natgillin/translations-raw huggingface dataset:
Kommissionen bemærker også staternes efterfølgende krav om at nedbringe risiciene for gennemførelsen og opnå en konsolideret omstruktureringsplan inden deltagelse i den nye kreditfacilitet.
In principle, the Commission considers that the pari passu condition cannot be applicable in cases where the States' involvement constitutes a strict requirement for the private operators to participate in the transaction.
Sådanne handlinger synes at være i overensstemmelse med den adfærd, en fornuftig privat markedsinvestor ville have haft.
In the course of the formal investigation, Denmark, Sweden and the SAS Group argued that at no stage during the negotiations for the new RCF did the banks feel ‘contaminated’ by the States' past conduct and their continued willingness to support SAS, despite the fact that the States' revenue forecasts on the rights issues of 2009 and 2010 fell short.
Det skal imidlertid stadig undersøges, om vilkårene og bestemmelserne for den nye kreditfacilitet var i overensstemmelse med, hvad en privat markedsinvestor i samme situation som staterne, dvs. som eksisterende aktionær i selskabet, ville have accepteret.
The Commission cannot exclude the possibility that private operators would not have been willing to invest in a business with such a track record and unpredictable projections, unless with the participation of the States.
Danmark, Sverige og SAS-gruppen har forklaret, at et af de særlige kendetegn ved luftfartssektoren er behovet for at opretholde et højt økonomisk beredskab for at bevare kundernes og interessenternes tillid til selskabets evne til at fortsætte sin virksomhed.
At the same time, it cannot exclude either that the States, which had refused to provide new equity and to enter into a subordinated RCF, were no longer willing to put additional funds into SAS.
I betragtning af SAS' økonomiske vanskeligheder i 2012 og selskabets daværende likviditetssituation var en sandsynlig incitamentsfaktor for staternes deltagelse i den nye kreditfacilitet som aktionærer i SAS at undgå øgede tab eller konkurs i tilfælde af en likviditetsudstrømning.
Notwithstanding these considerations, the Commission remains unconvinced that the participation of the States in the new RCF was made on pari passu terms with the lending banks, taking into account that the States' participation resulted in the banks reducing their overall RCF exposure to SAS by approximately 50 %, whereas at the same time the States increased their exposure to SAS.
I den forbindelse lader staterne navnlig til at have fulgt anbefalingerne fra de uafhængige rådgivere i forbindelse med den endelige aftale om vilkårene og betingelserne for den nye kreditfacilitet.
In relation to whether or not KAW's behaviour could be considered a reference point to establish the conduct of a private investor, the formal investigation showed that KAW's exposure to SAS through its shareholding in SEB was smaller than that indicated in the opening decision.
Foruden ovennævnte betragtninger har Kommissionen modtaget yderligere oplysninger om hensigtsmæssigheden af den nye kreditfacilitets underliggende sikkerheder.
Irrespective of the pari passu assessment, the Commission has also examined whether or not the States' participation in the new RCF could be considered rational from a shareholder perspective and would fulfil the MEI test outside of the pari passu line of reasoning.
[…] foretog i en rapport fra maj 2012 en uafhængig værdiansættelse af Widerøe og visse materielle aktiver (bl.a. reservemotorer, relevante fly, en række mindre ejendomme og noget udstyr), som efterfølgende blev stillet som sikkerhed for den nye kreditfacilitet.
Assessment of the States' participation in the new RCF under the MEI test
Selv om fokus var på Widerøe som det vigtigste aktiv i sikkerhedsstillelsen, og værdiansættelsen af nogle af de andre aktiver var baseret på mere begrænsede oplysninger, beløb den endelige værdiansættelse sig til en samlet aktivværdi på mellem [1-4] og [3-6] mia. SEK.
The question to be addressed is whether or not a private investor in the same position as the States, i.e. as existing shareholders in SAS and facing a similar set of circumstances as the States in 2012, would have entered into the new RCF on similar terms and conditions [35].
De aktiver, der var stillet sikkerhed for, havde således en større samlet anslået værdi end facilitet A. Ifølge Danmark og Sverige anså långiverne dette for tilstrækkeligt for den nye kreditfacilitet, eftersom det som bemærket ovenfor var usandsynligt, at SAS nogen sinde ville trække på facilitet B.
The independent analyses undertaken by external financial advisers (namely Goldman Sachs International and CITI as advisers to the States and […] as adviser to the lenders) prior to the conclusion of the new RCF are instructive in this regard.
De faktiske finansielle risici forbundet med den nye kreditfacilitet blev yderligere begrænset af bestemmelserne om en obligatorisk forudbetaling og/eller ophævelse af forpligtelserne under den nye kreditfacilitet, hvis SAS afhændede visse aktiver eller deltog i andre finansieringsmuligheder.
According to Denmark and Sweden, the States only decided to participate in the new RCF after close scrutiny of the 4XNG plan by its external advisors and following adjustment of the terms and conditions of the new RCF.
Disse bestemmelser om forudbetaling og ophævelse bidrog til at reducere de potentielle tab over tid.
While the Commission expressed some reservations in its opening decision regarding the scope of the report prepared by CITI, Denmark and Sweden have clarified that their decision to participate in the new RCF drew on all of the analyses prepared by its financial advisers and that the CITI report should therefore not be assessed in isolation.
Som følge af salget af Widerøe og efter en aftale, der trådte i kraft oven på salget i september 2013 (se betragtning 31) blev den nye kreditfacilitet reduceret fra 3,5 mia. SEK til 2 mia. SEK.
The financial advisers were tasked, inter alia, with providing a critical analysis of the 4XNG plan and the new RCF and of relevant sensitivities and vulnerabilities in that regard.
Det lader derfor til, at der blev truffet en omfattende række egnede foranstaltninger, der især skulle sikre SAS' vedvarende rentabilitet i perioden 2012-2015 og begrænse de finansielle risici, der var forbundet med den nye kreditfacilitet.
This analysis was conducted over successive reports with reference to the historical performance of SAS and to other industry benchmarks.
Kommissionen anerkender desuden nødvendigheden af at undersøge, om en sammenlignelig privat investor, der befandt sig i tilsvarende omstændigheder som staterne (dvs. som eksisterende aktionær i SAS) ville have været tilbøjelig til at deltage i den pågældende foranstaltning til fordel for støttemodtageren.
The advisers issued a range of recommendations regarding risk-mitigating strategies for both the 4XNG plan and the new RCF.
I den forbindelse er det relevant at se på andre kontrafaktiske situationer, som kunne være opstået uden den pågældende foranstaltning.
In line with this advice, the States requested a number of adjustments to the 4XNG plan (to accelerate cost-saving measures and accommodate additional initiatives), as well as adjustments to the terms of the new RCF to reduce the likelihood of a drawdown.
Danmark og Sverige anslår, at deres samlede tab som følge af staternes fælles aktiebeholdning og bidrag til kreditfaciliteten i det mest ekstreme scenarie ville have ligget på ca. [1000-3000] mio. SEK, hvis SAS skulle misligholde kreditfaciliteten [39].
This risk assessment resulted, inter alia, in the following considerations:
I tilfælde af at SAS skulle gå konkurs, synes staternes eventuelle ekstra tab i forbindelse med deres deltagelse i den nye kreditfacilitet (ca. 447,5 mio. SEK på baggrund af Danmarks og Sveriges eksempel) altså forholdsvis begrænsede i forhold til de tab, der ville være blevet akkumuleret som følge af deres aktiebeholdning.
Cost-savings targets
Hvis man sammenligner de relativt begrænsede ændringer for staterne i det negative scenarie med de potentielle fordele for staterne ved en vellykket gennemførelse af 4XNG-planen, lader det til at underbygge staternes beslutning om at deltage i den nye kreditfacilitet.
Further to the external advice received, the 4XNG plan was modified and strengthened to include cost-saving initiatives of approximately SEK [1-4] billion p.a. (increased from the original target of SEK [1-4] billion p.a.).
I det mest optimistiske »basisscenarie« regnede CITI-rapporten med potentielle kapitalgevinster til staterne på i alt [7000-12000] mio. SEK.
While non-delivery of cost-savings targets was identified as a concern, a key move to de-risk the 4XNG plan in advance of finalising the new RCF was the conclusion of new union agreements with employee compensation and benefit cuts, as well as pension plan changes in November 2012.
Selv om Kommissionen udtrykte en vis tvivl i åbningsafgørelsen om den ekstreme optimisme i sådanne vækstfremskrivninger, anerkender den muligheden for, at de potentielle kapitalgevinster i de positive scenarier selv i de mere forsigtige af slagsen klart ville overstige de potentielle tab i de negative scenarier.
This resulted in direct cost savings of just under SEK [0-3] billion p.a.
Kommissionen tager derfor ovennævnte risiko-/afkastvurdering, de omfattende undersøgelser og tests af 4XNG-planen, de yderligere undersøgelser af den underliggende sikkerhed [40], bestemmelserne om tilbagebetaling eller ophævelse, som mindskede de potentielle tab over tiden [41], og de diverse andre risikobegrænsende foranstaltninger, der indgik i betingelserne for den nye kreditfacilitet, i betragtning [42].
[…] which, at the request of the States, had to be successfully executed before the new RCF could enter into effect.
Når der tages hensyn til ovenstående, lader staternes beslutning om at deltage i den nye kreditfacilitet til at være i overensstemmelse med den adfærd, en privat aktør, der søger at opnå et normalt markedsafkast, ville have i betragtning af selskabets særlige situation på tidspunktet.
Disposals
Konklusion vedrørende forekomsten af statsstøtte
Further to the initial assumptions on asset disposals being challenged by the external financial adviser, and also due to new information which materialised during the process, the final list of planned disposals in the 4XNG plan deviated from the list initially put forward by SAS [36].
I betragtning af ovenstående finder Kommissionen, at Danmarks og Sveriges deltagelse i den nye kreditfacilitet ikke udgør statsstøtte efter artikel 107, stk. 1, i TEUF.
The States' financial adviser ultimately concluded that the disposals (with an estimated disposal value of approximately SEK 3,0 billion) included in the final 4XNG plan were feasible within the estimated timeframe.
Endelig noterer Kommissionen sig, at Danmark og Sverige indvilligede i at denne afgørelse blev vedtaget og meddelt på engelsk —
Furthermore, the new RCF contained provisions for the timing of the Widerøe sale, as well as for the strict application of disposal proceeds towards repayment of the new RCF.
Artikel 1
The underlying yield and RASK pressure assumptions were assessed and deemed reasonable taking into account relevant data on historical trends, third-party forecasts and known changes in the competitive environment at that time.
Finansieringen af Scandinavian Airlines gennem den løbende kreditfacilitet, som Kongeriget Danmark og Kongeriget Sverige etablerede i december 2012, udgør ikke statsstøtte efter artikel 107, stk. 1, i traktaten om Den Europæiske Unions funktionsmåde.
These assumptions were therefore not considered to pose a significant downside risk to the execution of the 4XNG plan.
Artikel 2
In relation to the Commission's doubts in the opening decision concerning the optimistic nature of specific drivers in the 4XNG plan (e.g. market growth in ASK, GDP forecasts and 0 % inflation for the period 2015-17), the information submitted by Denmark, Sweden and the SAS Group during the formal investigation indicates that these estimates took particular account of the main markets in which SAS is active.
Denne afgørelse er rettet til Kongeriget Danmark og Kongeriget Sverige.
This included the company's more pronounced exposure to northern rather than to southern Europe, as well as its exposure to the US and Asian markets.
Udfærdiget i Bruxelles, den 9. juli 2014
The submissions further indicate that the estimated cost inflation of 0 % p.a. for the period 2015-17 is the net effect of an underlying rate of inflation of 2 % p.a. (in line with the estimated EU inflation level) and the assumption that it would be possible to neutralise this via new cost-savings measures.
På Kommissionens vegne
As regards the lack of sensitivity testing on the IRR analysis presented in the CITI report (see paragraph 35 above), as well as the Commission's initial concerns regarding the potential impact of less optimistic scenarios, the Commission has received additional information from Denmark and Sweden in their submissions on the opening decision concerning the extent of sensitivity analysis undertaken.
Næstformand
In this regard, Goldman Sachs presented a range of sensitivity tests during the development of the 4XNG plan over the period June to September 2012.
EUT C 283 af 28.9.2013, s. 8.
A revised analysis in September 2012 indicated that SAS would not run out of cash even under the downside scenarios presented, i.e. in all cases analysed the SAS cash position would remain above the bottom end of the RCF corridor.
Jf. fodnote 1.
However, to maintain market confidence, it was considered that a liquidity backstop was needed and that the RCF remained the most realistic option for such back-up liquidity.
FAM har ansvar for at forvalte aktiverne i Knut og Alice Wallenbergs stiftelse.
The Commission thus notes the successive financial reviews conducted on the 4XNG plan (including extensive analysis and testing of various iterations of the plan).
Det svarer til antal tilgængelige passagersæder ganget med den strækning i kilometer, der flyves.
Such actions would appear to be in accordance with those of a prudent private market investor.
Kilde:
Notwithstanding this, it still needs to be considered whether or not the terms and conditions of the new RCF were in line with what a private market investor, in the same position as the States, i.e. as existing shareholders in the company, would have accepted.
http://www.airlineleader.com/regional-focus/nordic-region-heats-up-as-all-major-players-overhaul-their-strategies.
Denmark, Sweden and the SAS Group have explained that a specific characteristic of the airline sector is the need to maintain a high level of financial preparedness to preserve customer and stakeholder confidence in the ability of the business to continue operations.
Se fodnote 12 og betragtning 31 vedrørende salget af 80 % af aktierne i Widerøe.
Given the financial difficulties facing SAS in 2012 and the prevailing liquidity situation at that time, a likely motivation for the States' participation in the new RCF, as shareholders in SAS, was the avoidance of higher losses or bankruptcy in the event of a liquidity run on the company.
http://www.sasgroup.net/SASGroup/default.asp.
In this respect, the States appear to have drawn notably on recommendations from the independent financial advisers when finalising the terms and conditions of the new RCF.
Den seneste udvikling i S&P's kreditvurdering af SAS behandles i fodnote 25.
Indeed, it appears that the terms and conditions of the new RCF were collectively aimed at mitigating the main commercial risks identified.
SAS' årsberetninger fra perioden 2008-2012, som kan findes på http://www.sasgroup.net/SASGroup/default.asp.
For example, as noted in paragraph 84 above, a key condition precedent to the implementation of the new RCF was the successful execution of new collective agreements with flight crews.
Se i den forbindelse den administrerende direktørs udtaleles til Reuters den 12. november 2012:
Furthermore, the drawdown conditions applicable to Facility B appeared to render it very unlikely that it could have been drawn before March 2015 [37].
[13] Forretningshemmelighed.
In addition to the above observations, the Commission has received additional information concerning the adequacy of the underlying collateral for the new RCF.
Ifølge de oplysninger, som de danske og svenske myndigheder har indgivet, er salget af […] — som var angivet i åbningsafgørelsen — blevet slettet fra den endelige liste over planlagte afhændelser på grund af den store usikkerhed vedrørende salgstidspunkt og fortjeneste.
In a report dated May 2012, […] provided an independent valuation of Widerøe and certain tangible assets (including spare engines, relevant aircraft, a number of smaller properties and some equipment) which were subsequently used as security for the new RCF.
Den 20. maj 2013 meddelte SAS, at selskabet havde indgået en aftale om at afhænde 80 % af sine aktier i Widerøe til en investorgruppe.
While the focus was on Widerøe, as the most important asset in the security package, and the assessment of the other assets was based on more limited information, the overall valuation implied a total asset value of approximately SEK [1-4]-[3-6] billion.
SAS har afhændet 10 % af aktierne i groundhandlingselskabet til Swissport.
The total estimated value of the assets subject to security thus exceeded the size of Facility A. According to Denmark and Sweden, this was considered sufficient comfort for the new RCF lenders since, as noted above, the likelihood that SAS would ever draw on Facility B was considered negligible.
Salget er blevet gennemført med en likviditetsvirkning på ca. 1,7 mia. SEK.
The actual financial risks associated with the new RCF were further mitigated by provisions on mandatory pre-payment and/or cancellation of the commitments under the new RCF, if SAS disposed of certain assets or engaged in other financing options.
Disse foranstaltninger er gennemgående blevet gennemført og vil medføre besparelser på ca. 1 mia. SEK.
Such prepayment and cancellation provisions had the effect of reducing the potential loss over time.
[…], en af långiverne under den gamle kreditfacilitet, anførte, at den ikke ønskede at deltage i den nye kreditfacilitet.
Indeed, as a result of the Widerøe sale, and pursuant to an agreement which entered into force upon that sale in September 2013 (see paragraph 31 above), the overall size of the new RCF was reduced from SEK 3,5 billion to SEK 2 billion.
[…] og […] øgede derfor deres deltagelse i den nye kreditfacilitet forholdsmæssigt.
It therefore appears that a comprehensive and coherent set of measures were taken, specifically aimed at ensuring the ongoing viability of SAS over the period 2012-15 and limiting the key financial risks associated with the new RCF.
Se fodnote 34.
Furthermore, the Commission recognises the need to consider whether a comparable private investor, facing similar market circumstances to the States (i.e. as existing shareholders in SAS), could have been prompted to provide the measure in question to the beneficiary.
Se http://www.reuters.com/finance/stocks/SAS.ST/key-developments/article/2662973.
To this end, it is also useful to consider possible counterfactual situations arising in the absence of the measure being provided.
Tilsagnet under facilitet A blev reduceret fra 0,8 mia. SEK til 0,6 mia. SEK den 31. oktober 2013 som følge af SAS' salg af andele i SAS Ground Handling til Swissport.
In this respect, Denmark, Sweden and the SAS Group claim in their submissions on the opening decision that bankruptcy would have been likely if the new RCF had not been made available in 2012.
EUT C 244 af 1.10.2004, s. 2.
According to Denmark and Sweden, this would have corresponded to a combined loss of SEK 1044 million for the States, i.e. the value of their aggregate shareholding.
Alternativet ville være blot at lade den gamle kreditfacilitet løbe ud den 20. juni 2013 og samtidig forhindre enhver anvendelse heraf frem til denne dato, så længe SAS ikke opfyldte betingelserne for at udnytte faciliteten.
A further consideration also related to the prospect of forgoing future possible capital gains if the 4XNG plan was successfully implemented.
De danske og svenske myndigheder har indsendt oplysninger om nogle af bankernes øvrige engagementer i SAS i form af bilaterale faciliteter, diverse hedgingordninger, kreditkort, faciliteter til at finansiere fly, overtræksordninger og ejendomstransaktioner.
By comparison, Denmark and Sweden estimate in their submissions that if SAS defaulted on the new RCF, the possible combined loss resulting from the States' collective shareholding and their RCF contributions would, in the most extreme scenario, have been in the region of SEK [1000-3000] million [39].
De danske og svenske myndigheder fastholder, at bankerne, måske med undtagelse af […] engagementer i relation til kreditkortbetalinger, ikke havde nogen betydelige usikrede engagementer i SAS.
Consequently, in the event of bankruptcy of SAS, the possible additional loss associated with the States' participation in the new RCF (i.e. approximately SEK 447,5 million based on Denmark and Sweden's illustrative example) appears relatively contained compared to the loss which would have nonetheless accrued in respect of the States' shareholding.
De forskellige former for engagementer var enten begrænsede i omfang eller sikrede og lader derfor ikke til at være relevante i forbindelse med bankernes beslutning om at deltage i den nye kreditfacilitet.
Comparing this relatively limited incremental change in the States' downside (bankruptcy) scenario to the potential upside for the States from a successful execution of the 4XNG plan, appears to provide further support for the States' decision to participate in the new RCF.
Indtægt pr. udbudte sædekilometer (RASK) er et almindeligt anvendt mål for luftfartsselskabers indtjening.
In the most optimistic ‘base case’ scenario, the CITI report estimated potential capital gains for the States of SEK [7000-12000] million in total.
Danmark, Sverige og SAS fremhæver også i den forbindelse, at S&P den 5. august 2013 opjusterede sin kreditvurdering af SAS fra CCC+ til B- med stabile udsigter.
However, while the Commission expressed some reservations in its opening decision regarding the optimistic nature of such growth projections, it recognises the possibility that, even under more conservative scenarios, the potential capital gains in the upside scenario may still have notably exceeded the potential losses in the downside scenario.
Se sag 730/79, Philip Morris Holland BV mod Kommissionen, Sml. 1980, s. 2671, præmis 11;
The Commission thus notes the above risk-reward assessment, as well as the extensive review and testing of the 4XNG plan, the additional verifications provided on the underlying collateral [40], the cancellation and prepayment provisions which reduced the potential loss over time [41] and the various other risk-mitigating measures incorporated within the terms of the new RCF [42].
sag T-288/97, Regione Friuli Venezia Giulia mod Kommissionen, Sml. 2001 II, s. 1169, præmis 41;
Taking the above into account, the States' decision to participate in the new RCF would appear consistent with the actions of a private operator acting with a view to obtaining a normal market return given the company's specific situation at that time.
og sag C-280/00, Altmark Trans GmbH og Regierungspräsidium Magdeburg mod Nahverkehrsgesellschaft Altmark GmbH (Altmark), Sml. 2003 I, s. 7747, præmis 75.
Further to the above, the Commission concludes that the States, in their position as existing shareholders in SAS, were guided by reasonable and realistic prospects of profitability when they decided to participate in the new RCF together with KAW and the lending banks during the period December 2012 — March 2014.
Den »tredje pakke« bestod af tre lovgivningsmæssige foranstaltninger:
This participation thus did not entail any advantage to SAS within the meaning of Article 107(1) TFEU.
Sag T-296/97, Alitalia, Sml. 2000 II, s. 3871, præmis 81.
Finally, the Commission notes that Denmark and Sweden agreed to have the present decision adopted and notified in English,