natgillin/translations-raw huggingface dataset:
Med hensyn til det andet spørgsmål udtrykte Kommissionen tvivl om, hvorvidt investerings- og driftsstøtten til lufthavnsoperatøren kunne betragtes som forenelig med det indre marked.
Given that Gdynia airport is to pursue a similar business model (focussing on LCC, charter flights and general aviation) to the existing Gdańsk airport, which still has spare capacity and further expansion plans and which is located only 25 km away, the Commission expressed doubts as to whether the revenue forecast for Gdynia airport was based on realistic assumptions, in particular with regard to the level of airport charges and the level of expected passenger traffic.
Desuden stillede Kommissionen sig tvivlende over for, hvorvidt indvirkningen på udviklingen af samhandelen var forenelig med den fælles interesse.
In particular, the Commission noted that the business plan for Gdynia airport envisaged a higher passenger charge than that applied, after the deduction of discounts/rebates, at Gdańsk airport and other comparable regional airports in Poland.
Hvad angår driftsstøtten i form af finansiering af Gdynia-Kosakowo Airport Ltds driftstab i det første driftsår udtrykte Kommissionen tvivl om, hvorvidt en sådan støtte var omfattet af undtagelsen i artikel 107, stk. 3, litra a), i TEUF.
The Commission also expressed doubts as to whether the business plan took into account all the planned incentives (such as marketing support, rebates, or any other route development incentives etc.) that are to be granted directly by Gdynia airport, its shareholders or other regional authorities to induce airlines to establish new routes from the airport.
POLENS BEMÆRKNINGER
This doubt directly affects the assessment of the investment project's profitability, as the equity value of the new airport becomes positive only in the light of the project's terminal value from 2040 (the cumulative discounted cash flows over the projection period of 2010-2040 are negative).
Anvendelse af MEIP og forekomst af statsstøtte
The Commission therefore considered that the public funding for the investment project gives rise to selective economic benefits for the operator of Gdynia airport.
Polen fastholder sit synspunkt om, at den offentlige finansiering af investeringen i Gdynia lufthavn er i overensstemmelse med det markedsøkonomiske investorprincip (MEIP) og derfor ikke udgør statsstøtte.
The public funding was also granted from state resources and is imputable to the State.
Beslutningsprocessen og den metodologiske forsvarlighed af MEIP-undersøgelsen
Moreover, it distorts or threatens to distort competition and trade between Member States.
Polen forklarer også, at i 2007 etablerede Gdynia og Kosakowo selskabet Gdynia-Kosakowo Airport Ltd, som har været ansvarlig for investeringen lige siden.
As all the cumulative criteria for the notion of aid were met, the Commission considered that the public funding constituted State aid within the meaning of Article 107(1) TFEU.
I løbet af proceduren indsendte Polen tre MEIP-undersøgelser, der blev udført af PWC.
Compatibility of the aid
I november 2013 fremlagde Polen yderligere oplysninger, der viste, at nye indtægtskilder (dvs. salg af brændstof og levering af navigationstjenester) ville forbedre projektets NNV.
As regards the investment aid, the Commission doubted whether all the compatibility criteria set out in the 2005 Aviation Guidelines for investment aid to airports [20] were met.
Polen forklarer ligeledes tidsrammen for Gdynias og Kosakowos planer om at investere i Gdynia lufthavn.
Moreover, the Commission doubted whether the impact on the development of trade was compatible with the common interest.
I denne henseende understreger Polen, at investeringsprocessen kan opdeles i to projektgennemførelsesfaser:
As regards the operating aid in the form of financing Gdynia-Kosakowo Airport Ltd's operating losses during its first years of operation, the Commission expressed doubts as to whether such aid qualified for the derogation set out in Article 107(3)(a) TFEU.
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'S COMMENTS
Polen fastholder, at der ikke blev foretaget nogen betydelige kapitalinvesteringer i løbet af den første fase, og at den offentlige finansiering til lufthavnsoperatøren var i overensstemmelse med reglerne for de minimis-støtte [23].
Application of the MEIP and the existence of aid
Polen erklærer, at kapitaltilførslerne til selskabet inden den 26. juni 2009 udgjorde i alt 1,691 mio. PLN (omkring 423000 EUR).
Poland maintains its position that the public funding of the investment in Gdynia airport is in line with the market economy investor principle (MEIP) and does not therefore constitute State aid.
Anden fase (fra 2010 og frem) vedrørte den faktiske ombygning af lufthavnen (dette vedrører fase II til IV som beskrevet i tabel 1):
In this connection, Poland refers to the MEIP studies conducted for the investment in the years 2010-2012.
Polen forklarer videre, at den første forberedende fase sluttede i 2010, hvor både masterplanen [24] og den første MEIP-undersøgelse fra 2010 for Gdynia lufthavn blev afsluttet.
Poland states that all MEIP studies resulted in a positive net present value and an internal rate of return [22] (hereinafter ‘IRR’) higher than the costs of capital.
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 selskabets aktiekapital ville blive øget til 6,05 mio. PLN (omkring 1,5 mio. EUR).
The decision-making process and the methodological soundness of the MEIP study
I MEIP-undersøgelsen fra 2010 beregnede man NNV for investeringsprojektet ved hjælp af metoden »free cash flow to the firm« (FCFF) [25].
Poland explains that discussions and work on converting the Gdynia/Kosakowo military airfield into a civil airport began back in 2005.
Denne NNV-beregning tager udgangspunkt i antagelsen om, at alle kapitaltilførsler i henhold til investeringsplanen vil ske med henblik på at gennemføre investeringsprojektet.
At the time other partners were involved (such as Gdańsk airport).
Denne værdiansættelsesmetode bruges til at beregne pengestrømme til alle indehavere af kapital i virksomheden (både aktieejere og obligationsejere) i prognoseperioden.
Poland also explains that in 2007 Gdynia and Kosakowo established the company Gdynia-Kosakowo Airport Ltd, which has been responsible for the investment ever since.
Prognoserne for pengestrømme diskonteres herefter med den vægtede gennemsnitlige kapitalomkostning (WACC) [26] for at nå frem til virksomhedens tilbagediskonterede pengestrøm (DCF) i prognoseperioden.
During the proceedings, Poland submitted three MEIP studies carried out by PWC.
Terminalværdien beregnes herefter ved hjælp af metoden med vækst i al fremtid (hvor man forudsætter en stabil vækstkurve baseret på FCFF fra den seneste prognoseperiode).
The first MEIP study (dated 16 July 2010, hereinafter ‘the 2010 MEIP study’) was carried out in July 2010.
NNV er baseret på summen af DCF for prognoseperioden og terminalværdien.
PWC subsequently produced two updates to the MEIP: the first in May 2011 (dated 13 May 2011, hereinafter ‘the 2011 MEIP study’) and the second in July 2012 (dated 13 July 2012, hereinafter ‘the 2012 MEIP study’).
I dette tilfælde viste MEIP-undersøgelsen fra 2010 estimater over pengestrømme for perioden 2010-2040 med en WACC på […] % [27].
These updates incorporate new projections for passenger traffic, changes in the scope of the project, changes in the investment figures and changes in the methodology and the basic inputs into the NPV calculations (such as the beta and the discount rate).
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).
In November 2013 Poland provided further information suggesting that new sources of revenue (i.e. the sale of fuel and the provision of navigation services) would enhance the project's NPV.
Derfor skønnes NNV for det samlede projekt at være […] mio. PLN (eller […] mio. EUR), idet det antages, at lufthavnen vil generere et stabilt varigt overskud, startende i 2040, med en årlig vækstrate på […] %.
At the date on which the opening decision was adopted Poland had submitted only the 2012 MEIP study.
Polen tilføjer samtidig, at aktionærerne, selv om MEIP-undersøgelsen viste, at investeringen ikke udgjorde statsstøtte, begyndte at udarbejde en anmeldelse til Kommissionen, som udelukkende skulle indsendes af hensyn til retssikkerheden.
Poland also explains the time frame for Gdynia and Kosakowo's project to invest in Gdynia airport.
Polen forklarer, at i perioden mellem udarbejdelsen af MEIP-undersøgelsen fra 2010 og MEIP-undersøgelsen fra 2011:
In this respect, Poland stresses that the investment process can be divided into two project implementation stages:
underskrev aktionærerne en aftale af 11. marts 2011 om fastlæggelse af finansieringsbetingelserne for investeringen i etableringen af en civil lufthavn.
i.
samme dag, den 11. marts 2011, indgik selskabet med ansvar for etableringen af Gdynia-Kosakowo lufthavn en lejeaftale med Kosakowo om jorden (med angivelse af størrelsen af det lejede areal, betingelserne for betaling af lejen, beskatningsspørgsmål osv.)
The first stage (2007-2009) covered the preparatory works and feasibility studies for the purpose of setting up the new airport (this relates to Phase 1, as described in Table 1):
investeringsomkostningerne i investeringsplanen blev specificeret og ajourført.
Poland explains that the first phase saw the company established by Gdynia and Kosakowo carry out preparatory tasks (e.g. preparation of a masterplan for the investment, the documents necessary to obtain the status of airport operator, a report on the environmental impact of the investment, design documentation, etc.).
Polen forklarer, at MEIP-undersøgelsen fra 2011 også gav en positiv NNV.
Poland maintains that there was no significant capital investment during the first phase and that the public funding granted to the airport operator complied with the de minimis aid rules [23].
Polen angiver videre, at lufthavnsoperatørens offentlige aktionærer foretog efterfølgende kapitaltilførsler på dette grundlag.
Poland states that capital injections into the company prior to 26 June 2009 totalled PLN 1,691 million (about EUR 423000).
NNV blev derfor reduceret til […] mio. PLN (eller mindre end […] mio. EUR).
Poland goes on to explain that the first, preparatory phase ended in 2010, when both the masterplan [24] and the first 2010 MEIP study for Gdynia airport were finalised.
WACC blev reduceret til […] % [28], og den stabile vækstrate for beregningen af terminalværdien blev sænket fra […] % til […] %.
Poland points out that the 2010 MEIP study showed that the investment by the two local authorities would be carried out on market terms (i.e. it would not represent State aid), increasing the company's share capital to PLN 6,05 million (around EUR 1,5 million).
Prognosen for investeringens rentabilitet tager således ikke højde for den nødvendige kapital til finansiering af den del af infrastrukturen, der hævdes at høre under det offentliges ansvarsområde.
This NPV calculation is predicated on the assumption that all the capital injections provided for in the investment plan would be made in order to implement the investment project.
Polen anfører, at en ændring af den makroøkonomiske situation (finanskrisen og den økonomiske opbremsning) betød en revurdering af projektet i 2012, hvilket førte til en ny MEIP-undersøgelse (nemlig MEIP-undersøgelsen fra 2012).
This valuation method is used to calculate cash flows to all holders of capital in the firm (both equity holders and bond holders) in the projection period.
Ifølge Polen har man foretaget følgende ændringer af antagelserne i de tidligere MEIP- undersøgelser i forbindelse med MEIP-undersøgelsen fra 2012:
The cash-flow projections are then discounted by the weighted average cost of capital (WACC) [26] to obtain the firm's discounted cash flow (DCF) in the projection period.
Prognosen for passagertrafik for Gdynia lufthavn blev nedskrevet.
Terminal value is then calculated using the perpetuity growth method (which assumes a stable growth path based on the FCFF from the most recent projection period).
Investeringens størrelse blev reduceret, idet investeringsomkostningerne blev sænket med […] mio. PLN ([…] mio. EUR).
The NPV is based on the sum of the DCF for the projection period and the terminal value.
I stedet besluttede man at udvide kapaciteten for terminalen for almenflyvning med […] % i den anden investeringsfase.
Using these inputs, the study produced a DCF of minus PLN […] million (EUR […] million) for the period 2010-2040 and a (discounted) terminal value of about PLN […] million (EUR […] million).
Efter at have undersøgt situationen på markedet måtte investeringsomkostningerne for sikkerhed øges til […] mio. PLN ([…] mio. EUR).
Hence, the NPV of the overall project is estimated at PLN […] million (or EUR […] million), assuming that the airport will generate a stable profit forever, as of 2040, with a growth rate of […] % per annum.
Reduktionen af investeringen medførte en kortere tilbagebetalingstid for investeringen (i nominelle termer med […] år, fra […] år og […] måneder til […] år og […] måneder).
Poland adds at the same time that the shareholders, despite the MEIP study showing that the investment did not constitute State aid, started preparing a notification to the Commission that was to be submitted for reasons of legal certainty only.
Polen anfører videre, at den anvendte metodologi i de tidligere MEIP-undersøgelser blev ændret i MEIP-undersøgelsen fra 2012:
Poland goes on to explain that a new MEIP study was carried out in May 2011.
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« erstattet med metoden »free cash flow to equity« (herefter benævnt »FCFE«) [29].
Poland states that this MEIP study was an update of the 2010 MEIP study that was carried out in the light of the progress of preparations and the availability of more precise data on the investment plan, its timetable and financing.
Efter ændringer på finansmarkedet (værdipapirer) blev den risikofri rente og beta-faktoren ajourført.
Poland explains that in the period between the preparation of the 2010 MEIP study and the 2011 MEIP study:
Desuden blev virksomheder uden for Europa udelukket fra de komparative analyser.
the shareholders signed an agreement on 11 March 2011 laying down the financing conditions for the investment in the start-up of a civil airport.
Dette førte til en ny diskonteringssats.
In this agreement Gdynia pledged to inject a total of PLN 59 million in the period 2011-2013.
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) [30].
For its part, Kosakowo pledged to provide a non-cash contribution in the form of a debt-for-equity swap (as described in Table 2) in the period 2011-2040;
Man gik ud fra, at projektet primært ville blive finansieret med aktionærernes ressourcer og først derefter med eksterne kilder (arbejdskapitallån) og driftsindtægter.
on the same day, 11 March 2011, the company responsible for setting up Gdynia-Kosakowo airport concluded a lease agreement with Kosakowo for the land (specifying the scope of the land leased, the conditions for lease payments, tax issues, etc.);
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 ti år).
the investment costs included in the investment plan were specified and updated.
Den ajourførte DCF udgjorde ( […] mio. PLN) (omkring (– […]) mio. EUR), mens terminalværdien blev øget kraftigt til […] mio. PLN ([…] mio. EUR).
Poland explains that the 2011 MEIP study also produced a positive NPV.
Den kapitaliserede værdi af de allerede foretagne investeringer ([…] mio. PLN) blev herefter fratrukket.
Poland goes on to state that the airport operator's public shareholders made subsequent capital injections on this basis.
Efter ajourføringen i 2012 udgjorde NNV […] mio. PLN (eller […] mio. EUR).
Poland points out that the company's equity (own capital) was increased to PLN 33,801 million (EUR 8,45 million) in July 2011 and to PLN 64,810 million (EUR 16,20 million) in April 2013.
Med henblik på at beregne NNV benyttede man en egenkapitalomkostning på […] % [31], og den stabile vækstrate til beregning af terminalværdien blev sænket yderligere fra […] % til […] %.
In the 2011 MEIP study, the DCF was calculated on the basis of the DCF for the 2011-2040 projection period.
Polen påpeger, at resultaterne af MEIP-undersøgelsen fra 2012 stadig var positive og førte til yderligere kapitaltilførsler fra aktionærerne.
The updated DCF stood at PLN (– […]) million (EUR – […] million), suggesting larger losses, while the terminal value was decreased to PLN […] million (around EUR […] million).
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 NPV was therefore reduced to PLN […] million (or less than EUR […] million).
Tabel 3
The WACC was reduced to […] % [28] and the stable growth rate for the terminal value was decreased from […] % to […] %.
Forhøjelse af lufthavnsoperatøren i Gdynias kapital fra Gdynia og Kosakowo
These calculations excluded expenditure falling within the remit of public policy, meaning that the projections about the profitability of the investment take no account of the capital necessary to finance the part of the infrastructure claimed to fall within the remit of public policy.
Dato for afgørelse om indførelse i det nationale retsregister
Poland states that a change in the macroeconomic situation (the financial crisis and the economic slowdown) caused the project to be re-assessed in 2012, which resulted in a new MEIP study (namely the 2012 MEIP study).
Dato for beslutning om kapitalforøgelse
Poland states that the following changes were made to the assumptions in the previous MEIP studies for the purposes of the 2012 MEIP study:
Navn på interessent
The passenger traffic forecast for Gdynia airport was reduced.
Beslutningens genstand
The scope of the investment was reduced, cutting the investment costs by PLN […] million (EUR […] million).
Aktieværdi
The idea of building a main terminal (together with the related development of road infrastructure and car parks) was abandoned.
Aktiekapital
It was decided instead to expand the capacity of the general aviation terminal by […] % in the second investment phase.
Kumulativ andel af den samlede kapitalforøgelse opgjort frem til slutningen af 2013
After verifying the situation on the market, the investment costs related to security had to be increased by PLN […] million (EUR […] million).
(mio. PLN)
The reduction in the investment resulted in a shorter payback period for the investment (in nominal terms, by […] years, from […] years and […] months to […] years and […] months).
udstedelse af nye aktier
Poland also states that the methodology used for the previous MEIP studies was modified for the purposes of the 2012 MEIP study:
404 aktier ejet af Gdynia kommune blev annulleret uden hensyntagen til interessenten
To better reflect the structure of financing and the cost of debt servicing, the free cash flow to the firm method was replaced by the free cash flow to equity (hereinafter ‘FCFE’) method [29].
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.
Following changes on the financial (securities) market, the risk-free interest rate and the beta factor were updated.
I den forbindelse forklarer Polen, at lufthavnsgrunden blev udlejet til Kosakowo for en periode på 30 år.
Moreover, companies from outside Europe were eliminated from the comparative analyses.
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.
This resulted in a new discount rate.
Ifølge Polen ville staten have taget jorden tilbage, hvis ikke Kosakowo havde udlejet jorden til en civil lufthavn inden for seks måneder, hvis jorden var blevet anvendt til andre formål, eller hvis lufthavnen ikke havde påbegyndt sine aktiviteter inden for tre år.
The discount rate for calculating the NPV was set on the basis of an analysis of comparable companies, covering both airport companies and companies providing services at airports (whose financial results are closely correlated to the performance of airport companies) [30].
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.
It was assumed that the project would be financed primarily from shareholders' resources and only then from external sources (working capital loans) and operating revenue.
Troværdigheden af nøgleantagelserne for MEIP-undersøgelsen fra 2012
In the 2012 MEIP study, the DCF was calculated on the basis of the DCF for the 2012-2030 projection period (i.e. the projection period used for the previous study was reduced by 10 years).
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.
The capitalised value of investments already made (PLN […] million) was then deducted.
Navnlig to nyåbnede regionallufthavne i Warszawa-Modlin og Lublin anvender standardlufthavnsafgifter, der svarer til dem, der forudses i MEIP-undersøgelsen for Gdynia lufthavn.
In order to calculate the NPV a cost of equity of […] % [31] was used and the stable growth rate for the terminal value calculation was further decreased from […] % to […] %.
For Pommern som helhed ventes passagertallene at stige fra 7,8 til 9 mio. passagerer i 2030.
Table 3
Efter Polens mening bekræfter disse tal, at Gdańsk lufthavn og Gdynia lufthavn kan eksistere side om side og fungere på markedet i Pommern.
Increases in Gdynia airport operator's capital by Gdynia and Kosakowo
Man mener endda, at selv hvis Gdańsk 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 Gdańsk lufthavn leverer.
Date of decision on entry in the National Court Register
Tabel 4
Date of resolution on capital increase
Sammenligning af trafikprognoserne i MEIP-undersøgelsen fra 2012 og de ajourførte trafikprognoser (marts 2013) for Gdynia lufthavn
Name of share holder
Kommerciel lufttransport
Subject-matter of the resolution
Almenflyvning
Value of shares
Passagerer (000)
Share capital
Antal flyvninger
Cumulative share in the total capital increases done up to the end of 2013
Prognose i MEIP-undersøgelsen fra 2012
(PLN million)
Ajourført prognose
Gdynia
I alt
creation of new shares
Polen forklarer, at MEIP-undersøgelsen tager hensyn til lufthavnens udgifter til markedsføring og reklame i skønnet over:
404 shares owned by Gdynia Municipality were cancelled without consideration to the shareholder