natgillin/translations-raw huggingface dataset:
Ifølge omstruktureringsplanen blev lejemålet indgået på markedsvilkår med […].
In overall terms, there will be a 27 % reduction of the aircraft fleet during the restructuring period.
Den månedlige leje skal dække afskrivning af købsprisen minus residualværdien ved udgangen af år 10 for det relevante fly (plus en vis opskrivning til dækning af […] finansierings- og driftsomkostninger samt en fortjenstmargin) for således effektivt at modsvare købsprisen for det nye fly.
As regards the network reconfiguration, the Commission observes that in 2013 the new network delivered an extra LVL [16 — 21] million (EUR [22,7 — 29,8] million) at C1 level [40] compared to the previous year, inter alia, due to the cancellation of unprofitable routes (e.g. […]) and reduction in frequencies ([…] on […], […] and […]).
Kommissionen bemærker, at leasingaftalerne som sådan er en standardform for finansiering i luftfartsbranchen og kan sidestilles med lån til et selskab under omstrukturering.
The revenue initiatives include the introduction of new fare structures or the optimisation of the baggage fee structure.
Den kendsgerning, at der stilles sikkerhed for en væsentlig del af lånet, udelukker ikke, at lånet kan betragtes som »egetbidrag«.
In addition, online check-in will be promoted, while the cabin crew and the sales force will operate on flexible remuneration.
Endvidere har Letland bekræftet, at leasingaftalerne er genstand for standardsikkerhedsstillelsen (dvs. muligheden for at beslaglægge flyet i tilfælde af misligholdelse og en kontant sikkerhedsstillelse).
As regards the costs initiatives, they include the renegotiation of fuel prices with current suppliers and of the contracts for engine checks and overhauls, leasing optimisation, and reduction of hangar costs and costs relating to crew hotel stays.
Udlejeren løber derfor en vis kreditorrisiko, idet han ville lide betydelige tab, hvis airBaltic misligholdt aftalen (nemlig det umiddelbare tab af lejeindtægt, som fortsætter, indtil flyet kan lejes ud igen til en anden kunde, foruden den omkostning, der påløber ved omkonfigurering af flyet til et andet flyselskab) [45].
Also the current agreements with ground-handling providers will be renegotiated.
På grundlag af ovenstående bemærker Kommissionen, at leasingaftalerne viser, at airBaltic var i stand til at opnå ekstern finansiering på markedsvilkår.
Most of the restructuring measures described in the preceding paragraphs have already been implemented.
Derfor kan leasingaftalerne betragtes som bevis for, at markedet tror på airBaltics langsigtede rentabilitet, eftersom der kun er stillet en standardsikkerhed for aftalerne, og finansieringskilden stadig løber en vis grad af risiko.
As a result of the revenue optimisation initiatives and the initiatives to reduce costs, as well as the fleet renewal and the network reconfiguration, airBaltic finished 2012 with a negative EBIT of LVL 30 million (EUR 42,47 million) as opposed to a budgeted negative EBIT of LVL 38 million (EUR 53,8 million).
Dette er i overensstemmelse med punkt 43 i rammebestemmelserne, hvor det fastsættes, at egetbidraget stammer fra ekstern finansiering på markedsvilkår og er udtryk for, at markederne har tillid til, at virksomheden igen kan blive rentabel.
In 2013, the negative EBIT was reduced to LVL 7,7 million (EUR 10,9 million), also above target.
Kommissionen betragter derfor leasingaftalerne på [45-55] mio. LVL ([64-78] mio. EUR) som en del af egetbidraget.
It is expected that the company will break-even in 2014 and will remain profitable thereafter, with EBIT reaching LVL [1 — 3] million (EUR [1,4 — 4,2] million) in 2014 and LVL [9 — 12] million (EUR [12,8 — 17] million) in 2016.
Dette er desuden i overensstemmelse med Kommissionens tidligere praksis i f.eks. sagen vedrørende Czech Airlines [46].
The return on equity (ROE) is expected to reach [3 — 6] % by 2014 and [18 — 21] % by 2016.
Kommissionen nærer dog tvivl om nogle af de former for egetbidrag, der foreslås i omstruktureringsplanen, jf. nedenfor.
The restructuring plan includes revised financial forecasts on the basis of realistic, pessimistic and optimistic scenarios based on reliable assumptions.
Med hensyn til forudindbetalingen til airBaltics egenkapital på […] mio. LVL ([…] mio. EUR), som blev foretaget af […] i juli 2011, fremgår det af Letlands oplysninger, at denne direkte vedrørte foranstaltning 6, der som allerede konkluderet udgør statsstøtte.
For instance, the realistic scenario assumes a market growth of [6 — 8] %, while it limits the growth of airBaltic to [1 — 3] % in 2014 and to [2 — 4] % in 2015 and 2016, with an inflation rate of [1 — 3] % per year and increasing fuel costs, passing from [950 — 1000] USD/t in 2014 to [1000 — 1050] USD/t in 2016.
Derfor kan […]s forudindbetaling til airBaltics egenkapital ikke betragtes som egetbidrag, der nødvendigvis skal være fri for støtte.
The load factor ranges from [69 — 71] % in 2014 to [71 — 75] % in 2016.
Vedrørende likviditetsfaciliteten på […] mio. LVL ([…] mio. EUR), som blev ydet af […] mellem april og juni 2011 til indkøb af reservedele, har de lettiske myndigheder ikke fremlagt dokumentation, der giver Kommissionen mulighed for at få en klar forståelse af denne foranstaltning og dens betydning for tilliden til, at støttemodtageren igen kan blive rentabel.
In this scenario, the implementation of the initiatives will allow airBaltic to break even in 2014 (with EBIT of LVL [1 — 3] million (EUR [1,4 — 4,2] million)), while the company will remain profitable thereafter, with EBIT of LVL [6 — 9] million (EUR [8,5 — 12,8] million) in 2015 and of LVL [9 — 12] million in 2016 (EUR [12,8 — 17] million).
Kommissionen kan derfor ikke med sikkerhed konkludere, at denne facilitet er acceptabel som egetbidrag.
In all scenarios, airBaltic's EBIT would be positive by 2016, ranging from LV [10 — 15] million (EUR [14,2 — 21,3] million) in the optimistic scenario to LVL [5 — 10] million (EUR [7,1 -14,2] million) in the pessimistic one.
Med hensyn til forhandlerlånet på [5-15] mio. LVL ([7,1-21,3] mio. EUR) fra BAS til airBaltic til tilbagekøb af varemærker har Letland ikke ført bevis for, at lånet faktisk blev ydet.
The scenarios are also subject to a sensitivity analysis in order to assess the risks and their possible impact by 2016, in particular considering currency risks (appreciation/depreciation of USD against LVL and EUR) and changes to the load factors, fuel market price, yield and number of passengers.
På grundlag af ovenstående finder Kommissionen ikke forudindbetalingen til airBaltics egenkapital på […] mio. LVL ([…] mio. EUR) foretaget af […] i juli 2011, likviditetsfaciliteten på […] mio. LVL ([…] mio. EUR) ydet af […] mellem april og juni 2011 til indkøb af reservedele og forhandlerlånet på [5-15] mio. LVL ([7,1-21,3] mio. EUR) fra BAS til airBaltic til tilbagekøb af varemærker og den delvise gældseftergivelse på […] mio. LVL ([…] mio. EUR) acceptable som egetbidrag.
The Commission has assessed the restructuring plan and is of the view that it should enable airBaltic to achieve the expected return to long-term viability by April 2016 at the latest.
Især på grundlag af de lidet overbevisende oplysninger herom (de omhandlede gældsposters uklare karakter, herunder flere fordringer og airBaltics varemærker), tvivler Kommissionen også på, om de to bankers delvise gældseftergivelse på […] mio. LVL ([…] mio. EUR) kan medregnes som egetbidrag.
The restructuring plan includes a detailed assessment of the circumstances leading to the difficulties of airBaltic, which are duly addressed as a result of the restructuring measures in the form of revenue and costs initiatives as well as initiatives in the area of network reconfiguration and fleet renewal.
Under alle omstændigheder anfører Kommissionen, at de øvrige foranstaltninger, der foreslås som egetbidrag, ikke desto mindre er i overensstemmelse med punkt 43 i rammebestemmelserne, og at størrelsen af egetbidraget derfor er acceptabelt.
In addition, the Commission considers that the restructuring plan submitted by Latvia duly quantifies the impact of the different restructuring measures, that the assumptions are adequate and appropriate to the context of the passenger air transport sector, and that viability is foreseen at adequate levels under all scenarios during the entire restructuring period.
De beløber sig til [75-85] mio. LVL ([107-120] mio. EUR), hvilket svarer til ca. [48-50] % af omstruktureringsomkostningerne.
The sensitivity analysis is adequate and shows that the impact on EBIT of the factors taken into consideration would be limited.
For en stor virksomhed som airBaltic bør egetbidragets størrelse normalt være 50 %.
Therefore, in view of the significant restructuring measures undertaken and the progress made to date, the Commission considers that the restructuring plan will enable airBaltic to restore its long-term viability within a reasonable timescale.
Ifølge punkt 56 i rammebestemmelserne kan Kommissionen dog være mindre streng i forbindelse med størrelsen af egetbidraget i støtteberettigede områder, således som det var tilfældet for Letland, da foranstaltningerne blev iværksat (se betragtning 200 ovenfor).
In addition, the evidence provided by Latvia shows that airBaltic is currently on track to meet most of the objectives fixed in the restructuring plan, which is an additional indicator of the reliability of the plan.
Derfor finder Kommissionen, at kravene i rammebestemmelsernes punkt 43 er opfyldt.
Avoidance of undue distortions of competition (compensatory measures)
Princippet om engangsstøtte
According to point 38 of the R&R Guidelines, compensatory measures must be taken in order to ensure that the adverse effects on trading conditions are reduced to an acceptable level.
Endelig skal punkt 72 i rammebestemmelserne overholdes, hvori det hedder, at en virksomhed, der har modtaget rednings- og omstruktureringsstøtte inden for de seneste 10 år, ikke er berettiget til rednings- eller omstruktureringsstøtte (princippet om »engangsstøtte«).
These measures may comprise divestment of assets, reductions in capacity or market presence or reduction of entry barriers on the markets concerned (point (39).
Da foranstaltning 1, 4 og 5 ikke udgør statsstøtte, skal de ikke tages i betragtning med henblik på princippet om »engangsstøtte«.
In this regard, closure of loss-making activities which would at any rate be necessary to restore viability will not be considered as a reduction of capacity or market presence for the purpose of the assessment of the compensatory measures (point (40).
Desuden har de lettiske myndigheder bekræftet, at airBaltic ikke har fået rednings- eller omstruktureringsstøtte de seneste 10 år.
Latvia proposes as compensatory measures for airBaltic the cancellation of profitable routes, which leads to a reduction in capacity, and the surrender of slot pairs at coordinated airports.
Kommissionen konkluderer derfor, at princippet om engangsstøtte er overholdt.
In addition to the abandon of unprofitable routes as required for a return to viability, the restructuring plan provides for the surrender of 14 profitable routes [41] in terms of the C1 contribution margin.
KONKLUSION VEDRØRENDE FORANSTALTNING 2, 3 OG 6
It is the Commission's practice, to consider routes as profitable if they had a positive C1 contribution margin in the year preceding their surrender [42].
På baggrund af ovenstående finder Kommissionen, at Letland ulovligt har gennemført foranstaltning 2, 3 og 6 til fordel for airBaltic i strid med artikel 108, stk. 3, i traktaten om Den Europæiske Unions funktionsmåde.
The C1 contribution takes account of flight, passenger and distribution costs (i.e. variable costs) attributable to each individual route.
Kommissionen anser derfor støtten for forenelig med det indre marked.
Routes with a positive C1 contribution not only cover the variable costs of a route, but also contribute to the fixed costs of the company.
Endelig bemærker Kommissionen, at Letland har accepteret, at nærværende afgørelse vedtages og offentliggøres på engelsk —
As regards capacity, the restructuring plan therefore provides that the total capacity of the company was [5 — 5,5] billion ASK in April 2011, while at the end of the restructuring period in April 2016, airBaltic's capacity is expected to be [4 — 4,5] billion ASK, i.e. an [17 — 20] % reduction.
Artikel 1
When only profitable routes are considered, the capacity reduction is of [7 — 10] %.
Det første statslån på 16 mio. LVL, som Letland ydede airBaltic i 2011, samt statens erhvervelse af nulkuponobligationer fra airBaltic i april 2010 og Latvijas Krājbankas betaling af 2,8 mio. EUR til airBaltic i november 2011 udgør ikke statsstøtte efter artikel 107, stk. 1, i traktaten om Den Europæiske Unions funktionsmåde.
In addition, the Commission observes that airBaltic has cancelled a number of routes operating from the fully coordinated [43] airports of […].
Artikel 2
As a result, […] slots pairs in fully coordinated airports have been released in 2011 and 2012, which creates new business opportunities for competing airlines to operate routes to and from these airports and to increase their presence in them.
Det andet statslån på 67 mio. LVL og airBaltics kapitalforhøjelse, som Letland gennemførte i 2011, samt overdragelsen af en fordring til airBaltic på 5 mio. EUR, som Letland gennemførte i 2012, udgør støtte efter artikel 107, stk. 1, i traktaten om Den Europæiske Unions funktionsmåde.
When assessing whether the compensatory measures are appropriate, the Commission will take account of the market structure and the conditions of competition to ensure that any such measure does not lead to deterioration in the structure of the market (point 39 of the R&R Guidelines).
Den støtte er forenelig med det indre marked efter artikel 107, stk. 3, litra c), i traktaten om Den Europæiske Unions funktionsmåde.
The compensatory measures must be in proportion to the distortive effects of the aid and, in particular, to the size and the relative importance of the firm on its market or markets.
Artikel 3
The degree of reduction must be established on a case-by-case basis (point 40 of the R&R Guidelines).
Denne afgørelse er rettet til Republikken Letland.
The Commission observes that airBaltic is a very small player in the European aviation market, representing 0,5 % of the output of the entire European airline industry.
Udfærdiget i Bruxelles, den 9. juli 2014.
In addition, the Commission comes to the view that the [7 — 10] % capacity reduction of airBaltic is not insignificant considering the relatively small size of airBaltic compared to the European airline industry's productive capacity and output in terms of passengers.
På Kommissionens vegne
For a relatively small carrier like airBaltic, further fleet and capacity reductions could endanger its return to long-term viability without providing any meaningful market opportunities for competitors.
Næstformand
Moreover, although airBaltic is the largest air carrier in Latvia, its market share in Riga will decrease from [65 — 70] % in 2011 to [55 — 60] % in 2016.
EUT C 69 af 8.3.2013, s. 40.
Furthermore, the Commission observes that Latvia is an assisted area for regional investment aid purposes under Article 107(3)(a) TFEU [44].
Valutakurs: 1 EUR = 0,7063 LVL.
According to point 56 of the R&R Guidelines, ‘the conditions for authorising aid [in assisted areas] may be less stringent as regards the implementation of compensatory measures and the size of the beneficiary's contribution.
Gennemsnitlig valutakurs for 2011 offentliggjort af Den Europæiske Centralbank på http://sdw.ecb.europa.eu/reports.do?node=100000233
If needs of regional development justify it, in cases in which a reduction of capacity or market presence appear to be the most appropriate measure to avoid undue distortions of competition, the required reduction will be smaller in assisted areas than in non-assisted areas’.
Se fodnote 1.
The Commission has also taken into account the particularities of the present case when assessing the appropriateness of the proposed compensatory measures, bearing in mind Latvia's peripheral geographical situation and its accessibility to the rest of the European Union.
Kilde: Riga International Airport Yearbook 2011, tilgængelig på http://www.riga-airport.com/en/main/about-company/gada-gramata
In this respect, the Commission notes that the large majority of Latvia's railway system uses Russian gauge which is wider than the Standard gauge used in most of the EU, thereby creating interoperability problems with neighbouring EU countries Sea transport also appears to offer a limited degree of substitutability with air transport, in particular for passenger transport.
Den tidligere hovedaktionær og bestyrelsesformand for den litauiske bank Snoras var Vladimir Antonov.
Finally, the Commission observes that the closest international airports reachable by land transport are those of Vilnius and Tallinn, which are around 300 km away from Riga, thereby not constituting convenient alternatives hubs, in particular for business passengers.
Den litauiske centralbank forklarede, at den var nødt til at nationalisere Snoras, fordi denne ikke havde opfyldt tilsynskravene og ikke havde fremlagt de ønskede oplysninger og på grund af aktivernes dårlige tilstand.
Therefore, the Commission is of the view that the compensatory measures adopted by airBaltic, i.e. the [7 — 10] % capacity reduction and the surrender of slots in coordinated airports, are acceptable in the circumstances of the present case.
Se http://en.rian.ru/ business/20120523/173624459.html og http://www.bloomberg.com/news/2011-12-19/antonov-says-he-invested-50-million-euros-in-latvia-s-airbaltic.html
The compensatory measures proposed by Latvia are therefore sufficient under the R&R Guidelines in order to ensure that the adverse effects on trading conditions resulting from the granting of restructuring aid to airBaltic are reduced to an acceptable level.
Se http://www.lkb.lv/en/about_bank/news/archyve?item=2022&page=6
Aid limited to the minimum (own contribution)
Se http://www.fktk.lv/en/publications/other_publications/2012-02-07_jsc_latvijas_krajbanka_c/
According to point 43 of the R&R Guidelines, in order to limit the amount of aid to the strict minimum, a significant contribution to the restructuring costs from the beneficiary's own resources is necessary.
Transportministeren forklarede, at målet med erhvervelsen var at beskytte Latvijas Krājbankas indskydere.
This can include the sale of assets that are not essential to the firm's survival, or external financing at market conditions.
BAS's finansielle problemer truede tilsyneladende med at forhindre staten i at investere i airBaltics kapital, og derfor besluttede regeringen at forsvare sine interesser og overtage kontrollen med airBaltic.
The own contribution must be real, i.e. actual, excluding all future profits such as cash flow (point 43 of the R&R Guidelines).
Se http://www.bloomberg.com/news/2011-12-01/latvia-buys-out-minority-shareholder-in-airbaltic-ministry-says.html og http://www.sam.gov.lv/?cat=8& art_id=2598.
Inherently, the own contribution must not include any further state aid.
Ifølge Letland var BAS i august 2013 ikke blevet erklæret konkurs til trods for, at flere af selskabets kreditorer havde forsøgt.
For large firms, the Commission usually considers a contribution of at least 50 % of the restructuring costs to be appropriate.
Endvidere ser det ud til, at de største aktionærer i airBaltic — den lettiske stat og BAS — i hvert fald siden 2010 fortsat har været i konflikt med hinanden.
However, in exceptional circumstances and in cases of particular hardship, the Commission may accept a lower contribution (point 44 of the R&R Guidelines).
Således omtalte pressen mange retssager mellem den lettiske stat og BAS (se f.eks. http://atwonline.com/airline-finance-data/news/airbaltic-files-bankruptcy-0921).
The restructuring plan estimates the restructuring costs at LVL [150 — 170] million (EUR [214 — 242] million), based on the funds required for repayment of third-party loans (LVL [5 — 15] million (EUR [7,1 — 21,3] million)), compensation of losses resulting from the phase-out and disposal of certain aircraft (LVL [15 — 25] million (EUR [21,3 — 35,5] million)), provision for bad debts that the company would not be able to recover (LVL [5 — 10] million (EUR [7,1 — 15,3] million)), redundancy payments (LVL [1 — 4] million (EUR [1,4 — 5,6] million)), the purchase of new aircraft, in particular […] Bombardier Q400NG and […] Boeing 737-500 (for a total of LVL [50 — 60] million (EUR [71,1 — 85,3] million)), the repurchase of trademarks from BAS (LVL [5 — 15] million (EUR [7,1 — 21,3] million)), unforeseen off balance sheet liabilities resulting from a claim from […] (LVL [5 — 15] million (EUR [7,1 — 21,3] million)), and LVL [45 — 55] million (EUR [64 — 78,2] million) to buffer the expected losses until airBaltic returns to profitability.
Se http://centreforaviation.com/analysis/airbaltics-restructuring-plan-is-in-full-swing-but-competition-from-estonian-air-is-rising-74754
In view of total restructuring costs of LVL [150 — 170] million (EUR [214 — 242] million), the proposed own contribution of airBaltic according to the restructuring plan amounts to LVL [100 — 110] million (EUR [141 — 155] million), i.e. [60 — 70] % of the total restructuring costs.
Se http://www.eurofound.europa.eu/emcc/erm/factsheets/18371/Air%20Baltic%20Corporation?
The own contribution breaks down as follows:
Template=searchfactsheets&kSel=1 og http://www.baltic-course.com/eng/transport/?doc=42089
Private financial injections of LVL [20 — 30] million (EUR [28,4 — 42,6] million) granted by BAS and the private investors THC and […] in the period April-September 2011.
Se https://www.airbaltic.com/en/bottom_menu/press-room/press_releases/2011/airbaltic-files-for-legal-protection-airbaltic-to-continue-operations
This amount includes LVL […] million (EUR […] million) in the form of a liquidity facility granted by […] in March and May 2011 for the purchase of spare parts from airBaltic; LVL […] million (EUR […] million) and LVL […] million (EUR […] million) of advance payments into the equity of airBaltic respectively made by […] and […]; and LVL [6 — 8] million (EUR [8,5 — 12,3] million) from Transatlantic Holdings deriving from a share purchase agreement. (ii) Private loans of LVL [20 — 30] million (EUR [28,4 — 42,6] million) granted by BAS after the Agreement, namely the BAS loan (LVL 14 million (EUR 19,82 million)) and a vendor loan of LVL [5 — 15] million (EUR [7,1 — 21,3] million) for the repurchase of trademarks.
Det lettiske transportministerium indrykkede en annonce i de europæiske og britiske udgaver af Financial Times den 27. august 2012 med opfordring til ikkebindende tilkendegivelser af interesse for at deltage i salget af aktier udstedt af airBaltic.
Lease agreements for new aircraft valued at LVL [45 — 55] million (EUR [64 — 78] million).
Se http://prudentia.lv/upload_file/27082012-ABC%20ad%20EN.pdf.
LVL […] million (EUR […] million) from a partial debt write-off resulting from the restructuring of the debt of airBaltic agreed with Latvijas Krājbanka and Snoras in March 2014.
Forretningshemmelighed.
Regarding the private financial injections mentioned in point (i) above, Latvia has demonstrated that BAS made advance payments into the equity of the company of LVL [7 — 9] million (EUR [10 — 13] million) between June and July 2011.
Den lettiske stat udøvede tilsyneladende denne ret den 8. juni 2012 (se betragtning 23 ovenfor).
The Commission is of the view that these payments constitute an own contribution within the meaning of point 43 of the R&R Guidelines, since BAS was a private market operator and the Commission has no reasons to consider that it was not acting in accordance with market logic.
I modsætning til hvad der står i betragtning 80 i indledningsafgørelsen, bemærkede Kommissionen under den formelle undersøgelsesprocedure, at BAS ikke i henhold til aftalen var forpligtet til at yde et konvertibelt lån på de samme vilkår som det andet statslån.
The same conclusion applies to the LVL [6 — 8] million (EUR [8,5 — 12,3] million) provided by Transatlantic Holdings in exchange for […] outstanding unpaid shares in airBaltic, which took place in September 2011.