natgillin/translations-raw huggingface dataset:
Ligeledes viste den faktiske finansielle virkning af indførelsen af B787-fly sig at være bedre end planlagt.
Representatives of the public authorities sit at shareholders' meetings and are also members of their supervisory boards.
Det havde en positiv virkning på ikke blot fjernruterne, men hele rutenettet.
According to the Code, the management board runs the company's day-to-day affairs and independently takes decisions on matters other than those reserved for other company bodies.
Flyene forventes ikke at kunne løse LOT's mangeårige strukturelle problemer alene, men i kombination med andre omstruktureringsforanstaltninger.
Consequently, according to Poland, considering that concluding agreements on deferral of payments by the management board does not require the consent of the supervisory board or the shareholder's meeting, the decisions concerning the deferrals were independent decisions of the airports taken without any State interference.
Trafikken på de ruter, der skal beflyves med B787-fly (Nordamerika, Nord- og Sydøstasien), forventes at stige med 6,5 % til 10,6 % p.a., hvorfor flyene ikke vil blive underudnyttet.
With reference to the private creditor test, Poland brought forward several types of arguments in order to prove that the deferrals of the airport charges were concluded on market terms.
I 2013 genererede de indtægtsrelaterede foranstaltninger [> 100] % af det planlagte finansielle potentiale, man antog i omstruktureringsplanen.
First, Poland indicated the economic context in which the airports decided to defer airport charges to LOT: a serious economic downturn of 2009 [28] as well as other extraordinary events (the eruption of the Eyjafjallajökull volcano in April 2010).
I august 2013 indførte LOT med held catering mod betaling og fik ikke negativ respons fra kunderne.
Therefore, according to Poland, when granting deferrals the airports could have assumed that the problems of LOT were of a temporary nature.
Ifølge markedsundersøgelser har passagererne ikke noget imod at betale for serviceydelser.
Second, Poland underlined that LOT as a key customer of the airports generated a considerable part of their revenue while the deferrals constituted only a fraction of the turnover between the airports and LOT [29].
LOT har identificeret potentielle kilder til yderligere forbedring.
Third, Poland explained that from the airports' perspective, it was better to defer part of LOT's payments than for the carrier to be put into insolvency.
Dette tyder på, at den forventede fortjeneste på kerneforretningen i 2014 kan nås.
Notably, because at the time when the deferral decisions were made, LOT still had assets which could have been used as collateral.
Med hensyn til det planlagte provenu fra fremleje af fly har LOT udarbejdet et alternativt flådescenarie med længere udnyttelse af visse af flyene.
In comparison, in case of insolvency, the airports' receivables would have been repaid in the last category of creditors, with a much lower percentage than in case of deferral [31].
Polen fremlagde finansielle fremskrivninger, som viser, at LOT stadig ville genoprette rentabiliteten, hvis det scenarie faktisk blev gennemført.
In addition, in Poland insolvency proceedi ngs take on average 3 — 3.5 years which goes far beyond the average deferral period of approx.
Polen anførte også, at selskabet i 2013 nåede [> 100] % af de planlagte omstruktureringsfordele (mod antaget 85 % i planen).
6.5 months granted to LOT by the airports, see recital 114 below.
Polen klarlagde endvidere, hvordan LOT beregner rentabilitet for ruterne (se afsnit 7.3.4).
Fourth, according to Poland, the terms and conditions of the deferrals fully reflected market conditions, as regards: (i) interest rate, (ii) collateral and (iii) deferral periods.
Polen understregede, at metodologien er i overensstemmelse med branchestandarden.
In particular, as regards the interest rate [32], Poland indicates that the interest rate applied in case of the deferral agreements shall be distinguished from the statutory interest [33], which is a form of penalty for late payment while the purpose of the deferral agreements is to enable a debtor to repay the liabilities in a reasonable time.
Polen fremlagde dokumentation for, at eksportkreditbureauet Ex-Im Bank gennemførte en due diligence-undersøgelse af LOT forud for tilsagnet om garantistillelsen, og forklarede, at ca. 30 % af flyfinansieringstransaktionerne i hele verden i 2012 blev indgået med deltagelse af eksportkreditbureauer.
As regards the collateral, Poland underlines that for two-thirds of the deferral agreements the deferred amount was secured by mortgages and pledges on LOT's assets.
Polen oplyste også Kommissionen om, at en af tilbudsgiverne tilbød LOT finansiering uden garanti fra eksportkreditbureauet.
For most of the remaining deferral agreements the deferred amount [34] was secured with blank promissory notes which accelerate the collection of debt.
Desuden blev LOT's risiko vurderet af det amerikanske kapitalmarked, hvor leasingaftalen med held blev refinansieret af private investorer i 2013.
For only six agreements there was no collateral.
Desuden påpegede Polen, at en finansiel leasingkontrakt er en acceptabel form for egetbidrag ifølge Kommissionens afgørelsespraksis, og gentog, at det er en typisk form for finansiering af køb af fly.
In each case, however, LOT recognised its debt towards a given airport, enabling it to easily bring a claim in court, where necessary.
Ifølge Polen er finansiel leasing af et nyt fly på vilkår, der svarer til dem, LOT fik, se betragtning 77-80 ovenfor, (inklusive den anvendte type sikkerhedsstillelse) en standardfinansieringsform i luftfartsbranchen og er for nylig blevet brugt af mange andre europæiske luftfartsselskaber, f.eks. Ryanair, KLM, Norwegian Air, Czech Airlines, Austrian Airlines og Alitalia.
As regards the deferral periods, Poland underlines that the average deferral period was approx.
V. BEMÆRKNINGER FRA INTERESSEREDE PARTER
6.5 months which is advantageous if compared with the duration of litigation proceedings in Poland (over two years) [35] or with the duration of insolvency proceedings (on average 3-3,5 years) [36].
Kommissionen modtog bemærkninger fra syv interesserede parter: Ryanair, International Airlines Group (i det følgende benævnt »I AG«), to parter, der ikke ønskede deres identitet offentliggjort, fagforeningen »NSZZ Solidarność 80« hos PPL (i det følgende benævnt »fagforeningen«), PPL selv og arbejdsgiverforeningen »Polske arbejdsgivere«.
Poland also maintained that other private creditors of LOT allowed it to defer payment of debts of hundreds of millions of PLN over the similar deferral periods and at similar conditions, including an interest rate lower than the statutory interest or without interest and in some cases also without collateral [37].
Ryanair gentog den påstand, som selskabet oprindelig fremførte i klagen, at LOT allerede havde modtaget statsstøtte i form af udsatte lufthavnsafgifter bevilget af Polens statsejede lufthavne.
Finally, Poland confirmed that all the deferred payments have been fully repaid.
Desuden udtrykte Ryanair tvivl med hensyn til LOT's genoprettelse af rentabiliteten på baggrund af, at de tidligere omstruktureringsforsøg var mislykkedes, at fordelene ved indførelsen af B787-flyene var for optimistiske, og at LOT måske ikke ville kunne nedbringe sine personaleomkostninger på grund af eventuelt pres fra fagforeningerne.
Furthermore, in order to substantiate its position as outlined in recitals 101-116 above, Poland submitted a report prepared by KPMG Advisory Spółka z ograniczoną odpowiedzialnością sp. k.
Ifølge IAG bør LOT's fjernrutenet også omstruktureres.
(‘KPMG’/‘KPMG Report’).
Nærmere bestemt mener IAG, at der ikke er tilstrækkelig efterspørgsel til den kapacitet, som LOT har udrullet på det amerikanske marked.
The KPMG Report describes the decision-making process of the airports which led to each of the deferral agreements.
IAG nævner eksemplet Malév, som forgæves forsøgte at opretholde en direkte forbindelse fra Budapest til New York.
The KPMG Report provides as well for a market analysis of each of the deferral agreements.
Med henvisning til den finansielle leasingkontrakt på B787-fly bemærkede IAG, at den vurdering, som Ex-Im Bank og den amerikanske långivende forretningsbank foretog, måtte være foregået enten før de nuværende likviditetsproblemer eller i forventning om statsstøtte.
The methodology used by KPMG for the purposes of the market analysis is based on comparison of a base scenario [38] (i.e. deferral of airport charges) with an alternative scenario [39] (i.e. no deferral is granted to LOT).
Den første af de to interesserede parter, som ikke ønskede deres identitet offentliggjort, fremførte, at LOT's omstruktureringsplan hverken var troværdig eller gennemførlig, og at den ikke ville genoprette LOT's langsigtede rentabilitet.
In order to verify the economic rationale of the deferral agreements, base and alternative scenarios were compared on the basis of current and net present value.
Vedkommende part påpegede, at det forventede ROCE er overoptimistisk, og bemærkede, at LOT har planer om at øge sin kapacitet, samtidig med at det polske marked lider af overkapacitet.
The comparison of those two scenarios showed that the deferral of airport charges was, in each case, economically rational and more beneficial for the airports than the alternative scenario of initiating the insolvency proceedings.
Yderligere bemærkede denne part, at en måling alene på grundlag af variable omkostninger af rentabiliteten på de ruter, der er foreslået som kompensationsforanstaltninger, var uhensigtsmæssig på langt sigt.
First, it has received the long-awaited B787 aircraft, which is a main pillar of its restructuring plan.
Ifølge denne interesserede part bør alle ruter på langt sigt måles på grundlag af det, som LOT kalder Margin 2.
Secondly, LOT has addressed weaknesses of earlier attempts by focusing on previously unresolved problems (e.g. more consistent employment reduction).
Den anden interesserede part, som ikke ønskede sin identitet offentliggjort, bemærkede, at LOT takket være statsstøtten havde øget sin kapacitet på det polske chartermarked, hvilket angiveligt havde ødelagt den interesserede parts konkurrencemæssige stilling og var i strid med EU's statsstøtteregler.
Thirdly, the macroeconomic environment has improved.
Denne part udtrykte også tvivl om LOT's genoprettelse af rentabiliteten, bl.a. på baggrund af at fordelen ved B787-flyene var overvurderet, og at de finansielle prognoser forekom urealistiske.
Finally, LOT's actual financial results after five quarters of the implementation of the restructuring plan are much better than planned.
Vedkommende betvivlede også rentabiliteten på de ruter, der blev foreslået som kompensationsforanstaltninger.
LOT's liquidity situation has improved.
Endelig mener denne part, at den finansielle leasingkontrakt ikke bør tages i betragtning som egetbidrag, da den i praksis ikke indebar nogen risiko for de finansierende banker.
Not only did it not lose liquidity in August 2013, as was forecast in the restructuring plan, but it gained additional sources of funding, e.g. the […] from Boeing […].
Derudover nævnte denne part også spørgsmålet om de udsatte lufthavnsafgifter [40].
In effect, the actual cash flows from operations in 2013 have been better than planned.
Desuden gjorde vedkommende Kommissionen opmærksom på andre af LOT's transaktioner, som angiveligt udgjorde statsstøtte.
Likewise, the actual financial impact of the introduction of B787 turned out to be better than planned.
Disse transaktioner omfatter:
It had a positive impact not only on the long haul segment but on the entire flight network.
salg af fast ejendom, nemlig i) salget i 2011 af LOT's kontorbygning sammen med grunden 17 Stycznia Street 43 (i det følgende benævnt »hovedkvarteret«) til det statsejede selskab Powszechny Zakład Ubezpieczeń S.A./PB1 (i det følgende benævnt »PZU«, »PZU/PB1«) for et beløb af […] mio. PLN (ca. […] mio. EUR) og ii) salget i 2012 af LOT's ejendom på 17 Stycznia Street 39 til det statsejede selskab TF Silesia for et beløb af […] mio. PLN (ca. […] mio. EUR)
The aircraft is not expected to solve LOT's long-standing structural problems alone, but in combination with the other restructuring measures.
salget af nogle af LOT's datterselskaber til statsejede selskaber, nemlig salget i 2010 af LOT Services over markedsprisen, selv om selskabet var insolvent, salget af LOT AMS, selv om det var »i en meget ringe finansiel situation«, salget i december 2012 af Petrolot, salget i september 2012 af Eurolot, salget i 2009-2010 af LOT Cargo S.A. (i det følgende benævnt »LOT Cargo«) og af Casinos Poland.
Traffic on the routes to be served by B787 aircraft (North America, North- and South-East Asia) is forecast to grow by 6.5 % to 10.6 % p.a. and therefore the aircraft will not be under-utilised.
Fagforeningen hævder primært, at omstruktureringsstøtten vil stride mod princippet om engangsstøtte, fordi LOT allerede havde modtaget statsstøtte i form af en række foranstaltninger, væsentligst de udsatte lufthavnsafgifter.
In 2013 the revenue-related measures generated [> 100] % of the planned financial potential assumed in the restructuring plan.
Fagforeningen gjorde Kommissionen opmærksom på flere andre af LOT's transaktioner, som angiveligt udgjorde statsstøtte.
In August 2013 LOT successfully introduced paid catering and did not meet a negative customer response.
LOT's salg af fast ejendom til andre statsejede selskaber (nemlig salget af LOT's hovedkvarter, salget af ejendommen på 17 Stycznia Street 39, salget af en investeringsejendom sammen med anlægsaktiverne i godsterminalen (i det følgende benævnt »godsterminalen«) og salget af en investeringsejendom sammen med anlægsaktiverne i cateringlokaliteterne (i det følgende benævnt »cateringanlægget«))
According to market research, passengers are not opposed to paid services.
salget af LOT's datterselskaber til en pris over markedsværdien til andre statsejede selskaber (nemlig salget af LOT Services, LOT Catering Sp. z o.o. (i det følgende benævnt »LOT Catering«), LOT AMS, Petrolot og Eurolot)
The increase of ancillary revenue is consistent with a current market trend whereby traditional airlines move towards a hybrid business model embracing some features of LCCs and therefore should not erode LOT's brand or discourage customers.
lån til LOT ydet af statsejede selskaber, hvis aktiviteter ikke primært vedrører kreditgivning (nemlig to lån ydet af selskaber i PZU Group i december 2009 og februar 2010 for et samlet beløb af […] PLN (ca. […] EUR), lån ydet af TF Silesia, Operator Logistyczny Paliw Płynnych Sp. z o.o. (i det følgende benævnt »OLPP«) og Polski Koncern Naftowy ORLEN S.A. (i det følgende benævnt »PKN Orlen«) for en samlet sum af […] PLN (ca. […] EUR))
The actual financial result for 2013 was much better than was assumed in the restructuring plan.
levering af andre tjenesteydelser: PKN Orlen og dets datterselskab Petrolot leverede angiveligt brændstof til LOT til nedsatte priser.
LOT has identified potential sources of further improvement.
Desuden gav fagforeningerne udtryk for, at omstruktureringsplanen ikke ville genoprette LOT's langsigtede rentabilitet, og at leasingaftalen ikke var et tegn på markedets tiltro til genoprettelsen af rentabiliteten.
This indicates that the forecast profit from core activity in 2014 is achievable.
Virksomheden PPL, som ejer Warszawa Chopin Lufthavn, anførte, at dens handlinger ikke kan tilregnes staten, da dens forretningsbeslutninger træffes uafhængigt.
Poland provided a sensitivity analysis which demonstrates that even with wider deviations of key parameters from the baseline than assumed in the restructuring plan, LOT maintains liquidity in the whole financial projection horizon 2014-2018.
De aftaler, der blev indgået med LOT om at udsætte betalingen af lufthavnsafgifterne var i tråd med markedet og økonomisk set meget rationelle.
The fuel price, already assumed at a very conservative level (above LOT's 10-year historical maximum and 12.1 % higher than the market price at the time of notification) is unlikely to increase sharply.
PPL erklærede, at lignende ordninger omend i mindre målestok var aftalt med andre luftfartsselskaber og var blevet tilbudt lavprisselskaberne.
Concerning planned proceeds from the sub-lease of the aircraft, LOT has prepared an alternative fleet scenario providing for longer utilisation of some of the aircraft.
LOT er en strategisk partner for PPL og har en betydelig indvirkning på Warszawa Chopin Lufthavns langsigtede udvikling.
Poland provided financial projections which demonstrate that, if this scenario is indeed implemented, LOT would still return to viability.
LOT's potentielle insolvens ville mindske trafikken til og fra Warszawa og få en negativ virkning for Polens økonomi.
Poland also indicated that in 2013 the Company achieved [> 100] % of the planned restructuring benefits (against 85 % assumed in the plan).
Den mener, at LOT er på rette spor mod genoprettelse af sin rentabilitet, hvilket bekræftes af de forbedrede faktiske finansielle resultater.
It emphasised that the methodology is in line with the industry standard.
Efter foreningens mening ville LOT's insolvens have en negativ virkning for forbindelsesmulighederne, hvilket igen ville påvirke passagererne, de forretningsrejsende og turistbranchen negativt.
Poland provided evidence demonstrating that Ex-Im Bank performed due diligence on LOT prior to agreeing to grant the guarantee and explained that in 2012 approximately 30 % of aircraft financing transactions worldwide were concluded with the participation of ECA.
POLENS KOMMENTARER TIL DE INTERESSEREDE PARTERS BEMÆRKNINGER
Poland also informed the Commission that one of the bidders offered financing to LOT without the ECA guarantee.
Polen fremsatte bemærkninger til alle de interesserede parters påstande.
In addition, LOT's risk was evaluated by the US capital market where in 2013 the lease was successfully refinanced by private investors.
I henseende til manglende overholdelse af princippet om engangsstøtte:
In addition, Poland pointed out that a finance lease is an acceptable form of own contribution according to the Commission's decisional practice and reiterated that it is a typical form of financing acquisition of aircraft.
I forbindelse med de udsatte lufthavnsafgifter gentog Polen sine argumenter vedrørende den manglende tilregnelse og overholdelsen af princippet om den private kreditor.
According to Poland the finance lease of a new aircraft, on terms similar as those provided to LOT, see recitals 77-80 above, (including the type of collateral used), is a standard form of financing in the airline industry and has been recently used by many other European airlines, e.g. Ryanair, KLM, Norwegian Air, Czech Airlines, Austrian Airlines and Alitalia.
I forbindelse med andre af LOT's transaktioner, som angiveligt udgjorde statsstøtte, afgav Polen detaljerede forklaringer.
V. COMMENTS FROM INTERESTED PARTIES
Polen påpegede navnlig, at nogle af disse transaktioner allerede var godkendt af Kommissionen, mens andre enten ikke kunne tilregnes staten (f.eks. aktiver købt af private selskaber) eller på anden vis overholdt det markedsøkonomiske investorprincip.
The Commission received comments from seven interested parties: Ryanair, International Airlines Group (‘IAG’), two parties who wished not to disclose their identity, the trade union ‘NSZZ Solidarność 80’ of the PPL (‘the trade union’), the PPL itself and the business association ‘Employers of Poland’.
Med hensyn til sidstnævnte har Polen fremlagt beviser (f.eks. uafhængige værdiansættelser) til støtte for sin påstand.
Ryanair reiterated its allegation, originally expressed in the complaint, that LOT had already received State aid in the form of deferred airport charges granted by Polish State-owned airports.
Med hensyn til især transaktionerne vedrørende fast ejendom forklarede Polen:
In addition, Ryanair expressed doubts on LOT's return to viability, arguing that past restructuring attempts failed, that benefits from the introduction of B787 aircraft are too optimistic and that LOT may not be able to reduce its employment costs due to possible pressure from trade unions.
at salget og tilbageleasingen af LOT's hovedkvarter foregik på grundlag af en aftale, der var indgået den 10. maj 2011 mellem LOT og PZU/PB1.
According to IAG, LOT's long haul network should also be restructured.
er et selskab, der indirekte ejes fuldt PZU.
Specifically, IAG believes that there is no sufficient demand to support the capacity that LOT deploys on the US market.
Staten ejer en minoritetsandel af PZU [41].
IAG cites the example of Malév who tried and failed to sustain direct services from Budapest to New York.
Salgsprisen var […] PLN (ca. […] EUR).
In reference to the finance lease of B787 aircraft, IAG observed that the assessments by Ex-Im Bank and the commercial bank lender must have been made either in advance of the current liquidity issues or in anticipation of State aid.
at salget af ejendommen på 17 Stycznia Street 39 foregik på grundlag af en aftale, der var indgået den 31. juli 2012 mellem LOT og TF Silesia.
The first party who wished not to disclose its identity submitted that LOT's restructuring plan is neither credible, nor achievable and will not restore LOT's long-term viability.
Staten er eneaktionær i TF Silesia
It pointed out that the forecast ROCE is over-optimistic and observed that LOT plans to add capacity at the time when the Polish market is suffering from overcapacity.
at salget af godsterminalen foregik på grundlag af en aftale, der var indgået den 25. november 2011 mellem LOT og LS Airport Services S.A. (i det følgende benævnt »LS Airport Services«).
It also considered that the deferred airport charges constitute State aid.
Staten er eneaktionær i LS Airport Services.
It further observed that measuring profitability of the routes proposed as compensatory measures on a variable cost-only basis is inappropriate in the long-term.
at salget af cateringanlægget foregik på grundlag af en aftale, der var indgået den 8. december 2011 mellem LOT og LOT Catering.
According to the interested party, in the long-term all routes should be measured on what LOT refers to as a Margin 2 basis.
Den regionale økonomiske fond (i det følgende benævnt »RØF«), som er 100 % statsejet, er eneaktionær i LOT Catering.
It also expressed the view that finance lease of B787 aircraft should not be accepted as a source of own contributi on as it does not demonstrate the market's confidence in LOT's return to viability.
Polen forklarede angående salgs- og tilbageleasingtransaktionen vedrørende LOT's hovedkvarter, at LOT modtog ni købstilbud, hvoriblandt PZU/PB1 blev valgt som det mest fordelagtige.
The second interested party who wished not to disclose its identity observed that thanks to State aid LOT has increased its capacity on the Polish charter market, which has allegedly deteriorated the interested party's competitive position and violated EU State aid rules.
Ifølge Polen er de midler, som ejes af selskaberne i PZU Group, ikke statslige midler, og deres beslutninger kan ikke tilregnes staten.
The party also expressed doubts as to LOT's return to viability, arguing, among other things, that the benefits of the B787 are overestimated and that the financial forecasts appear unrealistic.
Derfor er der ikke tale om statsstøtte.
It also questioned the profitability of the routes proposed as compensatory measures.
Desuden forklarede Polen, at ejendomsværdien var genstand for en uafhængig forudgående vurdering [42].
Finally, it believes that the finance lease should not be taken into account as own contribution, as it involved practically no risk for the financing banks.
Desuden forklarede Polen om salget af ejendommen på 17 Stycznia Street 39, godsterminalen og cateringanlægget, at der ikke indkom bud, og udbudsproceduren derfor ikke blev gennemført.
In addition, this interested party also raised the issue of the deferred airport charges [40].
I disse tilfælde var værdien af den faste ejendom dog genstand for en uafhængig forudgående vurdering [43].
It also brought to the attention of the Commission several other transactions of LOT which allegedly constituted State aid.