natgillin/translations-raw huggingface dataset:
Kommissionen bemærkede også, at de private aktører udelukkende ville deltage i den nye kreditfacilitet på betingelse af staternes deltagelse.
The new RCF continued the security package of the old RCF and in addition the lenders were granted security over all shares in Widerøe and all other unencumbered fixed assets of the SAS Group as of December 2012.
Kommissionen satte spørgsmålstegn ved, hvorvidt KAW's deltagelse i den nye kreditfacilitet kunne sidestilles med en privat investors deltagelse, eftersom KAW ikke kun har engagementer i SAS gennem sin aktiebeholdning, men også via banken SEB.
The new RCF thus had first-ranking security on a number of SAS assets, including 100 % of the shares of its subsidiaries Widerøe and SAS Spare Engine, 18 aircrafts and a number of properties.
Kommissionen betvivlede også, om staternes deltagelse i den nye kreditfacilitet kunne betragtes som rationel ud fra et aktionærsynspunkt, og om kriteriet om den markedsøkonomiske investor ville være opfyldt, hvis der ses bort fra pari passu-argumentet.
These securities were valued with a book value of approximately SEK 2,7 billion (i.e. approximately 75 % of the new RCF) and were shared pro rata between Facility A and Facility B. Facility B could only be drawn once Facility A had been drawn in full.
Med hensyn til vilkårene og betingelserne for den nye kreditfacilitet og CITI's vurdering af det forventede afkast som følge af staternes deltagelse i den nye kreditfacilitet understregede Kommissionen, at 4XNG-planen ikke blev vurderet i CITI-rapporten, ligesom der heller ikke blev foretaget en følsomhedsanalyse af den finansielle model, men at rapporten kun baserede sig på de forhåndenværende oplysninger.
The maturity of the new RCF was 31 March 2015.
Kommissionen bemærkede også, at CITI-rapporten ikke vurderede sikkerheden bag den nye kreditfacilitet ud fra en privat markedsinvestors synspunkt og heller ikke tog højde for virkningerne af eventuelle alternative scenarier (herunder misligholdelse), som kunne medføre lavere afkast.
The terms of the new RCF were agreed upon on 25 October 2012.
Kommissionen bemærkede i den forbindelse, at CITI-rapporten tog udgangspunkt i, at sandsynligheden for, at SAS ville misligholde sit lån inden for de næste tre år, var lig nul, hvilket synes at være en undervurdering af risikoen.
It was, however, subject, inter alia, to parliamentary approvals for each of the States and the signing of union agreements with flight deck and cabin crew.
I betragtning af ovenstående kunne Kommissionen ikke udelukke, at staternes deltagelse i den nye kreditfacilitet ville medføre en fordel for SAS efter artikel 107, stk. 1, i TEUF.
The States submitted a report prepared by CITI dated 7 November 2012 (‘the CITI report’) which sought to assess 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.
I det omfang den nye kreditfacilitet skulle udgøre statsstøtte efter artikel 107, stk. 1, i TEUF, var Kommissionen i tvivl om, hvorvidt den kunne betragtes som forenelig med det indre marked.
Assuming a successful implementation of the 4XNG plan in its base case, the CITI report concluded that the States' participation in the new RCF would generate an internal rate of return (‘IRR’) of [90-140] %, a cash-on-cash multiple of circa [4-9]x, and an increase in equity value of close to [700-1200] % (from November 2012 until March 2015).
I den forbindelse undersøgte Kommissionen, om nogle af de mulige grunde til forenelighed i TEUF fandt anvendelse.
The CITI report concluded that the return required by the States would thus be at least equal to that required by private investors in a similar position.
I betragtning af foranstaltningens art og SAS' vanskeligheder bemærkede Kommissionen, at det eneste relevante kriterie lod til at være kriterierne vedrørende støtte til redning og omstrukturering af kriseramte virksomheder efter artikel 107, stk. 3, litra c), i TEUF på grundlag af rammebestemmelserne for statsstøtte til redning og omstrukturering af kriseramte virksomheder [24] (»rammebestemmelserne«).
However, the CITI report did not assess the probability of SAS successfully executing the ‘base case’ of the 4XNG plan, nor did it assess the impact of deviations from the ‘base case’ such as, for example, a failure to monetise non-core assets.
Kommissionen kom dog til den foreløbige konklusion, at betingelserne for statsstøtte til redning og omstrukturering i rammebestemmelserne ikke syntes at være opfyldt.
SAS announced on 19 December 2012 that all the necessary conditions for the new RCF to enter into force (see paragraph 28 above) were in place, including parliamentary approval in the States.
BEMÆRKNINGER TIL ÅBNINGSAFGØRELSEN
As of this date and until 3 March 2014, the new RCF was effective, replacing the old RCF [22].
Bemærkninger fra Danmark og Sverige
By letter of 3 June 2013, Denmark and Sweden explained that, as a result of the sale of 80 % of Widerøe's shares (paragraph 22 above), the States and the lending banks had agreed with SAS to a modification of the terms and conditions of the new RCF, although the amendment agreement had not yet been formally signed.
Danmark og Sverige fastholder, at deres deltagelse i kreditfaciliteten foregik på markedsvilkår, eftersom de var ligestillet med bankerne og KAW, og der derfor ikke var tale om statsstøtte.
In its comments submitted during the formal investigation, the Danish and Swedish authorities informed the Commission that the modification of the new RCF was signed by all parties and would enter into force when the Widerøe transaction was closed, i.e. on 30 September 2013.
Danmark og Sverige anfører, at SAS ikke på noget tidspunkt under forhandlingerne om den nye kreditfacilitet trak på den gamle kreditfacilitet.
These modifications included the following:
De bemærker, at den gamle kreditfacilitet blev ændret i marts 2012 med indførelsen af strengere betingelser for at trække på den og fremfører, at bankerne derfor fra slutningen af juni 2012 befandt sig i en stilling, hvor de kunne afvise eventuelle anmodninger fra SAS om at trække på kreditfaciliteten.
Facility A would be reduced from SEK 1,173 billion to SEK 0,8 billion and its maturity would be extended for five months until 1 June 2014.
SAS tilbagebetalte det fulde beløb, der var trukket på kreditfaciliteten, i marts 2012 og har siden ikke trukket på den gamle kreditfacilitet.
SAS would pledge SEK [0,5-0,8] billion in cash as security for Facility A. The remaining SEK [0,1-0,4] billion would be secured by the securities already listed in the new RCF agreement.
[26]
By the time the new RCF was cancelled on 4 March 2014, SAS had entered into a letter of intent with a potential buyer [23].Facility B would be reduced from SEK 1,5 billion to SEK 1,2 billion.
Hvad angår KAW's deltagelse i den nye kreditfacilitet sammen med bankerne anfører de danske og svenske myndigheder, at KAW's engagementer i SEB var begrænsede, og at dette ikke kunne have været medvirkende til KAW's beslutning om at deltage i kreditfaciliteten.
THE OPENING DECISION
Danmark og Sverige anfører endvidere, at 4XNG-planen var realistisk og ville kunne gennemføres med succes.
In its opening decision, the Commission expressed doubts as regards the pari passu participation of the States, KAW and the banks in the new RCF mainly because of the following:
De understreger også, at forventningerne om en vellykket gennemførelse af planen i forbindelse med beslutningen om at deltage i kreditfaciliteten blev underbygget af, at én af betingelserne for den nye kreditfacilitet var, at der blev indgået aftaler med fagforeningerne.
The banks' previous exposure to SAS through their participation in the old RCF.
Ifølge Danmark og Sverige viste udviklingen mellem december 2012 og frem til annulleringen af den nye kreditfacilitet den 4. marts 2014, at planen var godt på vej til at skabe de forventede resultater [28].
Indeed, the banks had roughly halved their contribution to the new RCF and therefore reduced their overall exposure to SAS by approximately 50 % in terms of RCF, while the States — which had received no return as regards the 2009 and 2010 rights issues in view of the persistently negative results of SAS — had increased their exposure to SAS.
Med hensyn til vilkårene og betingelserne for den nye kreditfacilitet fremfører Danmark og Sverige, at de var i overensstemmelse med normale markedsvilkår, eftersom de svarede til vilkårene i sammenlignelige aftaler.
The fact that SAS had drawn the old RCF completely in January 2012, which could have influenced the decision of the lending banks to participate in the new, so as to avoid any further drawdown and ensure that their RCF contributions were not completely lost in view of the difficulties of the company.
Den nye kreditfacilitet indeholdt også højere startgebyrer og skærpede betingelser for at trække på den, end de fleste andre aftaler, der blev set på.
It was unclear to the Commission whether the banks' decision to participate in the new RCF was influenced by the States' continuous financial support to SAS in previous years.
For så vidt angår sikkerhedsstillelsen, anfører Danmark og Sverige, at de långivende bankers reelle finansielle risiko var ubetydelig, fordi sikkerheden havde en anslået værdi, der klart oversteg størrelsen på facilitet A. I et afviklingsscenarie ville alle de långivende bankers krav kunne fuldbyrdes gennem sikkerhedsstillelsen eller de af SAS' øvrige aktiver, der ville kunne afhændes, f.eks. […], aktierne i […] osv.
The Commission also noted that the involvement of the States was a strict requirement for the private operators to participate in the new RCF.
Endelig anfører Danmark og Sverige, at deltagelsen i den nye kreditfacilitet har genereret et betydeligt afkast til långiverne, uden at SAS har skullet trække på faciliteten.
The Commission questioned whether KAW's participation in the new RCF could be compared to that of a private investor, given KAW's exposure to SAS not only through its shareholding but also via the bank SEB.
Dette bør understøtte den antagelse, at staternes deltagelse i den nye kreditfacilitet sammen med KAW og bankerne var fuldt forenelig med princippet om den markedsøkonomiske investor.
The Commission further questioned whether or not the participation of the States in the new RCF could be considered rational from a shareholder perspective and would fulfil the market economy investor (‘MEI’) test outside the pari passu line of reasoning.
Bemærkninger fra SAS-gruppen
In this respect, the Commission assessed whether or not the 4XNG plan relied on sufficiently robust assumptions to induce a private investor to participate in the new RCF, and whether the sensitivity analyses carried out in the plan were overly optimistic.
SAS-gruppen fremfører, at staterne deltog i den nye kreditfacilitet i deres egenskab af aktionærer, ikke som offentlige myndigheder.
For example, the Commission pointed, inter alia, towards the optimistic figures in the plan concerning market growth in ASK and GDP, as well as the 0 % inflation rate for the period 2015-17.
Ud fra dette synspunkt var det at foretrække at deltage i et sådant instrument frem for at foretage et kapitalindskud, i betragtning af aktionærernes/långivernes betydelige indtægter i form af gebyrer samt aktiernes forventede værdistigninger.
Likewise, it doubted whether the successful implementation of all of the cost-savings and asset disposal initiatives could have been predicted at the time of signing the new RCF.
Med hensyn til spørgsmålet om pari passu anfører SAS-gruppen, at kriteriet var opfyldt, eftersom bankerne ikke havde nogen eksponeringer over for SAS og derfor skulle betragtes som »eksterne« investorer.
As regards the terms and conditions of the new RCF and CITI's assessment of the anticipated return from the States' participation in the new RCF, the Commission underlined the fact that the CITI report did not assess the 4XNG plan nor did it perform a sensitivity analysis of the financial model, but it merely relied on the information provided to it.
Staternes deltagelse i den nye kreditfacilitet påvirkede desuden ikke bankernes adfærd, da det var SAS — og ikke bankerne — der anmodede aktionærerne om at deltage i den nye kreditfacilitet.
The Commission also highlighted that the CITI report did not value the new RCF security from a private market investor perspective and that it did not consider the impact of possible alternative scenarios with less favourable assumptions (including default) on the return analysis.
SAS-gruppen fastholder desuden, at bankerne besluttede at deltage i den nye kreditfacilitet på samme vilkår som staterne og KAW på basis af de meget positive resultater i risiko-/indtægtsundersøgelsen.
In this respect, the Commission noted that the CITI report assigned a zero probability to the likelihood that SAS would default in the next three years, which seemed an underestimation of the risk.
SAS-gruppen understøtter Danmarks og Sveriges påstand om, at de antagelser, der lå til grund for 4XNG-planen, var solide, og at fremskrivningerne var realistiske, for så vidt angår de tre vigtigste drivkræfter herfor, nemlig vækst i ASK, BNP-vækst i 2015-2017 og en forventet inflation på 0 %.
In view of the above, the Commission could not exclude that the States' participation in the new RCF could entail an advantage in favour of SAS within the meaning of Article 107(1) TFEU.
SAS-gruppen fremfører samtidig, at sikkerhedsstillelsen var hensigtsmæssigt værdiansat, og at risikoen for misligholdelse fra SAS' side i forbindelse med gennemførelsen af 4XNG-planen var begrænset.
In this respect, the Commission assessed whether any of the possible compatibility grounds laid down in the TFEU would be applicable.
Dette understøttes af, at gennemførelsen af spareplanen var en forudsætning for, at långiverne deltog i den nye kreditfacilitet, og at indgåelsen af nye kollektive overenskomster i november 2012 var afgørende for 4XNG-planens succes.
In view of the nature of the measure and of the difficulties of SAS, the Commission noted that the only relevant criteria appeared to be those concerning aid for rescuing and restructuring firms in difficulty under Article 107(3)(c) TFEU on the basis of the Community guidelines on State aid for rescuing and restructuring firms in difficulty [24] (‘the R&R Guidelines’).
SAS-gruppen kritiserer Kommissionen for ikke at have taget højde for muligheden for selskabets konkurs og det forhold, at staterne ville have mistet værdien af deres kombinerede aktiebeholdning, hvis den nye kreditfacilitet ikke havde været stillet til rådighed.
However, the Commission came to the preliminary conclusion that the conditions for rescue and restructuring aid laid down in the R&R Guidelines did not seem to be met.
Endelig oplyser SAS-gruppen, at gennemførelsen af 4XNG-planen har medført et provenu før skat på 3 mia. SEK, hvilket giver SAS et positivt resultat i perioden november 2012 til juli 2013.
Comments from Denmark and Sweden
Bemærkninger fra FAM
Denmark and Sweden maintain that their participation in the new RCF was on market terms since they participated in it pari passu with the banks and KAW, thereby excluding the presence of State aid.
Ifølge FAM, som er ansvarlig for forvaltningen af KAW's aktiver, besluttede sidstnævnte at deltage i den nye kreditfacilitet uafhængigt af stiftelsens interesser i SEB og SEB's engagementer i SAS.
Denmark and Sweden argue that SAS did not draw on the old RCF at any time during the period in which negotiations on the new RCF took place.
FAM fremfører, at KAW hverken havde en majoritetsaktiepost i SEB eller kunne siges at kontrollere SEB.
They note the amendments to the old RCF in March 2012 introducing even more stringent drawdown conditions and argue that from the end of June 2012 the banks were thus in a position to reject any drawdown request from SAS.
FAM undersøgte 4XNG-planen, de tilknyttede finansielle risici og sikkerhedsstillelsen og anså det for at være i KAW's interesse at deltage i den nye kreditfacilitet.
The amount drawn from the RCF was fully repaid by SAS in March 2012 and from that moment SAS did not draw on the old RCF.
I den forbindelse sammenlignede FAM udsigterne til at beskytte KAW's langsigtede investering i SAS og kommende mulige indtægter som følge af disse investeringer samt de høje gebyrer, som skulle betales af SAS under den nye kreditfacilitet, med en eventuel afvikling af SAS, som FAM ikke anså for at være økonomisk interessant.
As a result, those banks could be reasonably considered as ‘outside’ investors participating in the new RCF on equal terms with the States [25], without having any material unsecured exposure to SAS [26].
FAM er ligeledes enig med Danmark, Sverige og SAS-gruppen i, at alle parterne deltog i den nye kreditfacilitet på lige vilkår uden nogen form for efterstillelse, uforholdsmæssige sikkerhedsrettigheder eller andre urimelige vilkår.
Concerning KAW's participation in the new RCF together with the banks, the Danish and Swedish authorities are of the opinion that KAW had limited economic exposure to SEB and that this could not have affected its decision to participate in the new RCF.
Beslutningen om at deltage i den nye kreditfacilitet var baseret på en grundig undersøgelse af rentabilitetsudsigterne for et stærkt og konkurrencedygtigt SAS i fremtiden.
Moreover, Denmark and Sweden hold that the 4XNG plan was realistic and that it could be successfully implemented.
Endelig er FAM enig med Danmark og Sverige i, at de långivende bankers beslutning om at deltage i den nye kreditfacilitet var truffet af forretningsmæssige hensyn, eftersom deres eksisterende eksponeringer under den gamle kreditfacilitet kun var rent teoretiske.
They maintain that all aspects and assumptions, including those concerning revenue projections (‘RASK’) [27], cost-saving measures and planned disposals, were carefully examined to satisfy the financial targets in the 4XNG plan for 2014-15.
FAM fremfører, at bankerne havde endnu færre incitamenter til at deltage i den nye kreditfacilitet end staterne og KAW, eftersom disse kunne forvente stigende aktiekurser.
Further, the 4XNG plan — together with all of the assumptions it relied upon — was closely scrutinised by the external financial advisers of both the States (Goldman Sachs) and the banks ([…]) and was adapted in view of their comments and recommendations.
FAM fastholder derfor, at betingelserne for pari passu er opfyldt.
They also stress that the expectation of a successful implementation of the plan when deciding to participate in the new RCF was supported by the fact that the conclusion of new union agreements was a condition precedent for the new RCF.
VURDERING AF FORANSTALTNINGEN
Furthermore, according to Denmark and Sweden, the developments between December 2012 and the cancellation of the new RCF on 4 March 2014 showed that the plan was on track to deliver the expected results [28].
Statsstøtte
In relation to the terms and conditions of the new RCF, Denmark and Sweden argue that these were in conformity with normal market conditions, as they were similar to those of comparable deals and the new RCF also had higher upfront fees and more stringent conditions for drawdown than most deals analysed.
I henhold til artikel 107, stk. 1, i TEUF er »statsstøtte eller støtte, som ydes ved hjælp af statsmidler under enhver tænkelig form, og som fordrejer eller truer med at fordreje konkurrencevilkårene ved at begunstige visse virksomheder eller visse produktioner, uforenelig med det indre marked, i det omfang den påvirker samhandelen mellem medlemsstaterne«.
As far as the security package was concerned, Denmark and Sweden state that the actual financial risks of the lending banks were negligible because the securities had an estimated value that clearly exceeded the size of Facility A. As a result, in a liquidation scenario, all of the lending banks' claims would be satisfied by the security package or by other SAS assets that could be sold, such as […], its shareholding in […], etc.
Statsstøttebegrebet omfatter således enhver begunstigelse, som finansieres direkte eller indirekte af statsmidler, af staten selv eller af mellemliggende organer i henhold til de beføjelser, de har fået tillagt.
The above is also supported by the actual cancellation of a significant part of the commitments under Facility A during the first half of 2013.
For at udgøre statsstøtte skal en foranstaltning finansieres gennem statslige midler og kunne tilregnes staten.
According to Denmark and Sweden, this shows that the banks acted commercially and prudently when deciding to participate with the States and KAW in the new RCF.
I princippet omfatter statsmidler en medlemsstats midler og dens offentlige myndigheders midler samt midler fra offentlige virksomheder, som de offentlige myndigheder enten direkte eller indirekte udøver en kontrollerende indflydelse på.
Finally, Denmark and Sweden report that the participation in the new RCF has generated a significant return for the RCF lenders without SAS having to draw on the facility.
Det kan ikke bestrides, at den aktuelle foranstaltning omfatter statsmidler, eftersom den blev finansieret med midler fra staternes budgetter og kunne tilregnes staterne.
This should support the view that the States' participation in the new RCF together with KAW and the banks was fully compliant with the MEI principle.
Det skal især bemærkes, at de danske og svenske parlamenter godkendte begge regeringernes deltagelse i den nye kreditfacilitet (se betragtning 30).
Comments from the SAS Group
Den pågældende foranstaltning skal fordreje eller true med at fordreje konkurrencevilkårene og kunne påvirke samhandlen mellem medlemsstaterne.
The SAS Group argues that the States participated in the new RCF in their capacity as shareholders, not as public authorities.
Ifølge fast retspraksis kan finansiel støtte ydet af en medlemsstat, som styrker en virksomheds position i forhold til andre virksomheder, der konkurrerer med hinanden i EU, i det mindste potentielt påvirke samhandlen mellem medlemsstaterne og konkurrencen [29].
From that perspective, participating in such an instrument was preferable to an equity contribution, given the significant revenue generation for the shareholders/lenders in terms of fees, as well as the prospective increase in the share value.
I den forbindelse finder Kommissionen, at enhver potentiel økonomisk begunstigelse af SAS ydet gennem statsmidler vil opfylde denne betingelse.
As regards the pari passu test, the SAS Group states that this was fulfilled given that the banks had no exposure to SAS and, as a result, they should be treated as ‘outside’ investors.
SAS konkurrerer med andre luftfartsselskaber i EU og EØS, især siden tredje etape af liberaliseringen af flytransporten (»tredje pakke«) trådte i kraft den 1. januar 1993 [30].
In addition, the States' participation in the new RCF did not influence the banks' behaviour, as it was SAS — and not the banks — who requested that the shareholders join the new RCF.
Samtidig konkurrerer lufttransport med vej- og jernbanetransport om de kortere rejser, og vej- og jernbanetransportvirksomhederne kunne således også blive påvirket.
Furthermore, the SAS Group maintains that the banks decided to participate in the new RCF on equal terms with the States and KAW based on the very positive results of the risk/revenue analysis.
Det eneste kriterie i forbindelse med statsstøttebegrebet, der kan stilles spørgsmålstegn ved, er, om foranstaltningen gav SAS en selektiv uretmæssig økonomisk fordel.
The SAS Group further supports Denmark and Sweden's claim that the assumptions underlying the 4XNG plan were robust with very realistic forecasts as regards the three main drivers, namely market growth in ASK, GDP growth for 2015-17 and assumed inflation of 0 %.
I betragtning af, at den nye kreditfacilitet blev annulleret fra den 4. marts 2014, har Kommissionen set på, hvorvidt den nye kreditfacilitet gav SAS en selektiv uretmæssig økonomisk fordel, fra den blev oprettet i 2012 og indtil den blev annulleret i 2014.
Also, the risks associated with the implementation of the plan were closely scrutinised by all lending banks with a particular focus on RASK as a key indicator of the company's profitability.