natgillin/translations-raw huggingface dataset:
Enhver virksomhed, som modtog samme finansielle støtte, ville kunne blive rentabelt igen, hvis det traf blot beskedne omstruktureringsforanstaltninger.
The Commission therefore considers that the Italian authorities have not been able to produce concrete evidence of a restructuring strategy for SEA Handling that in the eyes of a prudent private investor would justify the temporary coverage of its losses with a view to returning it to profitability.
Men denne udsigt ville ikke være nok til at tilfredsstille en privat investor, som mindst ville kræve en fremskrivning, der viste, at det forventede afkast af denne strategi for dækning af tab på mellemlangt til langt sigt ville overstige kapitaltilførslen til at udligne disse tab med hensyn til udbytte, øget aktieværdi, modvirkning af skade for image osv.
This is surprising in the present case because a private operator, looking at a company that had been accumulating losses since it was set up some years ago, would have asked for an in-depth audit and for precise measures to be taken before investing resources in the company.
Kommissionen bemærker, at ingen af forretningsplanerne, som Italien har indsendt, indeholder prognoser, hvormed man forsøger at vise, at tabsdækningsstrategien over sådan en lang tidsperiode ville være mere økonomisk fordelagtig for SEA end investeringsafvikling i SEA Handling, eller planer om at reducere omstruktureringsperioden for at genskabe rentabiliteten inden for en rimelig tidshorisont og minimere tabene.
The Commission cannot accept SEA Handling’s argument that the fact that SEA Handling had almost reached break-even point in 2011/2012 demonstrates the rationality of SEA’s strategy of covering SEA Handling’s losses over the whole time, and thus shows that the capital injections satisfied the market-economy private investor test.
På grund af de gentagne tab i SEA Handling hvert år i undersøgelsesperioden mener Kommissionen, at SEA Handling var tabsgivende i et tidsrum, der var for langt til at blive anset for »et begrænset tidsrum« i henhold til dommen i ENI-Lanerossi.
Given that that SEA Handling’s losses had been covered continuously for nearly 10 years, it is not surprising that SEA Handling should finally have returned to profitability.
SEA Handling havde haft tab siden stiftelsen i 2002 og kunne i bedste fald først blive rentabelt i 2012 ifølge SEA's prognoser i 2011.
Any undertaking that received the same financial support would be able to return to profitability if it took just modest restructuring measures.
Beslutningerne om at dække tabene blev truffet hvert år, og de gentagne årlige tab førte ikke til en ændring i SEA's strategi eller til mere radikale omstruktureringsforanstaltninger.
But this prospect would not be enough to satisfy a private investor, who would require at least a projection showing that the expected return from the strategy of medium- and long-term loss coverage — in terms of dividends, increased share value, avoidance of damage to image, etc. — would exceed the capital injected to offset such losses.
Angående det andet argument om andre hensyn end blot finansiel rentabilitet bestrider Kommissionen af de allerede anførte grunde de hensyn, som SEA nævner i forbindelse med den angiveligt utilstrækkelige servicekvalitet, som en ekstern leverandør ville have kunnet levere, hvilket, hævdes det, ville have haft en negativ virkning for SEA's udvikling og generelle resultater og måske have gjort SEA ansvarlig for driftsforstyrrelser.
The Commission observes that none of the business plans submitted by Italy provides forecasts which try to show that the strategy of covering losses over such a long period of time would be more economically advantageous to SEA than disinvestment from SEA Handling, or which try to reduce the restructuring period in order to return to profitability in a reasonable time and to minimise losses.
Som allerede nævnt mener Kommissionen ikke, at de italienske myndigheder og SEA har sendt nærmere oplysninger om den potentielle skade på SEA's image eller den ulempe, passagererne kunne have oplevet.
Given the repeated losses of SEA Handling each year over the period of reference, the Commission considers that SEA Handling was loss-making for a time that was too long to be considered ‘a limited period’ within the meaning of the judgment in ENI-Lanerossi.
De kvantificerede ikke et sådant tab, heller ikke efter indledningsbeslutningen.
SEA Handling has been making losses since it was set up in 2002, and at best may become profitable only in 2012, according to SEA’s forecasts in 2011.
Og dog erkendte SEA, at et sådant tab let kunne være blevet bekræftet af en markedsundersøgelse.
The decisions to cover the losses were taken year by year, and the repeated annual losses did not lead to a change in SEA’s strategy or to more radical restructuring measures.
Kommissionen indtager derfor den holdning, at fraværet af en vurdering af den skade, som SEA's image kunne lide, eller SEA's potentielle erstatningsansvar eller udsigterne til et indirekte langsigtet afkast er særlig skadeligt for ethvert forsøg på at vise, at foranstaltningerne er forenelige med princippet om den private investor i betragtning af de berørte kapitaltilførslers omfang.
On the second argument, regarding considerations other than mere financial profitability, the Commission, for the reasons already stated above, disputes the concerns cited by SEA regarding the allegedly insufficient level of quality that an outside provider would have been able to provide, which it is argued would have had a negative impact on SEA’s development and general performance and might have rendered SEA liable for any malfunction.
En fornuftig aktionær ville have udført en økonomisk evaluering af disse risici og udsigter, før vedkommende ville betale samlet set 359,644 mio. EUR.
As already observed, the Commission considers that the Italian authorities and SEA have not provided details of the potential damage to SEA’s image or of the damage that passengers might have suffered.
Det har været hævdet, at målet om at maksimere den langsigtede indtjening i SEA-koncernen skal gå forud for den finansielle rentabilitet i SEA Handling, men i så fald ses der bort fra, at hvis SEA ikke systematisk havde dækket sit datterselskabs tab, ville koncernens indtjening have været meget større.
They did not quantify any such loss even after the opening decision.
Desuden har de italienske myndigheder ikke fremlagt dokumentation, som kunne vise, at SEA på langt sigt ville have opnået større rentabilitet ved at forfølge sin strategi for dækning af tab frem for at træffe mere drastiske omstruktureringsforanstaltninger eller udlicitere alle eller dele af sine ground handling-ydelser.
And yet SEA acknowledged that such a loss could easily have been confirmed by a market study.
Med henvisning til ENI-Lanerossi-dommen mener Kommissionen, at SEA Handling ikke kun var »i forbigående vanskeligheder«, men havde et alvorligt strukturelt problem, og at dets tab ikke kun blev dækket af SEA i »et begrænset tidsrum«.
The Commission takes the view, therefore, that the absence of any evaluation of the damage to SEA’s image, or of its potential liability, or of the prospects of an indirect long-term return, is especially detrimental to any attempt to show that the measures are compatible with the prudent private investor test given the scale of the capital injections involved.
Hvis tabene desuden blev dækket, »således at datterselskabet kan standse driften på de bedst mulige betingelser«, må det bemærkes, at SEA siden 2001 kun har igangsat to udbudsprocedurer, eller i det mindste, at de bedst mulige betingelser ikke er blevet opnået inden for en rimelig frist.
A prudent shareholder would have carried out an economic evaluation of these risks and prospects before paying out a total of EUR 359,644 million.
Under alle omstændigheder kan det mål ikke i sig selv påvise, at foranstaltningerne opfylder det markedsøkonomiske investorprincip.
It has been argued that the goal of maximising the long-term profits of the SEA group has to prevail over the financial profitability of SEA Handling, but this ignores the fact that if SEA had not systematically covered its subsidiary’s losses its profits would have been much greater.
Kommissionen mener konkluderende, at de indsendte forretningsplaner ikke er baseret på realistiske prognoser for udviklingen i SEA Handlings forretning eller i sektoren, og de indeholder ikke en analyse af alternative scenarier, som en fornuftig privat investor ville have forlangt i en lignende situation.
Moreover, the Italian authorities have submitted no evidence that might show that in the long term SEA would have achieved greater profitability by pursuing its strategy of covering the losses rather than by taking more drastic restructuring measures or outsourcing all or part of its ground handling services.
SEA Handlings økonomiske resultater
In the terms used in the ENI-Lanerossi judgment, the Commission considers that SEA Handling was not ‘experiencing temporary difficulties’ but had a serious structural problem, and that its losses were not covered by SEA for ‘a limited period’.
Selv om SEA Handlings økonomiske resultater efter beslutningen om at dække dets tab i et givet år ikke gør det muligt at dømme om opfyldelsen af det markedsøkonomiske investorprincip, gør dets resultater forud for en sådan beslutning og især den retning, som de bevægede sig i, det klart, hvilken faktisk sammenhæng beslutningen blev taget i. Sammenhængen mellem omstruktureringsforanstaltningerne, der blev anvendt på SEA Handling, og de resultater, de frembragte i den omhandlede periode, ville nødvendigvis mindst have indflydelse på en privat investors beslutning om, hvorvidt man fortsat skulle dække selskabets tab eller ikke.
Moreover, if the losses were borne ‘in order to enable [the subsidiary] to close down its operations under the best possible conditions’, it has to be observed that since 2001 SEA has initiated only two competitive bidding procedures, or at least that the optimal conditions have not been achieved within a reasonable time.
De skal derfor analyseres i det lys.
In any event, that objective cannot by itself demonstrate that the measures comply with the prudent private investor test.
De italienske myndigheder og SEA anerkender implicit dette princip, når de siger, at den positive udvikling i SEA Handlings primære økonomiske resultater i perioden 2003-2004 efter deres mening var opmuntrende og viste, at det var muligt at genskabe rentabiliteten.
In conclusion, the Commission finds that the business plans submitted to it are not based on realistic forecasts of the development of SEA Handling’s business or of the sector, and do not provide the analysis of alternative scenarios that a diligent private investor would have demanded in a similar situation.
I indledningsbeslutningen påpegede Kommissionen imidlertid, at selskabets tab i 2003-2005 fortsat lå over 40 mio. EUR, dets bruttodriftsoverskud fortsat var negativt, dets omkostning pr. arbejdskraftenhed var steget med 7,6 %, de samlede omkostninger kun var faldet med ca. 3 %, og at indtjeningen var øget med ca. 4,5 %.
The economic performance of SEA Handling
Bortset fra Kommissionens negative vurdering af præcisionsniveauet i omstruktureringsplanerne, som den havde modtaget fra de italienske myndigheder, bør det bemærkes, at indikatorerne for sund økonomisk udvikling, der var registreret i perioden, især primært vedrørende de interne foranstaltninger, der blev truffet, og som ikke var baseret på eksterne faktorer uden for selskabets indflydelse, gør det muligt at foretage en direkte evaluering af omfanget af de omstruktureringsforanstaltninger, der faktisk blev gennemført.
While the economic performance of SEA Handling after the decision to cover its losses for a given year do not allow a judgment to be made with regard to compliance with the private investor test, its results prior to such a decision, and particularly the direction in which they were moving, do clarify the factual context in which the decision was taken.
Dette er tilfældet med f.eks. nedsættelsen af personaleomkostningerne som følge af en stigning i produktiviteten, nedbringelsen af omkostningen pr. arbejdskraftenhed og nedskæringen i antal ansatte.
The correlation between the restructuring measures applied to SEA Handling and the results they produced during the period in question would necessarily have at least influenced a private investor’s decision whether or not to continue covering the company’s losses.
På den anden side mener Kommissionen ikke, at indikatorer for kvalitet såsom ændringer i ventetider på ankommende bagage og rettidigheden på landinger forvaltet af SEA kan bruges til at bedømme omfanget af omstruktureringsforanstaltningerne, selv om de er nyttige med hensyn til at bedømme tjenestens konkurrenceevne.
They therefore need to be analysed in this light.
Med hensyn til de økonomiske resultater, der faktisk blev opnået, henviser Kommissionen til analysen af grafer og tabeller i afsnit 2.4.
The Italian authorities and SEA implicitly acknowledge this principle when the say that the positive progression of the main economic results of SEA Handling during the period 2003-2004 was, in their opinion, encouraging, and showed that a return to profitability was possible.
Kommissionen påpeger, at der ifølge dataene i tabel 3 blev registreret en stigning på 22 % i produktiviteten fra 2004 til 2010.
In the opening decision, however, the Commission pointed out that between 2003 and 2005, the company’s losses remained at over EUR 40 million; its gross operating margin remained negative; its unit labour costs rose 7,6 %; total costs fell only by around 3 %; and income increased by around 4,5 %.
SEA har anført, at denne forbedring var resultatet af bedre og mere fleksibel udnyttelse af de menneskelige ressourcer, udlicitering af ydelser med lav produktivitet (f.eks. kabinerengøring) og bedre personaleovervågning (især gennem en reduktion af fraværsprocenten).
Leaving aside the Commission’s negative assessment of the level of precision of the restructuring plans submitted by the Italian authorities, it should be noted that the indicators of sound economic development recorded over the course of the period, particularly those related essentially to the internal measures adopted and not based on external factors over which the company had no influence, allow a direct evaluation to be made of the scale of the restructuring measures actually implemented.
SEA hævder, at SEA Handling ikke nåede målet om rentabilitet inden 2005 eller i det mindste inden 2007, primært på grund af tabt indtjening, især som følge af prisfald, herunder de priser, som Alitalia betalte fra 2006 og frem, og af stigningen i omkostningen pr. arbejdskraftenhed.
This is the case, for example, of a reduction observed in staff costs resulting from a rise in productivity, a reduction in unit labour costs and a reduction in employee numbers.
Endelig anfører SEA, at det lavere trafikniveau end forventet havde konsekvenser for indtjeningen fra 2002 til 2007.
On the other hand, the Commission considers that indicators of quality, such as shifts in waiting times for arriving baggage and the punctuality of calls managed by SEA, while useful for evaluating the competitiveness of the services offered, cannot be used to judge the scale of the restructuring measures.
Med hensyn til personaleomkostningerne bemærker Kommissionen, at omkostningen pr. arbejdskraftenhed steg næsten 10 % fra 2003 til 2010.
Regarding the actual economic results achieved, the Commission refers to the analysis of the graphs and tables in Section 2.4.
SEA hævder, at koncernen havde begrænset kapacitet til at opnå betydelige nedskæringer af driftsomkostningerne.
The Commission points out that according to the data shown in table 3 a 22 % rise in productivity was observed between 2004 and 2010.
SEA siger, at fagforeningernes magt i overenskomstforhandlingerne og deres politiske rolle i Italien begrænsede råderummet på kort sigt.
SEA has stated that this improvement was the result of better and more flexible use of human resources, outsourcing of low-productivity services (e.g. cabin cleaning), and better staff supervision (particularly through a reduction of absentee rates).
Personalenedskæringerne var betydelige, men de var ikke tilstrækkelige til at udligne stigningen i omkostningen pr. arbejdskraftenhed før 2008, ej heller til at reducere de personalerelaterede omkostninger væsentligt (-38 % fra 2008 til 2010).
SEA claims that SEA Handling failed to achieve its goal of profitability by 2005 or at the latest by 2007 mainly because of a loss of income, deriving in particular from the reduction in prices, including those paid by Alitalia from 2006 onward, and from the rise in unit labour costs.
Kommissionen noterer sig her referatet fra bestyrelsesmødet den 21. december 2006, hvor et af medlemmerne påpegede, at situationen i SEA Handling stadig var »højst alarmerende«.
Finally, SEA states that the lower-than-expected level of traffic had repercussions on income generated between 2002 and 2007.
Det forhold, at det lykkedes SEA Handling fra 2008 og frem at reducere sine personaleomkostninger meget, viser, at der blev gjort en betydelig indsats på det område.
Regarding labour costs, the Commission observes that the unit cost of labour rose nearly 10 % between 2003 and 2010.
Men i det foreliggende tilfælde viser dette ikke, at kapitaltilførslerne opfyldte det markedsøkonomiske investorprincip.
SEA claims that its limited capacity to achieve significant reductions in its operating costs was limited.
Navnlig har Kommissionen allerede bemærket, at kapitaltilførslerne fra 2007 og fremefter ikke kan undersøges uden at tage de foregående tilførsler i betragtning.
It says that the power of the unions in collective bargaining negotiations and their political role in Italy restricted its room to manoeuvre in the short term.
Ligeledes påpegede Kommissionen, at de ikke var baseret på finansielle analyser og forretningsplaner, der var sammenlignelige med dem, en privat investor ville have forlangt.
Staff cuts were substantial, but they were not sufficient to offset the rise in unit labour costs before 2008, nor to significantly reduce labour-related costs (– 38 % between 2008 and 2010).
Med hensyn til prisfaldet, som Alitalia krævede, mener Kommissionen, at der i den kontrakt, der blev indgået med Alitalia for perioden 2001-2005, forventedes en stigning i priserne i 2004 og 2005 på 7 %, som senere viste sig at være overdrevet og blev fulgt af nedsættelser i 2006 og 2007 på baggrund af faldende priser som følge af skærpet konkurrence.
The Commission takes note here of the minutes of the board of directors meeting of 21 December 2006, at which one of the members pointed out that the situation of SEA Handling was still ‘very alarming’.
Fordi liberaliseringen af sektoren kunne forventes at udmønte sig i et prisfald, mener Kommissionen, at SEA ikke med rimelighed kan påstå, at et sådant fald var en »uforudsigelig negativ hændelse«, idet der hovedsagelig var tale om en justering som følge af en stigning, der viste sig at være for stor, og en reaktion på tilkomsten af en konkurrent, Aviapartner, i 2006.
The fact that from 2008 onward SEA Handling managed to reduce its labour costs appreciably shows that considerable efforts were made in this area.
Kommissionen mener, at en privat investor ville have forudset ændringen i konkurrenceklimaet som følge af liberaliseringen af sektoren.
But in the context of the case that fact does not show that the capital injections complied with the private investor test.
F.eks. ville en sådan investor ikke have regnet med en prisstigning på 9 % fra 2003 til 2007 og ville have forventet, at SEA Handlings markedsandel ville være faldet, selv om der faktisk var tale om monopolstatus.
In particular, the Commission has already observed that the capital injections carried out from 2007 onward cannot be examined without considering the preceding injections.
Ifølge SEA var en anden »uforudsigelig hændelse«, som havde alvorlige negative virkninger for SEA Handlings tilbagevenden til rentabilitet, tabt indtjening efter 2008 som følge af Alitalias beslutning om at reducere sine køb af ydelser i Malpensa.
Similarly, the Commission also pointed out that they were not based on financial analyses and business plans comparable to those that a private investor would have requested.
Kommissionen anerkender betydningen af denne de-hubbing for SEA Handlings indtjening, men mener, at SEA øgede sin indsats for at forbedre SEA Handlings situation, da tilbagetrækningen blev bekendtgjort i 2007.
Regarding the price reduction imposed by Alitalia, the Commission observes that the contract signed with Alitalia for the period 2001-2005 period envisaged a 7 % increase in prices in 2004 and in 2005, a rise which later proved excessive and was followed by reductions in 2006 and 2007 against a background of falling prices due to a more competitive environment.
Antallet af driftsårsværk faldt næsten 41 % fra 2007 til 2010.
Given that the liberalisation of the sector could be expected ultimately to result in a reduction in prices, the Commission considers that SEA cannot reasonably claim that the reduction, which was largely an adjustment following an increase that had proved excessive and a reaction to the entry of a competitor, Aviapartner, in 2006, was an ‘unforeseeable negative event’.
Derfor faldt personaleomkostningerne fra 2007 til 2009, mens produktivitetsstigningen accelererede.
The Commission takes the view that a private investor would have anticipated the change in the competitive environment brought about by the liberalisation of the sector.
Andre driftsomkostninger faldt også med 40 % fra 2007 til 2010.
For example, such an investor would not have counted on a 9 % price increase between 2003 and 2007, and would have expected that SEA Handling’s market share, while essentially reflecting a monopoly status, would have fallen.
Takket være disse omkostningsreduktioner efter Alitalias reduktion i aktiviteten bedredes selskabets bruttodriftsoverskud samlet set trods faldet i omsætning.
According to SEA, another ‘unforeseeable event’ which had serious negative repercussions on SEA Handling’s return to viability was the loss of income after 2008 resulting from Alitalia’s decision to reduce its services at Malpensa.
Ikke desto mindre satte disse resultater ikke SEA Handling i stand til at opnå økonomisk balance inden for kort frist trods den tidligere ydede støtte.
The Commission recognises the significance of this withdrawal for SEA Handling’s revenue, but it takes the view that SEA’s efforts to improve SEA Handling’s situation were intensified when the withdrawal was announced in 2007.
Hvis Alitalia derimod havde fortsat sine aktiviteter i Malpensa, og SEA Handlings markedsandel fortsat havde ligget på 2005-niveau, som de italienske myndigheder anfører, tyder beregningerne endvidere på, at SEA Handling kunne have håbet at genoprette rentabiliteten i 2009, men Kommissionen mener, at bestræbelserne på at skære i omkostningerne i den omhandlede periode ikke ville have været så omfattende uden Alitalias tilbagetrækning.
The number of operative FTEs dropped almost 41 % between 2007 and 2010.
Under alle omstændigheder har Domstolen gentaget, at i forbindelse med en vurdering af opfyldelsen af det markedsøkonomiske investorprincip er økonomiske vurderinger foretaget efter tildelingen af nævnte fordel, den efterfølgende konstatering af, at den af den pågældende medlemsstat foretagne investering reelt var rentabel, eller efterfølgende begrundelser for valget af den fremgangsmåde, som blev fulgt, ikke tilstrækkelige … og at det, når det viser sig, at kriteriet om den private investor kan finde anvendelse, tilkommer Kommissionen at anmode den pågældende medlemsstat om at give den alle relevante oplysninger, som sætter den i stand til at undersøge, om betingelserne for anvendelighed og anvendelse af dette kriterium er opfyldt, og den kan kun nægte at undersøge sådanne oplysninger, hvis de fremlagte beviser er blevet fastlagt efter vedtagelsen af beslutningen om at foretage den pågældende investering.
As a result, the cost of labour fell between 2007 and 2009, while the growth in productivity accelerated.