natgillin/translations-raw huggingface dataset:
Dette kan omfatte afhændelse af aktiver, som ikke er nødvendige for virksomhedens overlevelse, eller ekstern finansiering på markedsvilkår.
Moreover, the restructuring plan includes best-case, worst-case and base-case scenarios as well as an analysis of the risks that could have an impact on the restructuring of Adria, like for instance changes in the price of fuel, risk deriving from changes on the currency exchange rate or potential risks regarding the fleet.
Egetbidraget skal være et reelt bidrag, dvs. et faktisk bidrag, hvilket udelukker fremtidige gevinster såsom cash flow (punkt 43 i rammebestemmelserne for rednings- og omstruktureringsstøtte).
In all cases Adria is expected to return to viability by the end of the restructuring period.
Egetbidraget må i sagens natur ikke omfatte yderligere statsstøtte.
Under the base-case scenario, Adria is expected to reach a net profit margin of […] % in 2014 and of […] % in 2015, a debt-to-equity ratio of […] in 2014 and of […] in 2015; and a return-on-equity ratio of […] % in 2014 and of […] % in 2015.
For store virksomheder anser Kommissionen normalt et bidrag til omstruktureringsomkostningerne på mindst 50 % for at være passende.
In the worst-case scenario, the net profit margins would decrease to […] % in 2014 and to […] % in 2015, the debt-to-equity ratio would go up to […] in 2014 and to […] in 2015, while the return-on-equity ratio would be of […] % in 2014 and of […] % in 2015.
Under ekstraordinære omstændigheder og i tilfælde af særligt store problemer, kan Kommissionen imidlertid acceptere et mindre bidrag fra virksomheden selv (punkt 44 i rammebestemmelserne for rednings- og omstruktureringsstøtte).
The main focus of the plan is to restructure and reduce Adria's network, which was loss-making due to overcapacity in fleet, flying personnel and other staff.
På grundlag af de samlede omstruktureringsomkostninger på […] EUR udgør det foreslåede egetbidrag fra Adria […] EUR, dvs. ca. [50-54] % af de samlede omstruktureringsomkostninger.
In order to do so, the restructuring plan foresees a significant reduction of routes and frequencies, as well as a reduced and more fuel-efficient fleet consisting of […] aircraft by 2015 ([…]), mostly […].
Egetbidraget er opdelt som følger i overensstemmelse med omstruktureringsplanen:
The restructuring plan foresees the closure of […] routes and additional reduction of frequencies.
Det samlede beløb i forbindelse med bankernes konvertering af gæld til aktier under foranstaltning 4 (19,7 mio. EUR).
Overall, during the restructuring period, Adria would have reduced its capacity by [11-14] % in terms of ASK.
Kommissionen mener, at foranstaltningerne i betragtning 154, punkt a), er acceptable og synes at være berettigede som egetbidrag.
[45]
De fleste aktiver er rent faktisk blevet afhændet, og salgsprovenuet kan således helt klart medregnes som egetbidrag.
The restructuring measures foreseen in the plan as regards cost reductions (e.g. […], etc.) and revenue increases (e.g. […] etc.) are an additional step in the right direction to reach a more sustainable viability.
Slovenien har endvidere forelagt dokumentation for, at værdien af de resterende aktiver, som er ved at blive afhændet i øjeblikket, er blevet fastsat i overensstemmelse med eksterne vurderinger, herunder AVAC-vurderingen i forbindelse med fly (se betragtning 97).
In addition, the additional restructuring measures (see recital 31) foresee increased revenues and reduced costs with a total positive effect of EUR […] in 2014 and EUR […] in 2015, thus strengthening Adria's return to viability.
For så vidt angår betragtning 154, punkt b), synes det rimeligt at konkludere, at provenuet ved afhændelse af AAT bør indgå i egetbidraget, da Kommissionen i betragtning 118 har konkluderet, at foranstaltning 5 ikke indebærer statsstøtte.
The Commission is therefore of the view that the initiatives on cost reductions and revenue increases are capable to enable Adria to achieve the return to long-time viability by 2015.
For så vidt angår den i betragtning 154, punkt c), omhandlede konvertering af gæld til aktiver, mener Slovenien endelig, at bankernes samlede konvertering af deres tilgodehavender til aktiver i henhold til foranstaltning 4 bør medregnes som egetbidrag.
In addition, the evidence provided by Slovenia shows that Adria currently is on track to meet most of the objectives fixed in the restructuring plan, which is an additional indicator of the reliability of the plan.
Kommissionen mener i denne forbindelse, at konverteringen af usikret gæld normalt ikke er udtryk for markedets tillid til selskabet, da de usikrede kreditorer ikke påtager sig nye risici i forbindelse med gennemførelsen af omstruktureringsplanen.
As regards return to viability, on the basis of the updates to the restructuring plan submitted by Slovenia, the Commission concludes that the impact of the different restructuring measures is duly quantified and viability is foreseen at adequate levels under all scenarios for the entire restructuring period until 2014 and 2015.
I forbindelse med Adria har Slovenien imidlertid dokumenteret, at der i vid udstrækning var fuld sikkerhed for den gæld, der blev konverteret til aktiver, nemlig [10-20] mio. EUR af et samlet beløb på 19,7 mio. EUR (se betragtning 97).
Therefore, in view of the significant restructuring measures undertaken and the progress made to date, the Commission considers that the restructuring plan will enable Adria to restore its long-term viability within a reasonable timescale.
Hvis Adria var blevet likvideret, ville bankerne have været i stand til at inddrive det fuldt sikrede beløb.
Avoidance of undue distortions of competition (compensatory measures)
Bankerne opgav således fuldt sikrede tilgodehavender, som de kunne have inddrevet fuldt ud til fordel for aktier i Adria af samme værdi.
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 minimised as much as possible.
Bankerne påtog sig derfor en ny risiko ved at konvertere deres tilgodehavender til aktier på mindst [10-20] mio. EUR, da de ikke havde sikkerhed for, at deres investering i Adria ville være rentabel.
These measures may comprise divestment of assets, reductions in capacity or market presence and reduction of entry barriers on the markets concerned (point 39 of the R&R Guidelines).
På denne baggrund mener Kommissionen, at konverteringen af de fuldt sikrede lån på [10-20] mio. EUR til aktier kan medregnes som egetbidrag.
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 of the R&R Guidelines).
Under hensyntagen til overstående når Adrias egetbidrag op på […] EUR eller [46-48] % af omstruktureringsomkostningerne.
Slovenia proposes the following compensatory measures for Adria: (a) […] scheduled routes; (b) surrender of slots at several airports, including coordinated airports; (c) reduction of fleet; and (d) the sale of AAT.
For en stor virksomhed som Adria bør egetbidraget normalt være 50 %.
Slovenia has provided evidence which demonstrates that the routes cancelled under the restructuring plan were profitable on the basis of the C1 contribution margin, following the Commission's practice in previous cases [46].
I henhold til punkt 56 i rammebestemmelserne for rednings- og omstruktureringsstøtte kan Kommissionen imidlertid være mindre streng med hensyn til størrelsen af egetbidraget i et støtteberettiget område, hvilket Slovenien var på det tidspunkt, hvor foranstaltningerne blev truffet (se betragtning 150).
Indeed, the C1 contribution margin takes account of flight, passenger and distribution costs (i.e. variable costs) attributable to each individual route.
I tidligere sager, f.eks. Air Malta-sagen, har Kommissionen accepteret et egetbidrag på ca. 45 %.
Therefore, all routes which have a positive C1 contribution generate sufficient revenues to not only cover the variable costs of a route but also to contribute to the fixed costs of the company.
Kommissionen mener således, at betingelserne i punkt 43 i rammebestemmelserne for rednings- og omstruktureringsstøtte er opfyldt.
From the Commission's point of view, the C1 contribution margin appears to be the appropriate figure for assessing whether a particular route contributes to the profitability of the airline.
Princippet om engangsstøtte
As regards capacity, the restructuring plan provides that the total capacity of the company was […] ASK in 2011, while at the end of the restructuring period in 2015, Adria's capacity is expected to be around […] ASK, i.e. a reduction of approximately [11-14] %.
Endelig skal støtten ydes i overensstemmelse med punkt 72 i rammebestemmelserne for rednings- og omstruktureringsstøtte, hvor det fastslås, at en virksomhed, der har modtaget rednings- og omstruktureringsstøtte inden for de sidste 10 år, ikke er berettiget til rednings- eller omstruktureringsstøtte (princippet om engangsstøtte).
When routes with a negative C1 contribution are excluded, this figure goes down to [6-8] %.
Da foranstaltning 1, 2, 3 og 5 ikke omfatter statsstøtte, og da det lader til, at Adria ikke har fået rednings- eller omstruktureringsstøtte de seneste 10 år, konkluderer Kommissionen, at princippet om engangsstøtte er overholdt i forbindelse med foranstaltning 4.
The Commission moreover observes that as a result of the alterations to the route network, Adria has released several airport slots, some of which are coordinated [47] airports like for instance Dublin and Copenhagen.
Konklusion vedrørende foranstaltning 4
These slots allow competing airlines to operate certain routes and to increase their capacity.
På baggrund af ovenstående mener Kommissionen, at Slovenien ulovligt har gennemført en kapitalforhøjelse til fordel for Adria i 2011 i strid med artikel 108, stk. 3, i traktaten om Den Europæiske Unions funktionsmåde.
Finally, as regards the reduction of fleet, the Commission notes that Adria has reduced its fleet from […] aircraft in 2011 to […] aircraft, which according to the restructuring plan should remain unchanged until the end of the restructuring period in 2015.
Kommissionen er imidlertid af den opfattelse, at foranstaltningen og omstruktureringsplanen opfylder betingelserne i rammebestemmelserne for rednings- og omstruktureringsstøtte.
In relation to the sale of AAT, the Commission considers that this measure is acceptable as a compensatory measure, in particular bearing in mind the conclusion reached in recital 118 that it does not entail State aid.
Kommissionen finder således, at støtten er forenelig med det indre marked —
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).
VEDTAGET DENNE AFGØRELSE:
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 1
The degree of reduction must be established on a case-by-case basis (point 40 of the R&R Guidelines).
Kapitalforhøjelserne i Adria Airways d.d. i 2007, 2009 og 2010, som Republikken Slovenien har gennemført til fordel for Adria Airways d.d., udgør ikke statsstøtte som defineret i artikel 107, stk. 1, i traktaten om Den Europæiske Unions funktionsmåde.
The Commission first notes that Adria has a market share of the entire Union airline industry's productive capacity and output (in terms of passengers) of only 0,15 % (1,17 million passengers in 2011).
PDP's og Aerodrom Ljubljana d.d.'s overtagelse af Adria Airways Tehnika d.d. i 2010 og 2011 udgør ikke statsstøtte som defineret i artikel 107, stk. 1, i traktaten om Den Europæiske Unions funktionsmåde.
For a small carrier like Adria, further fleet and capacity reductions might have a negative effect on its viability, without providing any meaningful market opportunities for competitors.
Artikel 2
As to the most important part of the compensatory measures, the capacity reduction, the Commission considers a reduction on profitable routes of approximately [6-8] % between 2011 and 2015 to be sufficient, in particular when compared to other airline restructuring cases [48].
Kapitalindsprøjtningen på 50 mio. EUR i Adria Airways d.d., som Republikken Slovenien foretog i 2011, udgør statsstøtte som defineret i artikel 107, stk. 1, i traktaten om Den Europæiske Unions funktionsmåde.
This capacity reduction on profitable routes is higher than in the Air Malta case.
Støtten er forenelig med det indre marked efter artikel 107, stk. 3, litra c), i traktaten om Den Europæiske Unions funktionsmåde.
Moreover, the overall capacity reduction of [11-14] % is similar to the 15 % reduction accepted in the Austrian Airlines case [49].
Artikel 3
Finally, the Commission observes that Slovenia is an assisted area for regional investment aid purposes under Article 107(3)(a) TFEU [50].
Denne afgørelse er rettet til Republikken Slovenien.
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.
Udfærdiget i Bruxelles, den 9. juli 2014.
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’.
På Kommissionens vegne
Against this background, the Commission considers the compensatory measures proposed by Slovenia to be sufficient and proportionate under the R&R Guidelines in order to ensure that the adverse effects on trading conditions resulting from the granting of restructuring aid to Adria are minimised as much as possible.
Næstformand
Aid limited to the minimum (own contribution)
Statsstøtte — Slovenien — Statsstøttesag SA.32715 (2012/C) (ex 2012/NN) — Påstået statsstøtte til Adria Airways — Opfordring til at fremsætte bemærkninger i henhold til artikel 108, stk. 2, i traktaten om Den Europæiske Unions funktionsmåde (EUT C 69 af 8.3.2013, s. 53).
According to point 43 of the R&R Guidelines, in order to limit the amount of aid to the strict minimum of the restructuring costs necessary, a significant contribution to the restructuring from the beneficiary's own resources is necessary.
(i det følgende benævnt »KAD«), Slovenska Odskodninska družba d.d.
This can include the sale of assets that are not essential to the firm's survival, or external financing at market conditions.
(i det følgende benævnt »SOD«) og Družba za svetovanje in upravljanje d.o.o.
The own contribution must be real, i.e. actual, excluding all future profits such as cash flow (point 43 of the R&R Guidelines).
(i det følgende benævnt »DSU«).
Inherently, the own contribution must not include any further State aid.
Se fodnote 1.
For large firms, the Commission usually considers a contribution of at least 50 % of the restructuring costs to be appropriate.
Aerodrom Ljubljana d.d.'s årsberetning for 2013, tilgængelig på: http://www.lju-airport.si/pripone/1966/Letno%20porocilo%20AL%202013%20ang.pdf.
However, in exceptional circumstances and in cases of particular hardship, the Commission may accept a lower contribution (point 44 of the R&R Guidelines).
Se http://www.dutb.eu/en/about-us.
In view of total restructuring costs of EUR […], the proposed own contribution of Adria is composed of EUR […], i.e. approximately [50-54] % of the total restructuring costs.
Pr. 31. december 2010 ejede Slovenien (direkte eller indirekte) 48,8 % af NLB.
The own contribution breaks down as follows in accordance with the restructuring plan:
Efter redningsstøtten i form af en rekapitalisering af NLB godkendt ved Kommissionens afgørelse af 7. marts 2011 (SA.32261) ejede Slovenien imidlertid (direkte eller indirekte) 55,7 % af NLB.
the totality of the sale of AAT (i.e. EUR 14,7 million);
Se http://www.sdh.si/sl-si/Novica/294.
the totality of the debt-to-equity conversion carried out by the banks under measure 4 (EUR 19,7 million).
NFD 1 delniški investicijski sklad d.d. er et datterselskab af NFD Holding, der ejer 48,5 % af aktierne (se fodnote nedenfor).
As regards point (a) of recital 154, the Commission considers that these measures are acceptable and appear justified as own contribution.
De øvrige ejere synes primært at være private virksomheder — se årsregnskabet (kun på slovensk) på: http://www.nfd.si/dokumenti?lang=en.
Most of the assets have actually been sold and therefore the proceedings resulting for the sale clearly can be counted as own contribution.
NFD Holding d.d. er et børsnoteret aktieselskab, der primært forvalter finansielle investeringer.
In addition, Slovenia has provided evidence that the rests of assets are currently in the process of being sold and their value has been determined in accordance with external valuations, including the AVAC valuation in the case of aircraft (see recital 97).
Det synes at være privatejet — se årsregnskabet (kun på slovensk) på: http://www.nfdholding.si/dokumenti.php.
In relation to point (b) of recital 154, since the Commission has concluded in recital 118 that measure 5 does not entail State aid, it appears reasonable to consider that the proceeds from the sale of AAT should be considered as an element of own contribution.
Infond d.o.o. er et slovensk selskab, der forvalter investeringsfonde.
Finally, as regards the debt-to-equity conversion referred to in point (c) of recital 154), Slovenia considers that the totality of the debt-to-equity conversion carried out by the banks under measure 4 should count as own contribution.
Det ejes af Nova KBM — en bank, der på daværende tidspunkt var ejet af Slovenien med 42,3 % — med 72 %, af KAD 4,8 % og af SOD med 4,8 %.
In this respect, the Commission is of the view that the conversion of unsecured debt would normally not demonstrate the confidence of the market into the company, as the unsecured creditors do not assume new risks related to the implementation of the restructuring plan.
Se http://www.nkbm.si/financial-reports-and-documents.
However, in Adria's case, Slovenia has shown that the debt converted into equity was fully collateralised to a significant extent, i.e. EUR [10-20] million out of the total of EUR 19,7 million (see recital 97).
Forretningshemmelighed.
Thus, had Adria been liquidated, the banks would have been able to recover the fully-collateralised amount.
Slovensk statsejet fond.
It follows that the banks gave up a fully-collateralised claim, which they would have been able to fully recover, and replaced it with equity of Adria of equal value.
På grundlag af de foreliggende oplysninger kan det konstateres, at NLB erhvervede aktiebeholdningen i NFD 1 delniški investicijski sklad d.d. og NFD Holding d.d. på et tidspunkt før 2007.
Therefore, the banks assumed new risk by converting the debt into equity for at least EUR [10-20] million, since they have no certainty that their investment in Adria will be profitable.
Sag C-482/99, Frankrig mod Kommissionen (Stardust Marine), Sml. 2002 I, s. 4397.
On this basis, the Commission considers that the debt-to-equity conversion of the fully-collateralised loans, i.e. EUR [10-20] million, is acceptable as own contribution.
Se sag T-358/94, Compagnie nationale Air France mod Kommissionen, Sml. 1996 II, s. 2109, præmis 148-149, og sag T-296/97, Alitalia — Linee aeree italiane SpA mod Kommissionen, Sml. 2000 II, s. 3871, præmis 81.
Taking the above into account, the level of own contribution of Adria would reach EUR […] or [46-48] % of the restructuring costs.
Se i denne forbindelse EFTA-Domstolens dom i forenede sager E-10/11 og E-11/11, Hurtigruten ASA og Norge mod EFTA-Tilsynsmyndigheden, endnu ikke offentliggjort, præmis 228 og 234-240.
However, according to point 56 of the R&R Guidelines, the Commission may be less stringent as regards the size of the own contribution in assisted areas, as was the case for Slovenia at the time the measures were provided (see recital 150).
Kommissionens afgørelse 2012/661/EU af 27. juni 2012 om maltas planlagte statsstøtte SA.33015 (2012/C) til Air Malta plc.
In previous cases like Air Malta, the Commission has accepted a level of own contribution around 45 %.
(EUT L 301 af 30.10.2012, s. 29).
Therefore, the Commission considers that requirements of point 43 of the R&R Guidelines have been fulfilled.
Kommissionens afgørelse 2013/151/EU af 19. september 2012 om den tjekkiske republiks statsstøtte SA.30908 (11/C) (ex N 176/10) til České aerolinie a.s.
The ‘one time, last time’ principle
(ČSA — Czech Airlines — Omstruktureringsplan) (EUT L 92 af 3.4.2013, s. 16).
Finally, the aid must respect point 72 of the R&R Guidelines, which provides that a company that has received rescue and restructuring aid in the past 10 years is not eligible for rescue or restructuring aid (the ‘one time, last time’ principle).
Ryanair henviste til sag C-405/11 P, Buczek Automotive, endnu ikke offentliggjort, præmis 55-57.
Conclusion as regards measure 4
Data fra december 2011
In view of the above, the Commission finds that Slovenia unlawfully implemented in 2011 a capital injection in favour of Adria, in breach of Article 108(3) of the Treaty on the Functioning of the European Union.
Se Adrias årsberetning for 2011, tilgængelig på: http://www.adria.si/assets/Uploads/Annual-Report-2011-part-two-Financial-Report.pdf.
However, the Commission considers that the measure and the restructuring plan meet the conditions required by the R&R Guidelines.
Se Adrias årsberetning for 2012, tilgængelig på: https://www.adria.si/assets/Letna-porocila/SLO/AA-Letno-porocilo-2012-V1.pdf.
The Commission hence considers the aid compatible with the internal market,
Se f.eks.: http://atwonline.com/finance-amp-data/adria-airways-narrows-net-loss-2013.
HAS ADOPTED THIS DECISION:
Kommissionens beslutning i sag C 38/07, Arbel Fauvet Rail (EUT L 238 af 5.9.2008, s. 27).
Article 1
Forenede sager T-102/07, Freistaat Sachsen mod Kommissionen, og T-120/07, MB Immobilien og MB System mod Kommissionen, Sml. 2010 II, s. 585, præmis 95-106.
The capital increases of Adria Airways d.d. in 2007, 2009 and 2010, which the Republic of Slovenia has implemented for Adria Airways d.d., do not constitute aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Se http://www.rtvslo.si/gospodarstvo/adria-airways-v-prostovoljno-poravnavo/246290 (på slovensk) eller http://www.bloomberg.com/news/2010-12-15/slovenia-s-adria-airways-may-file-for-bankruptcy-tvs-reports.html (på engelsk).
The acquisition of Adria Airways Tehnika d.d. by PDP and Aerodrom Ljubljana d.d. in 2010 and 2011 does not constitute aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Det forventede frie cash flow er de penge, der er tilbage, når alle virksomhedens udgifter er betalt, dvs. penge til rådighed for virksomhedens aktionærer.
Article 2
Inden kapitalindsprøjtningerne i 2007 og 2009 ejede KAD henholdsvis 55 % og 77,3 % af Adria (se tabel 1 og 2).
The capital injection of EUR 50 million in favour of Adria Airways d.d. which the Republic of Slovenia implemented in 2011 constitutes aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Sag T-296/97, Alitalia — Linee aeree italiane SpA mod Kommissionen, Sml. 2000 II, s. 3871, præmis 81.
That aid is compatible with the internal market within the meaning of Article 107(3)(c) of the Treaty on the Functioning of the European Union.
Sag T-358/94, Air France mod Kommissionen, Sml. 1996 II, s. 2109, præmis 148-149.
Article 3
AUKN eksisterer tilsyneladende ikke længere og er blevet erstattet af SOD.
This Decision is addressed to the Republic of Slovenia.
Se AUKN's årsberetning for 2011, tilgængelig på: http://www.so-druzba.si/doc/ENG-News/Archive/Annual_report_2011.pdf.
Done at Brussels, 9 July 2014.
Tilgængelig på: http://www.nekdanji-pv.gov.si/2008-2012/nc/en/press_centre/news/article/252/5487/.
For the Commission