastsætte et maksimalt lejetillæg [30].
As the effect of the upgrading/expansion of the Ahoy Arena on the operator’s revenues cannot be expected to be unlimited, the Commission takes the view that it is justified in this case to differentiate the pace of the rent increase and at the same time to put a cap on the maximum rent surcharge [30].
I betragtning af det foregående støtter Kommissionen den uafhængige ekspert i dennes vurdering og konkluderer, at udformningen af den i lejeaftalen fastlagte overskudsdelingsordning er i overensstemmelse med markedsvilkårene og udgør et effektivt instrument til at sikre, at lejebeløbet for komplekset efter den planlagte investering er i overensstemmelse med markedsvilkårene.
The Commission therefore accepts the independent consultant’s opinion and concludes that the design of the profit-sharing mechanism laid down in the lease is in line with market conditions and provides an effective safeguard to ensure that the rent for the complex following the planned investment is at a market level.
Mojos og Music Domes har argumenteret for, at selv om investeringen, navnlig udvidelsen af Sportpaleis, ikke skulle give driftsherren ekstra indtægter, indeholder den alligevel en konkurrencemæssig fordel, fordi driftsherren i så fald nyder godt af en gratis forbedring af infrastrukturen, som alle andre private virksomheder selv må betale. Kommissionen finder ikke, at dette argument holder stik.
Mojo and Music Dome have argued that even if the investment (and in particular the expansion of the Ahoy Arena) did not increase the operator’s revenues, the improvement of the facilities would still confer a competitive advantage on Ahoy Rotterdam NV, as it would have the benefit of an improvement in the facilities free of charge, whereas any private undertaking would have had to pay the cost itself; the Commission does not consider this argument convincing.
Deloitte gik nemlig i sine takseringer ud fra et scenario, hvor investeringen ikke skulle give ekstra indtægter, men hvor den dog var nødvendig for at opretholde kompleksets værdi.
In its valuations Deloitte itself worked with a scenario according to which the investment would not generate additional revenues but was nevertheless necessary in order to preserve the value of the complex.
Der er allerede ved fastsættelsen af prisen på Ahoy Rotterdam nv og af lejebeløbet for komplekset taget hensyn til investeringen.
When the price for Ahoy Rotterdam NV and the rent for the complex were set, the investment was taken into account.
Investeringen udgør derfor ikke nogen økonomisk fordel for driftsherren.
Thus the investment does not confer an economic advantage on the operator.
Desuden anførte Mojo og Music Dome, at ordningen ikke kunne være i overensstemmelse med markedsvilkårene, fordi driftsherren, selv om vedkommende skulle betale hele investeringen tilbage som følge af overskudsdelingsordningen, alligevel ville modtage en økonomisk fordel, da Rotterdam kommune bærer hele den forretningsmæssige risiko.
Mojo and Music Dome also argue that the arrangement cannot be in line with the market, since even if the operator were to repay the investment in full under the profit-sharing mechanism, the operator would still receive an economic advantage, as the entire economic risk of the investment would be borne by the municipality of Rotterdam.
Ifølge Mojo og Music Dome får kommunen ingenting, hvis investeringen ikke fører til højere indtægter, og den får først sin investering tilbage, hvis der skabes ekstra indtægter.
According to Mojo and Music Dome, the municipality will receive nothing if the investment does not generate additional income: it will recover its investment only if extra income is indeed generated.
Hvad angår dette argument fra Mojos og Music Domes side, kan Kommissionen ikke udelukke, at kommunen ved sin beslutning om at investere i projektet ikke har opført sig som en privat investor, som tilstræber overskudsmaksimering.
With regard to the argument put forward by Mojo and Music Dome here, the Commission cannot exclude the possibility that in its decision to invest in the project the municipality did not behave as a profit-maximising private investor.
Det forhold, at driftsherren er pålagt forpligtelser med hensyn til kompleksets multifunktionelle karakter og de former for arrangementer, der skal finde sted, mindsker nemlig i realiteten investeringens værdi.
The conditions imposed on the operator regarding the multifunctionality of the complex and the types of events that are to take place there in effect reduce the value of the investment.
Det fremgår imidlertid af Kommissionens vurdering, at driftsherren ikke havde nogen uretmæssig fordel af sine kontraktmæssige relationer til kommunen, når man tager de begrænsninger, der er fastsat i aftalerne, i betragtning.
However, the Commission’s assessment has demonstrated that the operator did not receive any undue advantage from its contractual relationship with the municipality, taking into account the restrictions imposed in the contracts.
Som det bemærkes ovenfor, var lejebeløbet og prisen på aktierne i Ahoy Rotterdam nv i overensstemmelse med markedsvilkårene.
As explained above, the level of the rent and the price of the shares in Ahoy Rotterdam NV were in line with market conditions.
Overskudsdelingsordningen udgør en ekstra garanti, der skal forhindre, at der indrømmes en uretmæssig fordel, hvis investeringen ikke blot sikrer en opretholdelse af værdien, men også skaber en merværdi for driftsherren.
The profit-sharing mechanism presents is an additional safeguard to rule out any potential undue advantage if the investment, rather than merely preserving value, were to generate additional value for the operator.
Under hensyntagen til det forhold, at det ikke er sikkert, om opgraderingen/udvidelsen af Sportpaleis medfører en fordel for driftsherren, og i betragtning af den effektive garanti i form af den overskudsdelingsordning, som kommunen skal iværksætte, kan det på grundlag af det foregående konkluderes, at den planlagte investering ikke giver driftsherren nogen økonomisk fordel, der går ud over de normale markedsvilkår.
Accordingly, taking into account the uncertainty of the potential advantage to the operator resulting from the upgrading/expansion of the Ahoy Arena, as well as the effective safeguard in the form of the profit-sharing arrangement implemented by the municipality, the Commission concludes that the planned investment does not confer on the operator an economic advantage going beyond normal market conditions.
Økonomisk fordel for en virksomhed eller virksomheder, som gennemfører investeringen
An economic advantage conferred on the undertaking carrying out the project
De nederlandske myndigheder har givet tilsagn om, at udvælgelsen af den virksomhed eller de virksomheder, der skal gennemføre investeringerne, vil finde sted ved hjælp af et offentligt udbud i fuld overensstemmelse med Europa-Parlamentets og Rådets direktiv 2004/18/EF [31].
The Dutch authorities have given a commitment that the undertaking or undertakings carrying out the investment project will be selected by public tender in full compliance with Parliament and Council Directive 2004/18/EC [31].
Som Kommissionen forklarede i sin beslutning om at indlede undersøgelsesproceduren, kan den, hvis dette tilsagn holdes, udelukke, at der indrømmes en sådan virksomhed eller sådanne virksomheder en økonomisk fordel, som går ud over de normale markedsvilkår.
As it said in its decision to initiate the investigation procedure, if this commitment is met the Commission can rule out the possibility that an economic advantage going beyond normal market conditions might be conferred on any such undertaking or undertakings.
Økonomisk fordel for virksomheder, som gør brug af komplekset
Economic advantage conferred on undertakings using the complex
Det må konkluderes, at investeringen ikke giver nogen økonomisk fordel, som går ud over de normale markedsvilkår, til virksomheder, som gør brug af de tjenester, som tilbydes af Ahoy-kompleksets driftsherre.
It must be concluded that the investment will not confer any economic advantage beyond normal market conditions on undertakings using the services provided by the operator of Ahoy.
Da investeringen i dette tilfælde er møntet på renovering og udvikling af Sportpaleis, drejer det sig for virksomhedernes vedkommende om organisatorer af koncerter, festivaler, sportsarrangementer og sociale arrangementer.
Since the investment is focused on the renovation and development of the Ahoy Arena, the undertakings concerned will be organisers of concerts, festivals, and sports and social events.
I betragtning af at Ahoy-kompleksets driftsherre er en privat virksomhed, er der ingen grund til at tvivle på, at dennes kunder skal betale markedsprisen.
Given that the operator of the Ahoy complex is a private undertaking, there is no reason to doubt that its clients will be charged a market price.
Økonomisk fordel for specifikke økonomiske aktiviteter
Economic advantage conferred on specific economic activities
I beslutningen om at indlede proceduren udelukkede Kommissionen med henvisning til de på daværende tidspunkt disponible oplysninger, at der gives en selektiv fordel til specifikke (grupper af) virksomheder eller til specifikke aktiviteter i forbindelse med vedligeholdelse og fremme af kompleksets multifunktionelle karakter, som driftsherren var forpligtet til i henhold til lejeaftalen.
In the decision initiating the procedure, the Commission made an initial finding, on the basis of the information in its possession, that no selective advantage would be conferred on any specific undertaking or group of undertakings or on any specific activity, given the multipurpose layout of the complex and the obligations imposed on the operator in the lease regarding the nature and promotion of its multifunctional character.
De bemærkninger, som nederlandske myndigheder indsendte som led i undersøgelsesproceduren, bekræfter Ahoy-kompleksets multifunktionelle karakter og mangfoldigheden af de aktiviteter, der udspiller sig der.
The comments submitted by the Dutch authorities in the course of the investigation have confirmed the multifunctional nature of the Ahoy complex and the variety of activities carried on there.
Faktisk forpligter lejeaftalen driftsherren til at skabe garanti for, at faciliteterne stilles til rådighed for forskellige brugere og aktiviteter.
The lease requires the operator to guarantee that the facility will continue to be available for different users and activities.
I denne forbindelse bemærker Kommissionen, at investeringen i Ahoy Sportpaleis er beregnet til at sikre kompleksets multifunktionelle karakter, således at flere forskellige former for aktiviteter støttes, uden at der dog er nogen specifik (gruppe af) virksomheder eller specifikke aktiviteter, der drager fordel heraf.
The Commission would observe that the investment in the Ahoy Arena aims at maintaining the multifunctional character of the complex, so as to provide facilities for various types of activity which are not for the benefit of specific undertakings or specific activities.
Desuden har investeringen i Sportpaleis til formål at skabe en platform, hvor der udfoldes aktiviteter til gavn for offentligheden i almindelighed.
In addition, the investment in the Arena is intended to provide a venue at which activities will take place that are aimed at the general public.
At tilbyde sådanne rammer for sportsaktiviteter kan betragtes som et anliggende, som myndighederne er ansvarlige for i forhold til offentligheden i almindelighed, forudsat at den multifunktionelle karakter opretholdes.
The provision of a sports venue of this type can be regarded as a matter for which the authorities are responsible to the general public, provided its multifunctional character is maintained.
Desuden er der intet, der tyder på, at Ahoy-komplekset ikke vil blive drevet i overensstemmelse med markedsvilkårene, for så vidt angår de andre aktiviteter og arrangementer.
In addition, there is nothing to suggest that with regard to other activities and events the Ahoy complex would not be operated on market terms.
På grundlag af denne vurdering kan det konkluderes, at investeringen ikke begunstiger specifikke virksomheder eller økonomiske aktiviteter og derfor ikke er selektiv.
The Commission takes the view, therefore, that the investment will not favour specific undertakings or economic activities, and is consequently not selective.
Konklusioner med hensyn til den økonomiske fordel
Conclusion on economic advantage
På baggrund af ovenstående konkluderer Kommissionen, at hverken den planlagte investering i Ahoy-komplekset eller det dermed forbundne salg af driften og udlejningen af Ahoy-komplekset gennem kommunen tilbyder kompleksets driftsherre eller en eventuel anden virksomhed en økonomisk fordel, som går ud over de normale markedsvilkår.
The Commission accordingly finds that neither the planned investment in the Ahoy complex nor the related sale of the operation and lease of the Ahoy complex by the municipality confer an economic advantage going beyond normal market conditions on the operator of the complex or on any other undertaking.
Desuden kan det konkluderes, at investeringen heller ikke er selektiv i den forstand, at den begunstiger specifikke virksomheder eller økonomiske aktiviteter.
The Commission also finds that the investment does not selectively favour specific undertakings or economic activities.
GENEREL KONKLUSION
OVERALL CONCLUSION
Efter indledningen af den formelle undersøgelsesprocedure er den oprindelige tvivl, som Kommissionen gav udtryk for i sin beslutning om at indlede proceduren, fjernet af de nederlandske myndigheder og den uafhængige ekspert på tilfredsstillende vis.
Since the initiation of the formal investigation procedure, the doubts that the Commission expressed in the initiating decision have been addressed in a satisfactory manner by the Dutch authorities and the independent consultant.
Der er navnlig givet yderligere oplysninger om udformningen af overskudsdelingsordningen, således at Kommissionen kan foretage en grundig vurdering af denne mekanisme.
In particular, further information has been provided with respect to the design of the profit-sharing arrangement, which has enabled the Commission to assess the mechanism in depth.