natgillin/translations-raw huggingface dataset:
På datoen, hvor indledningsafgørelsen blev vedtaget, havde Polen kun indsendt MEIP-ajourføringen fra 2012.
Poland maintains its position that the public funding of the investments into Gdynia airport is in line with the MEIP, and thus does not constitute State aid.
Polen forklarer ligeledes tidsrammen for Gdynias og Kosakowos planer om at investere i Gdynia lufthavn.
In this connection, Poland refers to the MEIP studies conducted for the investment in years 2010 – 2012.
I denne henseende understreger Polen, at investeringsprocessen kan opdeles i to projektgennemførelsesfaser:
Poland states that all MEIP studies resulted in a positive Net Present Value as well as in an Internal Rate of Return [14] (hereinafter: ‘IRR’) higher than the costs of capital.
Den første fase (2007-2009) omfattede de forberedende arbejder og feasibilityundersøgelser med henblik på etablering af den nye lufthavn (dette vedrører fase 1 som beskrevet i tabel 1):
The decision making process and the methodological correctness of MEIP study
Polen forklarer, at i denne første fase skulle selskabet, der blev oprettet af Gdynia og Kosakowo, udføre forberedelser (f.eks. udarbejdelse af en masterplan for investeringen, de nødvendige dokumenter for at opnå status som lufthavnsoperatør, en rapport om investeringens indvirkning på miljøet, designdokumentation osv.).
Poland clarifies that discussions and works on the conversion of the military airport in Gdynia/Kosakowo into a civil aviation airport commenced already in 2005, at that point in time together with other partners (such as Gdansk airport).
Polen fastholder, at der ikke blev foretaget nogen betydelige kapitalinvesteringer i løbet af den første fase, og at den offentlige finansiering til lufthavnsselskabet var i overensstemmelse med reglerne for de minimis-støtte [15].
Poland clarifies further that in 2007, Gdynia and Kosakowo established the company, Gdynia-Kosakowo Airport Ltd, which is being responsible for the investment from that point in time.
Anden fase (fra 2010 og frem) vedrørte den faktiske ombygning af lufthavnen (dette vedrører fase II til IV som beskrevet i tabel 1): (29) Polen forklarer videre, at den første forberedende fase sluttede i 2010, hvor både masterplanen [16] og den første MEIP-undersøgelse fra 2010 for Gdynia lufthavn blev afsluttet.
During the proceedings, Poland submitted three MEIP studies that were undertaken by PWC.
Polen påpeger, at MEIP-undersøgelsen fra 2010 viste, at investeringen fra de to lokale myndigheder ville ske på markedsvilkår (dvs. at den ikke ville udgøre statsstøtte), hvilket betyder, at aktionærerne skulle øge selskabets aktiekapital til 6,05 mio. PLN (omkring 1,5 mio. EUR).
The first MEIP study was performed in July 2010 (dated 16 July 2010, hereafter: the ‘2010 MEIP study’).
I MEIP-undersøgelsen fra 2010 beregnede man NNV for investeringsprojektet ved hjælp af metoden »free cash flow to the firm« (FCFF) [17].
Two further updates by PWC were undertaken in May 2011 (dated 13 May 2011, hereinafter: ‘2011 MEIP update’ or ‘2011 MEIP study’) and in July 2012 (dated 13 July 2012, hereinafter, the later study will be referred to as the ‘2012 MEIP update’ or ‘2012 MEIP study’).
Denne NNV-beregning tager udgangspunkt i antagelsen om, at alle kapitaltilførsler i henhold til investeringsplanen vil ske med henblik på at gennemføre investeringsprojektet [18].
These updates incorporate new projections for passenger traffic, modifications of the scope of the project, modifications in the investment figures as well as changes in the methodology and the basic inputs into the NPV calculations (such as the beta and the discount rate).
Denne værdiansættelsesmetode bruges til at beregne pengestrømme til alle indehavere af kapital i virksomheden (både aktieejere og obligationsejere) i prognoseperioden.
In November 2013, Poland further submitted that new sources of revenue would enhance the NPV of the project (i.e. the sale of fuel and providing navigation services).
I dette tilfælde viste MEIP-undersøgelsen fra 2010 estimater over pengestrømme for perioden 2010-2040 med en WACC på […] % [20].
In this respect Poland stresses that the investment process can be divided into two project stages:
Ved hjælp af disse inputs nåede man i undersøgelsen frem til en DCF på minus […] mio. PLN ([…] mio. EUR) for perioden 2010-2040 og en (tilbagediskonteret) terminalværdi på omkring […] mio. PLN ([…] mio. EUR) [21].
First stage (2007-2009) related to the preparatory works and feasibility studies to set up the new airport (this relates to Phase I as described in Table 1)
NNV for det samlede projekt skønnes derfor at være […] mio. PLN (eller […] mio. EUR).
Poland clarifies that during the first stage, the company established by Gdynia and Kosakowo was realising preparatory tasks (e.g. preparation of a master plan for the investment, documents necessary to obtain the status of an airport operator, a report on the environmental impact of the investment, project documentations, etc.).
Følgende figur (jf. figur 1) viser den forventede akkumulerede tilbagediskonterede pengestrøm for prognoseperioden 2010-2040 som beregnet i MEIP-undersøgelsen fra 2010.
Poland is of the opinion that in the first stage there were not important capital investments and the public funding granted to the airport manager was in line with the de minimis aid rules [15].
Figur 1
Poland states that until 26 June 2009, the total capital injections into the company amounted to PLN 1, 691 million (about EUR 423000).
Kumulativ DCF (i reale termer) (i PLN)
Second stage (from 2010 onwards) concerned the actual conversion of the airport (this relates to Phase II to IV as described in Table 1)
Polen forklarer videre, at der blev gennemført en ny MEIP-undersøgelse i maj 2011.
The 2010 MEIP study calculated an NPV of the investment project in question based on the Free Cash Flow to the Firm methodology (‘FCFF’) [17].
Polen anfører, at denne MEIP-undersøgelse var en ajourføring af MEIP-undersøgelsen fra 2010, der blev gennemført i lyset af fremskridtene med forberedelserne og adgangen til mere nøjagtige oplysninger om investeringsplanen samt tidsplanen og finansieringen.
This NPV calculation is predicated on the fact that all the capital injections foreseen in the investment plan would be undertaken to implement the investment project [18].
Polen forklarer, at i perioden mellem udarbejdelsen af MEIP-undersøgelsen fra 2010 og MEIP-undersøgelsen fra 2011:
This valuation methodology calculates, during a projection period, the cash flow available to all holders of capital in the firm (stockholders as well as bond holders).
underskrev aktionærerne en aftale af 11. marts 2011 om fastlæggelse af finansieringsbetingelserne for investeringen i etableringen af en civil lufthavn.
The cash flow projections are then discounted by the weighted average cost of capital (‘WACC’) [19] to provide the Discounted Cash Flow (DCF) of the firm during the projection period.
samme dag, den 11. marts 2011, indgik selskabet med ansvar for etableringen af Gdynia lufthavn en lejeaftale med Kosakowo om jorden (med angivelse af størrelsen af det lejede areal, betingelserne for betaling af lejen, beskatningsspørgsmål osv.)
Then, a terminal value is calculated using the perpetuity growth method (which assumes a stable growth path based on the FCFF of the last projection period).
investeringsomkostningerne i investeringsplanen blev specificeret og ajourført.
The NPV is based on the sum of the DCF for the projection period and the terminal value.
Polen forklarer, at MEIP-undersøgelsen fra 2011 også gav en positiv NNV.
In this case, the 2010 MEIP study provided cash flow estimates for the period 2010-2040 using a WACC of […] % [20].
Polen angiver videre, at lufthavnsselskabets offentlige aktionærer foretog efterfølgende kapitaltilførsler på dette grundlag.
With these inputs, the analysis finds a DCF of minus PLN […] million (EUR […] million) for the period 2010-2040 and a (discounted) terminal value of about PLN […] million (EUR […] million) [21].
Polen påpeger, at selskabets egenkapital blev øget til 33,801 mio. PLN (8,45 mio. EUR) i juli 2011 og til 64,810 mio. PLN (16,20 mio. EUR) i april 2013.
Hence, the NPV of the overall project is estimated at PLN […] million (or EUR […] million).
NNV blev derfor reduceret til […] mio. PLN (eller mindre end […] mio. EUR).
Figure 1 depicts the expected cumulative discounted cash flow for the projection period of 2010-2040 as calculated in the 2010 MEIP study.
WACC blev reduceret til […] % [22], og den stabile vækstrate for beregningen af terminalværdien blev sænket fra […] % til […] %.
Figure 1
Ifølge Polen har man foretaget følgende ændringer af antagelserne i de tidligere MEIP- undersøgelser i forbindelse med MEIP-undersøgelsen fra 2012:
Poland explains that on 29 July 2010, the equity (own capital) of the company was increased to PLN 6,052 million (around EUR 1,5 million).
Prognosen for passagertrafik for Gdynia lufthavn blev nedskrevet.
Poland explains further that at the same time, despite the MEIP study showing that the investment does not constitute State aid, the shareholders started to prepare a notification to the Commission that was to be submitted for reasons of legal certainty only.
Investeringens størrelse blev reduceret, idet investeringsomkostningerne blev sænket med […] mio. PLN ([…] mio. EUR).
Poland clarifies further that in May 2011, a new MEIP study was conducted.
Planerne om at bygge en hovedterminal (sammen med den tilhørende udbygning af vejinfrastruktur og parkeringspladser) blev opgivet.
Poland informs that this MEIP study was an update of the 2010 MEIP study that was conducted due to progressive preparations and more precise data available on the investment plan, its agenda and financing.
I stedet besluttede man at udvide kapaciteten for terminalen for almenflyvning med […] % i den anden investeringsfase.
Poland clarifies that during the period between the preparation of the 2010 MEIP study and the 2011 MEIP study:
Reduktionen af investeringen medførte en kortere tilbagebetalingstid for investeringen (i nominelle termer med […] år, fra […] år og […] måneder til […] år og […] måneder).
In this shareholder agreement Gdynia committed to inject in total PLN 59 million between 2011 and 2013.
Polen anfører videre, at den anvendte metodologi i de tidligere MEIP-undersøgelser blev ændret i MEIP-undersøgelsen fra 2012:
At the same time, Kosakowo committed to provide non-cash contributions by means of a debt-to-equity swap (as described in Table 2) in years 2011 to 2040.
Med henblik på at sikre en bedre afspejling af finansieringsstrukturen og omkostninger til afdrag på gælden blev metoden med »free cash flow to the firm« (herefter benævnt »FCFF«) erstattet med metoden »free cash flow to equity« (herefter benævnt »FCFE«) [23].
Also on 11 March 2011, the land lease contract was concluded by the company responsible for setting up Gdynia airport and Kosakowo (it allowed to precise the scope of property leased, the conditions for payment of the rent, tax issues, etc.)
Efter ændringer på finansmarkedet (værdipapirer) blev den risikofri rente og beta-faktoren ajourført.
The investment costs included in the investment plan were specified and updated.
Desuden blev virksomheder uden for Europa udelukket fra de komparative analyser.
Poland explains that the 2011 MEIP study resulted also in a positive NPV.
Dette førte til en ny diskonteringssats.
Poland explains further that the public shareholders of the airport manager conducted on this basis the subsequent capital injections.
Diskonteringssatsen til beregning af NNV blev fastsat på grundlag af en analyse af sammenlignelige selskaber, som både omfattede lufthavnsselskaber og selskaber, der leverer tjenesteydelser i lufthavne (hvis økonomiske resultater hænger tæt sammen med, hvordan lufthavnsselskaberne klarer sig) [24].
Poland points out that in July 2011 the equity (own capital) of the company was increased to PLN 33,801 million (EUR 8,45 million) and in April 2013 to PLN 64,810 million (EUR 16,20 million).
Man gik ud fra, at projektet primært ville blive finansieret med aktionærernes ressourcer og først derefter med eksterne kilder (arbejdskapitallån) og driftsindtægter.
In the 2011 MEIP study, the DCF was calculated on the basis of the DCF for the projection period of 2011-2040.
I MEIP-undersøgelsen fra 2012 blev DCF beregnet på grundlag af DCF for prognoseperioden 2012-2030 (dvs. at prognoseperioden fra de tidligere undersøgelser blev afkortet med 10 år).
The updated DCF was equal to PLN (-[…]) million (EUR – […] million), suggesting larger losses while the terminal value was decreased to PLN […] million (around EUR […] million).
Den ajourførte DCF udgjorde (-[…] mio. PLN) (omkring (-[…]) mio. EUR), mens terminalværdien blev øget kraftigt til […] mio. PLN ([…] mio. EUR).
Hence, the NPV was reduced to PLN […] million (or less than EUR […] million).
Den kapitaliserede værdi af de allerede foretagne investeringer ([…] mio. PLN) blev herefter fratrukket.
The WACC was reduced to […] % [22] and the stable growth rate for the terminal value calculation was decreased from […] % to […] %.
Efter ajourføringen i 2012 udgjorde NNV […] mio. PLN (eller […] mio. EUR).
Poland informs that in view of a new macroeconomic situation (the financial crisis and the economic slowdown) the project was re-assessed in 2012, this resulted in a new MEIP study (i.e. the 2012 MEIP study).
Med henblik på at beregne NNV benyttede man en egenkapitalomkostning på […] % [25], og den stabile vækstrate til beregning af terminalværdien blev sænket yderligere fra […] % til […] %.
Poland explains that in comparison with the previous MEIP studies, the assumptions for the 2012 MEIP study were modified as follows:
Polen påpeger, at resultaterne af MEIP-undersøgelsen fra 2012 stadig var positive og førte til yderligere kapitaltilførsler fra aktionærerne.
The forecasted passenger traffic for Gdynia airport was reduced;
Polen anførte, at selskabets kapital var øget til 91,310 mio. PLN (22,8 mio. EUR) i april 2013 og ikke ændrede sig yderligere i 2013 som sammenfattet i tabel 3.
The scope of the investment was reduced, what led to the reduction of the investment costs by PLN […] million (EUR […] million);
Tabel 3
The idea of building a main terminal (together with related development of road infrastructure and car park) was abandoned, instead it was decided to expand the capacity of the general aviation terminal by […] in the second investment phase;
Forhøjelse af lufthavnsselskabet i Gdynias kapital fra Gdynia og Kosakowo
After market verifications, the investment costs related to the security area had to be increased by PLN […] million (EUR […] million),
Dato for afgørelse om indførelse i det nationale retsregister
The reduction of the scope of investment resulted in a shorter payback period for the investment (in nominal terms, by […] years from […] years to […] years).
Dato for beslutning om kapitalforøgelse
Poland also clarifies that in comparison to the previous MEIP studies the methodology of the 2012 MEIP study was also modified:
N avn på interessent
To better reflect the structure of financing and the cost of debt servicing, the Free Cash Flow to the Firm (hereinafter: ‘FCFF’) discounted cash flow method was replaced by the Free Cash Flow to Equity (hereinafter: ‘FCFE’) method [23].
Beslutningens genstand
Following the financial (securities) market changes, risk free interest rate and the Beta factor were updated.
Aktieværdi
Moreover, companies from outside Europe were eliminated from the comparative analyses.
Aktiekapital
This resulted in a new discount rate.
Kumulativ andel af den samlede kapitalforøgelse opgjort frem til slutningen af 2013
The discount rate for calculating the NPV was set up based on the analysis of comparable companies, covering both airport companies and companies providing airport services (financial of which results are strongly correlated with the performance of airport companies) [24].
(mio. PLN)
It was assumed that the project would be financed first by shareholders’ resources and then from external sources (working capital loans) as well as from operating revenues.
udstedelse af nye aktier
In the 2012 MEIP study, the DCF was calculated on the basis of the DCF for the projection period of 2012-2030 (i.e. compared with the previous study, the projection period was reduced by 10 years).
404 aktier ejet af Gdynia kommune blev annulleret uden hensyntagen til interessenten
The updated DCF was equal to PLN (-[…] million) (around EUR (-[…]) million) while the terminal value was significantly increased to PLN […] million (EUR […] million).
Vedrørende det kontrafaktiske scenario anfører Polen, at Kosakowo i henhold til den nationale lovgivning kun havde ret til at benytte det område, hvor Gdynia lufthavn er beliggende, til at etablere en ny civil lufthavn.
The capitalised value of investments already made (PLN […] million) was further deducted.
I den forbindelse forklarer Polen, at lufthavnsgrunden blev udlejet til Kosakowo for en periode på 30 år.
Hence, the 2012 update of the NPV was equal to PLN […] million (or EUR […] million).
Polen anfører, at lejeaftalen forpligter Kosakowo til kun at udleje jorden til en enhed, der har til opgave at etablere og/eller at drive en civil lufthavn.
In order to calculate the NPV, the cost of equity of […] % was used [25] and the stable growth rate for the terminal value calculation was further decreased from […] % to […] %.
Ifølge Polen ville staten have taget jorden tilbage, hvis ikke Kosakowo havde udlejet jorden til en civil lufthavn inden for 6 måneder, hvis jorden var blevet anvendt til andre formål, eller hvis lufthavnen ikke havde påbegyndt sine aktiviteter inden for 3 år.
Poland points out that the results of the 2012 MEIP study remained still positive and let to further capital injections by the shareholders.
Eftersom scenariet, hvor området med Gdynia lufthavn anvendes/udlejes til andre formål end luftfart, ikke var muligt, kunne det ikke bruges til at udforme et kontrafaktisk scenario.
Poland clarified that by April 2013, the capital of the company had been increased to PLN 91,310 million (EUR 22,8 million) and did not change further in 2013, as summarised in the Table 3.
Troværdigheden af nøgleantagelserne for MEIP-undersøgelsen fra 2012
Table 3
Polen forklarer, at de planlagte lufthavnsafgifter var baseret på de offentligt tilgængelige satser, der anvendes af andre lufthavne, for ikke at fordreje det eksisterende marked, idet man sikrer et passende rentabilitetsniveau for projektet på grundlag af det forudsete omfang for passagertrafikken.
Date of decision on entry in the National Court Register
Ifølge Polen adskiller afgifterne sig ikke væsentligt fra de standardafgifter, der opkræves af mindre lufthavne.
Date of resolution on capital increase
Desuden påpeger Polen, at projektets overskudsmargen, den reviderede (lidt højere) prognose for lufttrafik og delingen af visse driftsudgifter med militæret betyder, at Gdynia lufthavn burde kunne opretholde lavere passagerafgifter over en længere periode (de reducerede afgifter kan anvendes frem til udgangen af 2021), idet man bevarer en positiv NNV for de offentlige aktionærer.
Value of shares
For Pommern som helhed ventes passagertallene at stige fra 7,8 til 9 mio. passagerer i 2030.
Share capital
Efter Polens mening bekræfter disse tal, at Gdansk lufthavn og Gdynia lufthavn kan eksistere side om side og fungere på markedet i Pommern.
Cumulative share in the total capital increases done up to the end of 2013
Man mener endda, at selv hvis Gdansk lufthavn udvides, så den når den planlagte kapacitet på 7 mio. passagerer, har det voksende luftfartsmarked i Pommern plads til endnu en lille regional lufthavn (med en kapacitet på 1 mio.), der vil supplere de tjenester, som Gdansk lufthavn leverer.
(PLN million)
Tabel 4
Gdynia
Sammenligning af trafikprognoserne i MEIP-undersøgelsen fra 2012 og de ajourførte trafikprognoser (marts 2013) for Gdynia lufthavn
creation of new shares
Kommerciel lufttransport
404 shares owned by Gdynia Municipality were cancelled without consideration to the shareholder
Almenflyvning
Poland summarises that while local authorities took preliminary steps to set up Gdynia airport as early as 2005, the project took its shape only with the preparation of the Master plan and the first MEIP study, i.e. in 2010.
Passagerer (000)
Poland clarifies further that the project was then substantially revised from its original assumptions as a result of changes in external circumstances.
Antal flyvninger
Poland argues that the final decision of public shareholders on the implementation and final shape of the project was made in 2012.
Prognose i MEIP-undersøgelsen fra 2012
Poland also stresses that each of the three versions of the MEIP study confirmed the project’s viability and demonstrated that a market economy investor would had carried out the project.
Ajourført prognose
On the counterfactual scenario, Poland argues that according to the national law, Kosakowo could use the land, on which Gdynia airport is located only to set up a new civil aviation airport.
Driftsomkostninger (incitamenter til flyselskaberne, omkostninger i forbindelse med lufthavnens militære operationer)
Poland clarifies further that the rental agreement obliges Kosakowo to lease the land only to an entity responsible for setting up and/or operating a civil aviation airport.
Polen forklarer, at MEIP-undersøgelsen tager hensyn til lufthavnens udgifter til markedsføring og reklame i skønnet over:
According to Poland, the land could have been taken over by the State, if Kosakowo had not leased the land to set up a civil aviation airport within 6 months, or the land was used for other purposes, or the airport had not started its activities within 3 years.
driftsomkostninger, idet sådanne omkostninger vurderes på grundlag af regnskaberne for alle Polens større lufthavne
The scenario where the land of Gdynia airport is used/leased for other than aviation purposes was not possible and therefore could not be used to establish a counterfactual scenario.
andre omkostninger efter type, som forventes for Gdynia lufthavn på et konservativt højt niveau, ligeledes under hensyntagen til de tilsvarende omkostninger i andre lufthavne.
Reliability of the key assumptions for the 2012 MEIP
Polen anfører ligeledes, at man i MEIP-undersøgelsen gik ud fra, at alle driftsomkostninger skal bæres af investoren, hvorved man ikke tager hensyn til, at driftsomkostningerne deles med lufthavnens militære bruger.
Traffic projections and revenue forecast
Polen forklarer ligeledes, at omkostningerne til renovering og reparationer bliver […].
According to Poland, the charges do not differ significantly from standard tariffs charged by small airports.
Polen understreger, at indførelsen af regler om delt brug af lufthavnen (endnu ikke aftalt endeligt med lufthavnens militære bruger) vil føre til et fald på mindst […] i omkostningerne vedrørende tjenester leveret af tredjemand og lønninger.
In particular two newly opened regional airports, the Modlin airport and the Lublin airport have standard airport charges that are similar to those projected in the MEIP study for Gdynia airport.
Polen anfører, at medtagelsen af denne faktor i MEIP-undersøgelserne ville medføre en højere forventet rentabilitet for projektet.
In reply to the Commission’s comment that the charges foreseen for Gdynia airport (PLN 25 (EUR 5,25) in the first 2 years and then PLN 40 (EUR 10) per departing passenger) are higher than applied, discounted charges at Gdansk airport (PLN 24 (EUR 5) per departing passenger by an aircraft of LCC type if an international route is served at least 2 times per week; for a domestic route the charge would be PLN 12,5 (EUR 3,1)), Poland notes that the level of charges in the business plan is averaged for the whole forecast period (2014-2030) and takes into account the fact that in the long-period term charges at Gdansk airport will have to increase following improved standard of service at that airport.