natgillin/translations-raw huggingface dataset:
I åbningsafgørelsen satte Kommissionen spørgsmålstegn ved visse underliggende antagelser i de finansielle fremskrivninger, f.eks. en forholdsvis lille afvigelse fra udgangspunktet i de centrale parametre bag de finansielle fremskrivninger (f.eks. gennemsnitlig enhedsindtjening pr. passager (afkast): 1 %, antal passagerer: 1 %, kursen på PLN over for USD: 10 %), en fast brændstofpris over en seksårig fremskrivningsperiode, en gennemførelsesprocent for omstruktureringsforanstaltningerne på 85 % samt det forventede provenu fra aftalen om fremleje af flyet.
Point 11 of the Guidelines provides that even when none of the circumstances set out in point 10 are present, a firm may still be considered as being in difficulty and lists some of the usual signs indicating this to be the case, such as: diminishing turnover, growing stock inventories, excess capacity, mounting debt, rising interest charges and falling or nil asset value.
Polen fremlagde en ajourført følsomhedsanalyse, hvori man antog større afvigelser i de centrale parametre fra udgangspunktet: afkast: 4 %, antal passagerer: 3,5 %, nedskrivning af PLN over for USD: 55 %.
The financial statements of the Company show the following signs of a firm being in difficulty (see Table 1 above):
Det planlagte afkast begrundes i historiske værdier og er blevet bekræftet af faktiske resultater (i 2013 steg afkastet hurtigere end forventet).
Diminishing turnover: in 2013, sales revenue fell to PLN 3147 million, the lowest level since 2010 when it reached PLN 2958,8 million;
Antallet af passagerer, der allerede antages at være faldet betydeligt på grund af omstrukturerings- og kompensationsforanstaltninger, er sat lavere, end det kan begrundes ved sammenligning med tilsvarende luftfartsselskaber og den forventede vækst på det polske marked.
Growing stock inventories: after an initial decrease from PLN 252,1 million in 2010 to PLN 198,5 million in 2012, inventories rose to PLN 216,6 million in 2013;
Referenceniveauet for brændstofprisen i omstruktureringsplanen ligger over LOT's 10-årige historiske maksimum og 12,1 % over markedsprisen på anmeldelsestidspunktet, dvs. forholdsvis højere end de priser, som Kommissionen analyserede i tidligere sager om omstrukturering af luftfartsselskaber [75] (f.eks. var den maksimale brændstofpris ifølge analysen af Czech Airlines 5 % og af Air Malta 4,5 % over den samtidige markedspris).
Excess capacity: the Company has reduced employment and fleet and plans further reductions, a sign that it faces excess capacity;
LOT kan i øjeblikket låse sig fast på en brændstofpris […] % under referenceniveauet indtil 2015, hvilket betyder, at selskabet kan sikre, at prisen ikke overstiger det låste niveau indtil udgangen af omstruktureringsperioden.
Mounting debt: short-term and long-term liabilities increased from PLN 1606,9 million in 2010 to PLN 3,223 million in 2013;
Ifølge en følsomhedsanalyse ville LOT i øvrigt, selv om dette meget konservative referenceniveau steg med 15 %, stadig opretholde sin likviditet i hele den finansielle fremskrivningsperiode.
Rising interest charges: interest charges increased from PLN 60,2 million in 2010 to PLN 123,8 million in 2013;
For så vidt angår det forventede provenu fra aftalen om fremleje af flyene, har LOT fremlejet et enkelt B787-fly til rejseselskaber og arbejder i øjeblikket på en endelig aftale med lejeren af det andet fly.
Falling or nil net asset value: net assets decreased from PLN 500,1 million in 2010 to — PLN 265,5 million in 2012, and — PLN 258,1 million in 2013.
LOT vurderer sandsynligheden for at indgå en lejeaftale som værende stor.
In addition, the Company has reported losses in every financial year since 2008.
Ifølge kommentarer fra en interesseret part er B787-flyet meget let afsætteligt.
This tendency was reversed only in 2013 when LOT reported net profit after it had benefitted from the rescue aid.
Antagelsen om fremleje af to B787-fly synes således realistisk.
The Commission considers that a company that has reported losses of that magnitude for several years is likely to be in difficulty.
LOT søger stadig købere eller lejere til sine […] E170-fly.
In addition, according to the auditor's opinion on the financial statements for the year 2013, there is material uncertainty as regards the ability of the Compa ny to continue operations due to negative equity and current liabilities exceeding current assets.
Ikke desto mindre har selskabet udarbejdet et alternativt flådescenarie med den antagelse, at man fortsætter brugen af flyene for at sikre, at rentabiliteten genoprettes, selv om disse forsøg ikke lykkes.
In earlier cases, [69] the Commission concluded that, where a company has negative equity, there is an a priori assumption that the criteria of point 10(a) of the Guidelines are met, which would be the case for LOT since 2012.
Kommissionen har undersøgt, hvordan det alternative scenarie, hvis det gennemføres, ville påvirke de finansielle fremskrivninger.
The General Court also concluded [70] that a company with negative equity is a company in difficulty.
Den fandt, at de samlede pengestrømme ud af selskabet i 2014-2018 ville være [64-78] mio. PLN højere end i referencescenariet.
In light of the above, the Commission considers that LOT is a firm in difficulty also within the meaning of point 11 of the Guidelines.
Den negative varians forbliver inden for den sikkerhedsmargin, der er fastlagt i omstruktureringsplanen.
LOT was created in 1929 (registered in its present form in 2001) and has been operating in the air passenger transport ever since, therefore it cannot be considered as a newly created firm for the purpose of point 12 of the Guidelines.
Selv i worst case-scenariet forventedes LOT at generere akkumuleret likviditet på [> 150] mio. PLN i 2014-2018.
Point 13 of the Guidelines establishes that a firm belonging to or being taken over by a larger business group is not normally eligible for restructuring aid, except where it can be demonstrated that the firm's difficulties are intrinsic and are not the result of an arbitrary allocation of costs within the group, and that the difficulties are too serious to be dealt with by the group itself.
Desuden har LOT planlagt yderligere omstruktureringsforanstaltninger (som ikke er omfattet af omstruktureringsplanen) for at afbøde potentielle negative virkninger af det alternative flådescenarie.
LOT is the parent company of a business group, but its difficulties are intrinsic to its activity and do not result from an arbitrary allocation of costs within the LOT Group.
Med hensyn til omstruktureringsplanens gennemførelsesgrad baseret på analysen ovenfor mener Kommissionen, at den antagne gennemførelsesprocent for omstruktureringsforanstaltningerne på 85 % er realistisk.
The factors considered to have given rise to the Company's difficulties are described in recital 20 above.
Desuden bemærker den, at LOT i 2013 nåede 137 % af de planlagte omstruktureringsfordele.
The subsidiaries of the LOT Group are too small and do not generate sufficient cash surpluses to rescue the parent company.
Kommissionen mener derfor, at den ajourførte følsomhedsanalyse yderligere godtgør, at de foreslåede omstruktureringsforanstaltninger kan genoprette selskabets langsigtede rentabilitet.
Their combined revenue for the year 2013 accounted for only approximately 2,5 % of LOT's revenue and they recorded a combined net loss of PLN 2 million.
Omstruktureringsperioden er kortere end i de tidligere godkendte sager om omstrukturering af luftfartsselskaber [76], hvor perioden var fem år.
Therefore, the difficulties of the Company are too serious to be dealt with by the Group itself.
Det ville derfor virke mod hensigten at forlange, at førstnævnte foranstaltninger — for at kunne blive betragtet som en del af samme omstruktureringsproces — ikke må gennemføres, så længe sidstnævnte ikke er defineret i alle detaljer.
On the basis of the above, the Commission concludes that LOT is a firm in difficulty and is eligible for restructuring aid.
Et sådant forbud mod gennemførelsen af foranstaltninger, som kunne iværksættes uden videre, ville øge selskabets vanskeligheder og behov for yderligere statsstøtte.
According to point 73 of the Guidelines, if the firm concerned has already received rescue or restructuring aid in the past, including any un-notified aid, and where less than 10 years have elapsed since the rescue aid was granted or the restructuring period came to an end or implementation of the restructuring plan has been halted (whichever is the latest), the Commission will not allow further rescue or restructuring aid.
Støtten må ikke være urimeligt konkurrencefordrejende.
The same holds for the other transactions indicated by interested parties as allegedly constituting State aid, i.e. concerning: (i) the sale of real estate, (ii) the provision of loans, (iii) the sale of subsidiaries, and (iv) the provision of other services as described in recitals 132 and 133 above, as the Commission reached the conclusion that they do not constitute State aid, see recitals 177, 183, 191 and 192 above.
Dette betyder normalt, at virksomhedens tilstedeværelse på sine markeder begrænses i slutningen af omstruktureringsperioden.
In view of the above, the Commission considers that neither the deferral of the airport charges nor the transactions indicated by the interested parties constitute State aid.
De kompenserende foranstaltninger skal stå i et rimeligt forhold til støttens konkurrencefordrejende virkninger og navnlig virksomhedens størrelse og relative vægt på dens marked(er).
Moreover, Poland has confirmed that the Company has not benefited from any rescue or restructuring aid in the last 10 years.
Lukning af tabsgivende aktiviteter kan ikke anses for at være en gyldig kompensationsforanstaltning.
The Commission therefore considers that the ‘one time, last time’ principle is respected.
Graden af kompensationsforanstaltninger skal bestemmes fra sag til sag og i henseende til målet om at genoprette virksomhedens langsigtede rentabilitet.
In order to consider a measure compatible under points 34-37 of the Guidelines, the restructuring plan must restore the long-term viability of the firm within a reasonable timescale and on the basis of realistic assumptions as to future operating conditions.
Desuden vil Kommissionen ifølge punkt 7 i rammebestemmelserne kræve kompensationsforanstaltninger, som minimerer virkningen for konkurrenterne.
The plan should enable the company to cover all its costs after restructuring and the expected return on capital must be enough to enable the restructured firm to compete on the marketplace on its own merits.
I henhold til punkt 56 i rammebestemmelserne er betingelserne for godkendelse af støtte mindre restriktive, hvad angår gennemførelsen af kompensationsforanstaltninger på de områder, hvor der er ydet støtte.
The restructuring plan must describe the circumstances that led to the difficulties, thereby providing a basis for assessing whether the proposed restructuring measures are appropriate.
I så henseende bemærker Kommissionen, at LOT ligger i et område, der er støtteberettiget efter artikel 107, stk. 3, litra a), i TEUF.
The restructuring plan provides for a return to long-term viability in 2015 (see Table 4).
Kommissionen bemærker, at LOT er en forholdsvis lille virksomhed, der er i konkurrence med traditionelle luftfartsselskaber og lavprisselskaber.
The Company is expected to generate net profits, which means that it would be in a position to cover all its costs after completing the restructuring, including depreciation and financial charges.
Selskabet har en forholdsvis stærkere (om end vigende) stilling på de internationale ruter til/fra Polen med en andel af markedet på anslået 27 %.
Given that the yield on the Polish 10-year government bonds, commonly seen as an approximation of a return on a risk-free investment, is approximately 3,4 %, the expected return on capital offers a reasonably adequate risk premium and can be considered enough to enable LOT to compete in the marketplace on its own merits.
Derfor mener Kommissionen, at kompensationsforanstaltningerne er nødvendige.
On the other hand, given that the median ROCE of European airlines was 6,9 % in the last financial year (10,.3 % if only profitable carriers are taken into account) and that the most efficient European carriers had ROCE of 13,4 %, the target set by LOT appears neither unrealistic nor excessive after successful restructuring.
Dette bør også tages i betragtning i vurderingen af kompensationsforanstaltningerne.
The Commission has reviewed the key assumptions underlying the financial projections contained in the restructuring plan and assessed the restructuring measures as well as the issues raised by the interested parties with respect to the restoration of long-term viability.
Som kompensationsforanstaltninger regner LOT med at lukke 19 ruter og nedsætte frekvensen på fem destinationer (se nærmere i afsnit 3.4).
As a result, it considers that LOT is in a better position to succeed now than in 2009-2012.
LOT beregner rentabiliteten på ruterne ved hjælp af to mål: »Margin 1« og »Margin 2«.
First, in 2013 LOT began operating the long-awaited B787 aircraft which is a key element of the new strategy and an important driver of restructuring benefits.
I Margin 1 indregnes indtjening og variable omkostninger på en given rute, f.eks. salg, passagerer og omkostninger pr. flyvning.
The delay in delivery of the B787 aircraft was considered by Poland to be one of the fundamental reasons of the Company's past financial difficulties and its inability to restore viability.
I Margin 2 indregnes yderligere det såkaldte bidrag (den finansielle virkning af en rute for hele LOT's rutenet) og indirekte omkostninger, der kan henføres til en given rute (f.eks. driftsleasingaftale, afskrivning, faste personaleomkostninger, markedsføring og annoncering).
LOT's new strategy is based on the use of B787 on long haul niche routes and on the effective feeding network from Poland and Central Europe built around Warsaw Chopin Airport which has been recently modernised and is expanding [71].
Alle de berørte ruter var rentable målt i Margin 1.
The first actual results of the operation of B787 confirm the assumption that significant restructuring benefits will come from its introduction.
Det er Kommissionens praksis at anse ruter som rentable, hvis de gav et positivt dækningsbidrag i året før lukningen [77].
In June-November 2013 profit generated by the B787 fleet was PLN […] million higher than profit generated by its predecessor B767 in a comparable period of 2012.
Dækningsbidraget (som svarer til LOT's Margin 1) omfatter omsætning og variable omkostninger (f.eks. ved flyvninger, passagerer og distribution), som kan henføres til hver enkelt rute.
This was more than forecasted in the restructuring plan.
Dækningsbidraget er det rette mål, eftersom det omfatter alle omkostninger, der er knyttet direkte til den pågældende rute.
Assuming that the aircraft are used for the full 12 months (unlike in 2013 when it was grounded for half of the year), the planned annual financial impact of PLN [135-165] million seems achievable.
Ruter med et positivt dækningsbidrag dækker ikke blot de variable omkostninger ved en given rute, men bidrager også til selskabets kapacitetsomkostninger.
The new aircraft brought also significant savings: fuel cost was lower by [> 15] % and total direct cost was lower by [> 25] %.
Det er normal forretningspraksis at fortsætte drift, som dækker variable omkostninger på kort til mellemlangt sigt.
Poland has also provided quantitative evidence confirming that the introduction of B787 aircraft has a positive impact not only on the long haul segment but also on the entire flight network, including short and medium haul segments which provide transfer connections for the long haul.
Kapacitetsomkostninger varierer i princippet ikke med omfanget af driften og skal afholdes, uanset om en forbindelse drives eller ej.
LOT's profit from the connections served by B787 aircraft measured by Margin 2 [72] (i.e. including contribution effect on the entire flight network) reached PLN [> 100] million in June-November 2013 and was higher by [> 100] % than in comparable period of 2012 when the Company used the old B767 aircraft.
Det er derfor mere gunstigt for et luftfartsselskab at beholde en sådan forbindelse, så længe den i det mindste dækker en del af kapacitetsomkostningerne, end at opgive den.
Concerning the potential under-utilisation of B787 aircraft raised in the opening decision, Poland clarified that until 2013 LOT had operated five B767 aircraft on the routes from Poland to USA and Canada.
Dette er blevet implicit anerkendt af en af de interesserede parter, som bemærkede, at måling af rentabilitet alene ud fra de variable omkostninger ikke egner sig til langsigtede overvejelser.
At present it has six B787 aircraft which can be deployed on the same routes and an additional route to Beijing.
Med hensyn til en interesseret parts påstand om, at LOT takket være statsstøtte havde øget sin kapacitet på det polske chartermarked, bemærker Kommissionen for det første, at LOT hidtil kun har modtaget redningsstøtte, som udelukkende gik til at indfri forfaldne forpligtelser og til at dække et likviditetsunderskud på driften i redningsperioden.
According to IATA transatlantic flights from Poland are expected to grow at 6,5 % p.a. in 2013-2017 and passenger traffic from Central and Eastern Europe to Asia at 9,1 %-10,6 % p.a.
Derfor havde LOT ikke statsstøtte til overs til at finansiere den påståede ekspansion på chartermarkedet.
Poland provided data demonstrating that it has one of the biggest and growing local markets to North America, bigger than some established Western European hubs (Munich, Vienna, Copenhagen and on some routes Zurich) and bigger than the current market size of Prague and Budapest combined.
Den fremtidige omstruktureringsstøtte er ikke beregnet til dette formål heller, men udelukkende til at finansiere omstruktureringsforanstaltninger.
This gives more assurance that the B787 aircraft can be used effectively and efficiently.
For det andet har LOT ikke øget sin kapacitet på det polske chartermarked.
Secondly, LOT has addressed weaknesses of earlier restructuring attempts by focusing on previously unresolved problems, e.g. inconsistent employment restructuring.
Tværtimod har LOT indskrænket sin tilstedeværelse på det voksende polske chartermarked fra [> 3] % i 2012 til [< 1,5] % i 2013 (historisk havde LOT en meget større markedsandel på [> 15] % i 2010).
Already by November 2013 LOT had cut ground personnel by an unprecedented 35 % and further reductions are planned.
LOT har ingen planer om at fortsætte sin tilstedeværelse på chartermarkedet efter udgangen af omstruktureringsperioden.
The revenue-related measures achieved [> 100] % of their planned financial potential in 2013.
For det tredje er charteraktiviteten marginal for LOT, idet den kun udgør [< 1] % af virksomheden.
In August 2013 the Company introduced paid catering which has not met negative customer response.
Den samlede nedbringelse af kapaciteten som følge af de kompensationsforanstaltninger, som LOT har foreslået, er altså [13,5-16,5] % og dermed større end den nedbringelse, som Kommissionen accepterede i førnævnte sager om omstrukturering af luftfartsselskaber, nemlig Czech Airlines og Air Malta.
According to LOT's market research, passengers of its economy class are not likely to oppose other paid services, apart from luggage fee (which LOT does not intend to introduce).
Det er også værd at bemærke, at den faktiske kapacitetsnedsættelse, der blev noteret hos LOT i 2013, var 1,6 procentpoint større end planlagt.
Passengers on the Polish market, where LCCs have more than 50 % share, are used to paid services.
Desuden bemærker Kommissionen, at LOT har lukket en række ruter fra de fuldt koordinerede [78] lufthavne i Frankfurt, München, Düsseldorf, Wien, Zürich, Helsinki, Paris, Nice, Rom, Amsterdam og Stockholm.
There seems to be a potential for growth of ancillary revenue.
Som følge heraf er der frigjort sæt af ankomst- og afgangstidspunkter (slots) i disse lufthavne, hvilket skaber nye forretningsmuligheder for konkurrerende luftfartsselskaber for at drive ruter til og fra disse lufthavne og øge deres tilstedeværelse her.
LOT's ancillary revenue accounts for […] % of total revenue and is lower than the average for traditional carriers (3,1 % and increasing) and much lower than Aer Lingus (13-14 %) which LOT perceives as its strategic benchmark (due to similar size and business model).
I lyset af ovenstående er de foreslåede kompensationsforanstaltninger tilstrækkelige til at sikre, at statsstøttens negative virkninger for samhandelen minimeres.
LOT has created a dedicated unit responsible for increasing ancillary revenue.
Derfor opfylder de foreslåede kompensationsforanstaltninger punkt 38-42 i rammebestemmelserne.
As traditional airlines move towards a mixed business model combining more ancillary revenue with traditional elements of network carriers, it seems justified to consider that LOT's shift in the same direction will not erode its strategy (to remain a legacy carrier) and discourage customers.
I henhold til punkt 43-45 i rammebestemmelserne skal støtten være begrænset til det minimum, der er nødvendigt for at kunne gennemføre omstruktureringen.
As regards further implementation of the restructuring plan, by 31 December 2013 LOT has already realised 69 % of the planned improvement in 2014.
Støttemodtageren forventes selv at yde et betydeligt bidrag til omstruktureringsplanen med egne midler, herunder ved afhændelse af aktiver, som ikke er nødvendige for virksomhedens overlevelse, eller ved ekstern finansiering på markedsvilkår.
To achieve the target set for the year ended 31 December 2014 (profit from core activity of PLN 71 million) LOT still must improve financial performance by PLN 75 million, which is a realistic goal.
Et sådant bidrag skal være reelt, dvs. et faktisk bidrag, hvilket udelukker forventede fremtidige gevinster såsom pengestrømme, og er et udtryk for, at markederne har tillid til, at virksomheden igen kan blive rentabel.
In particular, LOT has identified sources of this required improvement, e.g. benefits from the already implemented restructuring measures which have recurring financial impact (PLN [> 100] million in 2013); lack of one-off cost of grounding of B787 aircraft in the first half of 2013 (PLN [> 25] million); additional profit from B787 aircraft, if it is used for the full year instead of a half-year as in 2013 (PLN [> 50] million); savings on fuel cost (PLN [> 75] million).
For en stor virksomhed som LOT skal egetbidraget være mindst 50 % af omstruktureringsomkostningerne.
If only a fraction of these potential improvements is actually realised, LOT should achieve its financial target for 2014.
LOT's anmeldte egetbidrag beløber sig til [1200-1600] mio. PLN og udgør [60-67] % af omstruktureringsomkostningerne.
Thirdly, the macroeconomic environment, which undermined previous restructuring attempts, has improved.
Det består af i) den finansielle leasingkontrakt vedrørende B787-flyene på […] mio. PLN og ii) salget af anlægsaktiver, som skulle indbringe […] mio. PLN.
After recession in 2009 and 2012 the EU economy seems to be gaining ground as it is forecasted to grow by 1,6 % in 2014 and 2.0 % in 2015.
Den finansielle leasingkontrakt blev indgået med en privat amerikansk bank […], som finansierede købet af fem B787-fly.
Poland's economy is expected to grow by 3,2 % in 2014, i.e. faster than was forecast when the restructuring plan was prepared (2,2 %), and by 3,4 % in 2015 [73].
Der er stillet sikkerhed ved hjælp af bl.a. garantien fra Ex-Im Bank og håndpant i flyene.
Based on historical data cited by LOT, demand for air passenger transport services has been strongly correlated with economic growth.
Ifølge rammebestemmelserne kan et egetbidrag komme fra »ekstern finansiering på markedsvilkår«.
IATA forecasts that world passenger traffic will grow by 5,4 % p.a. in 2013-2017.
Den omhandlede finansielle leasingkontrakt opfylder dette krav.
According to the Association of European Airlines, in the summer timetable of 2014 Central and Eastern Europe will record the largest expansion (7 % increase of flights) of all European areas.