natgillin/translations-raw huggingface dataset:
Da de officielle priser i Warszawa Chopin Lufthavn anses for at være højere end gennemsnittet [15] for sammenlignelige lufthavne, agter selskabet at genforhandle lufthavnsafgifterne i betragtning af det store antal operationer, som LOT har i sin hjemstedslufthavn.
To this end it will participate in tenders for providing travel services for large institutions and companies through the LOT Travel subsidiary (IATA agent), offering not only its own services but also the services of other airlines, sales of electronic insurance, hotel services and train tickets.
For det andet agter LOT at genforhandle sin kommercielle relation til »Polska Agencja Żeglugi Powietrznej« (det polske agentur for flynavigationstjenester) (i det følgende benævnt »agenturet«).
In addition, the Company hopes to attract more business traffic thanks to promotion of the ‘LOT for Business’ program, addressed to the SME sector.
For det tredje har LOT tilkendegivet, at det agter at genforhandle kontrakterne med LOT AMS, som leverer reparationstjenester og tekniske tjenesteydelser.
In total the restructuring measures outlined in recitals 41 to 46 are expected to improve the financial result of LOT by nearly PLN [76-94] million in 2015.
Genforhandlingen vil primært gælde etablering af metoder til optimering af service-, reparations- og betalingsprocedurer.
Organizational efficiency and internal optimization
Endelig vil LOT fortsætte forhandlingerne med Eurolot med det formål at […].
The most important measures within this area of restructuring include (i) reduction of fuel cost, (ii) reduction of employment cost and (iii) sale of fixed assets.
Som følge af optimeringen af de eksterne kommercielle relationer forventer selskabet at forbedre det finansielle resultat med over [54-66] mio. PLN i 2015.
Fuel cost constitutes […] % of the Company's total cost.
I omstruktureringsplanen kan nævnes yderligere understøttende initiativer, f.eks. i) ændring i virksomhedskulturen og ledelsessystemet, ii) forbedring af likviditetsstyringen, iii) gennemførelse af en ny risikostyringspolitik, der sikrer selskabet mod pludselige udsving i brændstofpriserne, og iv) forbedring af indkøbsprocessen, herunder indførelse af nye IT-støtteværktøjer.
The flight profile will be also linked to the introduction of a dynamic Cost Index, which makes it possible to choose between the minimization of fuel consumption and the realization of the scheduled flight time.
Virkningerne af disse foranstaltninger er vanskelige at kvantificere og er ikke taget i betragtning i de finansielle fremskrivninger.
The entire program is supposed to contribute an additional PLN […] million of improvement to the financial result in 2015.
Sammendrag af omstruktureringsforanstaltningerne
The restructuring plan provides for a reduction of employment by 833 full time equivalents (‘FTEs’), i.e. by 39 % as compared to the level of employment as of 31 October 2012.
Den forventede finansielle virkning af gennemførelsen af alle de planlagte omstruktureringsforanstaltninger i henhold til omstruktureringsplanen i 2015 (det sidste år af omstruktureringsperioden) gengives i tabellen nedenfor.
The reduction is planned to affect all types of employees: ground personnel (reduction by […] FTEs) as well as cockpit and cabin personnel (reduction by […] FTEs).
Tabel 2
The aim of this reduction is to adapt the level of employment to the reduced flight network and fleet size as well as to increase labour efficiency.
Den anslåede finansielle virkning af omstruktureringsforanstaltningerne i 2015
The impact of the employment reduction on the financial result of the Company in 2015 is estimated at PLN […] million.
Kilde: Omstruktureringsplan.
LOT has also changed the remuneration policy for cockpit and cabin crews (under the new regulations the salary of each pilot and cabin crew member will be strictly correlated with the actual time they spend in the air), which is expected to generate savings of up to PLN […] million per year, and provided for additional layoffs in the administration with an estimated annual benefit of PLN […] million.
Omstruktureringsområde
In addition, LOT has decided to centralise the procurement policy within the Company with a target to save up to PLN […] million per year.
mio. PLN
The Company intends to sell fixed assets (land, buildings and real estate) which are expected to generate one-off proceeds in the amount of PLN […] million as well as annual savings of PLN […] million.
Organisatorisk effektivitet og intern optimering
Other measures to be implemented within this area of restructuring (e.g. reduction of cost of marketing, business trips, de-icing, training, stationery, cleaning, etc.) have a smaller financial potential.
Optimering af eksterne kommercielle forbindelser
In total, all the measures envisaged within this area of restructuring are forecasted to improve the financial result of LOT by more than PLN [156-190] million in 2015.
Hidtidig gennemførelse af omstruktureringen
Optimization of external commercial relations
LOT har allerede tidligere gjort forsøg på at omstrukturere og finansieret dette med egne midler (salg af datterselskaber, jord, bygninger, fast ejendom og finansielle aktiver).
The Company plans to renegotiate its commercial contracts with all its key suppliers with the aim to reduce costs and to optimise the scope of services rendered.
Senest i 2009-2012 gennemførte selskabet et omstruktureringsprogram, som bl.a. omfattede en indskrænkning af arbejdsstyrken og flåden, andre foranstaltninger til omkostningsreduktion, salg af perifere aktiver og omlægning af gæld.
First, LOT plans to renegotiate its commercial relations with ‘Przedsiębiorstwo Państwowe Porty Lotnicze’ (State Enterprise Polish Airports) (‘PPL’) which manages Warsaw Chopin Airport.
Selv om det resulterede i en vis forbedring af LOT's finansielle resultat og likviditet, viste det sig at være utilstrækkeligt, især til omkostningsreduktion, og det genskabte ikke rentabiliteten.
As the official rates at Warsaw Chopin Airport are deemed to be higher than the average [15] at comparable airports, the Company intends to renegotiate airport charges taking into account the high number of operations performed by LOT at its base airport.
Samtidig begrænsede salget af aktiver for at finansiere disse omstruktureringsforsøg i betydelig grad LOT's interne finansieringskilder, som selskabet skulle bruge til at finansiere den aktuelle omstruktureringsplan.
Secondly, LOT intends to renegotiate its commercial relations with ‘Polska Agencja Żeglugi Powietrznej’ (Polish Air Navigation Services Agency) (‘the Agency’).
I omstruktureringsplanen, der blev fremsendt til Kommissionen den 20. juni 2013, erkendte man, at de tidligere omstruktureringsforsøg var sket i en gunstigere markedssituation.
Thirdly, LOT has indicated its intention to renegotiate the contracts with LOT AMS which provides repair and technical services.
I 2012 havde anden fase af finanskrisen en skadelig virkning for luftfartsbranchen.
The renegotiation will concern mostly the establishment of methods for optimizing the process of servicing, repairs, and settlements.
Desuden var der negative tendenser i brændstofpriserne og valutakurserne.
Finally, LOT will continue negotiations with Eurolot with the aim of […].
Den stigende markedskonsolidering og lavprisselskabernes og de ikkeeuropæiske selskabers stigende styrke på markedet gør det endnu vanskeligere for et lille traditionelt luftfartsselskab som LOT at klare sig som selvstændig enhed.
As a result of the optimization of external commercial relations, the Company expects to improve financial result by over PLN [54-66] million in 2015.
I 2013, som var det første hele år i gennemførelsen af omstruktureringsplanen, blev LOT's finansielle resultater bedre.
Additional supporting initiatives
Trods bedre finansielle resultater var LOT fortsat i en vanskelig situation.
Additional supporting initiatives envisaged in the restructuring plan include, e.g. (i) change of the organisational culture and the management system; (ii) improvement of cash flow management; (iii) the implementation of a new risk management policy securing the Company against sudden fluctuations of fuel prices and (iv) improvement of the purchasing process including introduction of new IT support tools.
Selskabet havde stadig en stor negativ egenkapital og tab på kerneforretningen (dvs. lufttransport).
The effects of these measures are difficult to quantify and have not been taken into account in the financial projections.
Gælden steg, primært på grund af leasingforpligtelser vedrørende køb af nye fly (planlagt i omstruktureringsplanen).
Summary of the restructuring measures
For så vidt angår flådemoderniseringen, blev alle B787-fly forsinket i leveringen.
The expected financial impact of the implementation of all the restructuring measures envisaged in the restructuring plan in the year 2015 (the last year of the restructuring period) is summarised in the table below:
Den […] underskrev LOT en aftale med Boeing om […].
Table 2
Desuden fortsatte LOT gennemførelsen af sin nye strategi for at afbøde den ændrede markedssituation.
The estimated financial impact of the restructuring measures in 2015
Målet med strategien er at opnå finansiel stabilitet ved at opbygge langsigtet kundeloyalitet, blive et af de mest omkostningseffektive ruteselskaber i Europa, genskabe væksten og endelig ved at sælge selskabet til private investorer.
Source: Restructuring plan.
Især skal LOT fokusere på at tilbyde direkte forbindelser fra Polen til de primære forretningsdestinationer i Europa og verden samt de vigtigste polske samfund i Nordamerika.
Restructuring area
LOT skal også tiltrække kunder fra Central- og Østeuropa ved at tilbyde dem fjernruter fra Warszawa.
PLN million
Selskabet er ikke interesseret i turistruter, som betjenes af lavprisselskaberne.
Organisational efficiency and internal optimisation
Ifølge den nye lov vil investorer fra EU kunne købe en majoritetspost i LOT.
In the past LOT had already made restructuring attempts financed from own resources (sale of subsidiaries, land, buildings, real estate and financial assets).
OVERSIGT OVER OMSTRUKTURERINGSOMKOSTNINGER OG FINANSIERINGSKILDER
Most recently, in 2009-2012 the Company implemented a restructuring programme which provided, among others, for a reduction of employment and fleet, other cost reduction measures, the sale of non-core assets and debt restructuring.
LOT's samlede omstruktureringsomkostninger beløber sig til [2000-2400] mio. PLN og består af i) køb af fem B787-fly: […] mio. PLN, ii) omkostningen ved udtagning af B737-400- og Embraer-fly: […] mio. PLN, iii) delvis dækning af driftstab og udækket finansieringsbehov: […] mio. PLN, iv) omkostningen ved reorganisering af arbejdsstyrken: […] mio. PLN, og v) tilbagebetaling af redningslånet (med påløbne renter): 423 mio. PLN.
Although it resulted in a certain improvement of LOT's financial result and cash flows, it turned out to be insufficient, particularly in reducing costs, and did not restore profitability.
Omstruktureringsomkostningerne skal dækkes af i) et egetbidrag på [1200-1600] mio. PLN bestående af en finansiel leasingkontrakt på fem B787-fly og salg af anlægsaktiver, ii) statsstøtte på 804 mio. PLN.
At the same time, the sale of assets undertaken to finance these restructuring attempts significantly limited LOT's internal sources of funding that could be used to finance the current restructuring plan.
Omstruktureringsomkostningerne og finansieringskilderne er gengivet i nedenstående tabel.
In 2012, the second phase of the financial crisis had an adverse effect on the airline business.
Tabel 3
In addition, there were negative tendencies concerning fuel prices and currency exchange rates.
Omstruktureringsomkostninger og finansieringskilder (mio. PLN)
The growing market consolidation and increasing power of low-cost and non-European carriers made it even more difficult for a small traditional airline, such as LOT, to operate successfully on a stand-alone basis.
Kilde: Omstruktureringsplan.
In 2013, after the first full year of implementation of the restructuring plan, the financial performance of LOT improved.
Omstruktureringsomkostninger
Notably, it reported a net profit for the first time since 2007.
Køb af fem B787-fly
Moreover, the actual financial result was much better than forecast in the restructuring plan (net profit of PLN 26 million against planned loss of PLN 196 million).
Udtagning af B737-400-fly og Embraer-fly
Cash flows from operations increased considerably as compared to 2012, mainly thanks to better financial results.
Delvis dækning af driftstab og udækket finansieringsbehov
Despite the improvement of the financial performance, the situation of LOT remained difficult.
Reorganisering af arbejdsstyrken
The Company still had large negative equity and generated losses from core activity (i.e. air transport).
Tilbagebetaling af redningslån (med påløbne renter)
Its debt increased, mainly due to lease obligations related to the acquisition of new aircraft (envisaged in the restructuring plan).
Finansieringskilder
As regards the fleet modernization, all B787 aircraft were delivered with delay.
Finansiel leasing af fem B787-fly
In addition, the first two aircraft had technical problems and were grounded between January and June 2013.
Salg af anlægsaktiver
LOT incurred extraordinary loss as it had to finance replacement aircraft.
Egetbidrag i alt
On […], LOT signed an agreement with Boeing which provides for […].
Statsstøtte
Furthermore, LOT continued to implement its new strategy to address the changed market context.
LOT har underskrevet en kontrakt med Boeing om at købe i alt otte B787-fly.
It aims at achieving financial stability, by building long-term customer loyalty, becoming one of the most cost-efficient network carriers in Europe, restoring growth and, finally, by selling the Company to private investors.
Ifølge omstruktureringsplanen anses den udgift, som selskabet har på køb af de første fem fly for […] mio. PLN, for at være en omstruktureringsomkostning.
In particular, LOT is to focus on providing direct connections from Poland to main business destinations in Europe and in the world as well as the most important Polish community centres in North America.
Som led i flådemoderniseringsforanstaltningerne vil selskabet tage seks B737-400-fly, […] E170-fly og […] E175-fly ud af flåden.
It also wants to attract customers from Central and Eastern Europe to offer them long haul connections from the Warsaw hub.
Det vil bære omkostningen ved leasingforpligtelserne og vedligeholdelsen i udtagningsperioden, før flyene returneres, sælges eller fremlejes.
The Company is not interested in point-to-point tourist routes serviced by LCCs.
Den samlede udtagningsomkostning vurderes at være […] mio. PLN.
LOT identified growth potential on long haul routes to/from Poland and has indicated an intention to expand on this market after the restructuring, using its new B787 aircraft which is considered to be a main pillar of the restructuring and of the new strategy.
I begyndelsen af omstruktureringsperioden forventes selskabet at give tab og have negative pengestrømme.
As regards the envisaged sale of the Company to private investors, Poland amended legislation with the aim of facilitating the privatization of the Company.
For at dække disse tab og opretholde likviditeten vil det have brug for anslået […] mio. PLN.
According to the new law, investors from the Union will be allowed to acquire a majority stake in LOT.
Omstruktureringsplanen omfatter en personalenedskæring med 833 fuldtidsækvivalenter.
OVERVIEW OF THE RESTRUCTURING COSTS AND SOURCES OF FINANCING
LOT anslår, at den samlede omkostning ved personalenedskæringen vil beløbe sig til ca. […] mio. PLN og bestå af følgende elementer: i) en frivillig fratrædelsesordning ([…] mio. PLN), ii) den kollektive fyringsrunde ([…] mio. PLN), iii) hensættelser for medarbejdere i udlandet, som er omfattet af den lokale lovgivning ([…] mio. PLN) og iv) andre typer afskedigelser, f.eks. tidlig pensionering ([…] mio. PLN).
The total restructuring costs of LOT amount to PLN [2000-2400] million and consist of: (i) the acquisition of five B787 aircraft — PLN […] million; (ii) the cost of withdrawal of B737-400 and Embraer aircraft — PLN […] million; (iii) the partial coverage of operating losses and of the financing gap — PLN […] million; (iv) the cost of employment restructuring — PLN […] million and (v) the repayment of the rescue loan (with interest accrued) — PLN 423 million.
I efteråret 2012 indgik selskabet en finansiel leasingaftale med den amerikanske forretningsbank […] til køb af fem B787-fly, som den anmeldte som en kilde til egetbidraget.
The restructuring costs are planned to be covered from: (i) an own contribution amounting to PLN [1200-1600] million and consisting of the finance lease of five B787 aircraft and the sale of fixed assets; (ii) State aid in the amount of PLN 804 million.
LOT valgte tilbuddet fra […] ud af 24 kommercielle tilbud, det indhentede i markedet.
The own contribution accounts for [60-67] % of the restructuring costs.
Valget blev truffet på basis af en analyse af nettonutidsværdien og den vægtede gennemsnitlige rentesats.
The restructuring costs and the sources of financing are summarised in the table below.
Tilbagebetalingsperioden for leasingaftalen er 12 år fra datoen for levering af flyene.
Table 3
Selskabet er forpligtet til at betale et startgebyr på datoen for levering af flyene og kvartalsvis leje forud til en rentesats af 3-måneders LIBOR + […] % for det første fly og faste satser på mellem […] % og […] % for de næste fire fly.
Restructuring costs and sources of financing (in PLN million)
Den finansielle leasingstruktur bygger på et SPV (special purpose vehicle), som er et selskab registreret i USA, der tjener som mellemled mellem […] og LOT [17].
Source: Restructuring plan
Der er stillet sikkerhed for leasingaftalen på følgende måder: i) en eksportgaranti fra Export Import Bank of the United States (i det følgende benævnt »Ex-Im Bank«) ydet i overensstemmelse med reglerne i Large Aircraft Sector Understanding (i det følgende benævnt »LASU«) [18], ii) pant i flyene, iii) overdragelse af rettigheder i forsikringspolicer og iv) pant i aktierne i SPV.
Restructuring costs
Ex-Im Bank-garantien har begrænset varighed og beløb, dvs. den vedrører køb af fem B787-fly i form af finansiel leasing med en varighed på 12 år.
Acquisition of five B787 aircraft
Garantien dækker en del af købsprisen på et fly ([75-90] %).
Withdrawal of B737-400 and Embraer aircraft
Resten skal dækkes af LOT.
Partial coverage of operating losses and financing gap
Ex-Im Banks ydelse af garantien var baseret på en due diligence-undersøgelse af LOT med en vurdering af selskabets finansielle situation og evne til at honorere sine leasingforpligtelser.
Employment restructuring
De anden kilde til egetbidraget ud over leasingaftalen er salget af anlægsaktiver, som forventes at give et provenu på […] mio. PLN.
Repayment of rescue loan (with interest accrued)
Statsstøtten består i konvertering af redningslånet til egenkapital på 423 mio. PLN og en yderligere egenkapitalinvestering på 381,29 mio. PLN, jf. betragtning 19.
Sources of financing
GENOPRETTELSE AF DEN LANGSIGTEDE RENTABILITET
Finance lease of five B787 aircraft
Selskabet forventes at kunne notere et overskud på kerneforretningen, generere positive pengestrømme fra driften og et positivt afkast af den investerede kapital (ROCE) fra 2014 og fremad.
Sale of fixed assets
Der forventes nettooverskud fra 2015 og fremad.
Total own contribution
Tabellen nedenfor viser udvalgte fremskrevne finansielle data i referencescenariet.
State aid
Tabel 4
LOT has signed a contract with Boeing to acquire a total of eight B787 aircraft.
Udvalgte fremskrevne data i referencescenariet (mio. PLN)
According to the restructuring plan, the expenditure incurred by the Company in relation to the purchase of the first five units in the amount of PLN […] million is considered as a restructuring cost.
Overskud/tab på kerneforretning
As part of the fleet modernisation measures the Company plans to withdraw six B737-400, […] E170 and […] E175 aircraft.
[– 157 til – 130]
It will bear the cost of lease obligations and maintenance during the withdrawal period before the aircraft is returned, sold or sub-leased.
[-20 til -16]
The total cost of withdrawal is estimated at PLN […] million.
[– 175 til – 145]
At the beginning of the restructuring period the Company is expected to generate losses and negative cash flows.
[– 4,4 til – 3,6] %
In order to cover these losses and maintain liquidity it will need an estimated PLN […] million.
Den finansielle fremskrivning er baseret på en række antagelser vedrørende flåden, rutenettet, den interne organisation, driftsmæssige og finansielle parametre, makroøkonomiske indikatorer, brændstofpriser og omstruktureringsforanstaltningernes gennemførelsesgrad.
The restructuring plan provides for a reduction of employment by 833 FTEs.
De primære antagelser angives herunder:
LOT estimates that the total cost of employment reduction will amount to approximately PLN […] million and will consist of the following components: (i) a voluntary redundancy programme (PLN […] million); (ii) the collective redundancy process (PLN […] million); (iii) allowances for employees based abroad and subject to local law (PLN […] million) and (iv) other redundancies, e.g. early retirement (PLN […] million).
gennemførelse af omstruktureringsforanstaltningerne (med hensyn til den potentielle finansielle virkning): 85 % af potentialet
In the autumn of 2012 the Company obtained a finance lease from the US commercial bank […] for the acquisition of five B787 aircraft, which it notified as a source of an own contribution.
kursen på PLN over for USD: 3,22
The choice was made on the basis of an analysis of the net present value and weighted average interest rate.
belægning: under [67-83] % i vintersæsonen og ca. [76-94] % i sommersæsonen
The period of repayment of the lease is 12 years from the date of the aircraft delivery.
antal befordrede passagerer (i tusind): 2012/13 — 4766, 2013/14: [4300-5300], 2014/15 — [3800-4600], 2015/16 — [4200-5100], 2016/17 — [4800-5900], 2017/18 — [5100-6300]
The Company is obliged to pay an initial fee on the aircraft delivery date and the quarterly lease payments payable in advance at the interest rate of 3-month LIBOR + […] %, in the case of the first aircraft, and fixed rates of between […] % and […] %, in the case of the next four aircraft.
KOMPENSATIONSFORANSTALTNINGER
The finance lease structure is based on a special purpose vehicle (‘SPV’), a company incorporated in the United States, which serves as an intermediary between […] and LOT [17].
Som en kompensationsforanstaltning foreslår LOT at lukke 19 ruter og nedsætte frekvensen på fem destinationer [19].
The lease is secured by the following collateral: (i) an export guarantee from the Export Import Bank of the United States (‘Ex-Im Bank’) provided in accordance with the Large Aircraft Sector Understanding (‘LASU’) [18] rules; (ii) a pledge on the aircraft; (iii) the transfer of rights from insurance contracts and (iv) a pledge on the shares of the SPV.
Desuden planlægger LOT at lukke fem ruter [21], hvilket udgør en yderligere nedbringelse af kapaciteten med [1,4-1,7] %, men anser ikke dette for at være kompensationsforanstaltninger, eftersom de blev vurderet af LOT til at være tabsgivende forud for omstruktureringen.
The Ex-Im Bank guarantee is limited in duration and in amount, i.e. it concerns the purchase of five B787 in the form of a finance lease with duration of 12 years.
Det er ikke hensigten at øge kapaciteten på fjernruterne i omstruktureringsperioden.
The guarantee covers a part of the purchase price of an aircraft ([75-90] %).
Som følge af ændringerne i LOT's net vil selskabet også frigøre et antal slots.
The rest must be covered by LOT.
ÅBNINGSAFGØRELSEN
The provision of the guarantee by Ex-Im Bank was based on a due diligence of LOT, assessing its financial condition and the ability to service lease obligations.
Kommissionen indledte den formelle undersøgelsesprocedure den 6. november 2013.
The other source of own contribution, apart from the lease, is the sale of fixed assets which is expected to generate proceeds of PLN […] million.