natgillin/translations-raw huggingface dataset:
Luftfartsselskabet betjener i øjeblikket omkring 150 europæiske destinationer.
Section 5.1 of the 2014 Aviation Guidelines sets out the criteria that the Commission will apply in assessing the compatibility of operating aid with the internal market pursuant to Article 107(3)(c) of the Treaty.
Wizz Air har en ensartet flåde, der består af Airbus A 320-fly med 180 sæder.
According to point 172 of the 2014 Aviation Guidelines, the Commission will apply those criteria to all cases concerning operating aid, including pending notifications and unlawful non-notified aid cases.
Meddelelse fra Kommissionen om revision af metoden for fastsættelse af referencesatsen og kalkulationsrenten af 12. december 2007 (EUT C 14 af 19.1.2008, s. 6).
According to point 137 of the 2014 Aviation Guidelines, unlawful operating aid granted before the date of the publication of the 2014 Aviation Guidelines — like the funds granted from the cash-pool insofar as they may have constituted operating aid (see recitals 185 and 186) — may be declared compatible with the internal market to the full extent of uncovered operating costs provided that the following cumulative conditions are met:
KMV Riskcalc Germany 3.1.
contribution to a well-defined objective of common interest: this condition is fulfilled, inter alia, if the aid increases the mobility of citizens of the Union and connectivity of the regions or facilitates regional development [88];
Denne model anvendes til at anslå kreditvurderingen for ikke-børsnoterende selskaber på grundlag af deres regnskabsdata.
need for State intervention: the aid must be targeted towards situations where such aid can bring about a material improvement that the market itself cannot deliver [89];
Moodys KMV RiskCalc Germany 3.1 beregner sandsynligheden for misligholdelse for virksomheder, der ikke handles på børsen, på grundlag af deres regnskabsdata.
existence of incentive effect: this condition is fulfilled if it is likely that, in the absence of operating aid, and taking into account the possible presence of investment aid and the level of traffic, the level of economic activity of the airport concerned would be significantly reduced [90];
I lyset af forklaringerne i betragtning 46 er kreditvurderingerne baseret på en kort løbetid for lån ydet under likviditetspuljen.
proportionality of the aid amount (aid limited to the minimum necessary): in order to be proportionate, operating aid to airports must be limited to the minimum necessary for the aided activity to take place [91];
Under hensyntagen til ejerforholdene.
avoidance of undue negative effects on competition and trade [92].
Dette svarer til kreditvurderingen [BB+ til B–] på Standard & Poors vurderingsskala.
According to Section 5.1.2(a) of the 2014 Aviation Guidelines, in order to give airports time to adjust to new market realities and to avoid any disruptions in the air traffic and connectivity of the regions, operating aid to airports will be considered to contribute to the achievement of an objective of common interest, if it: (i) increases the mobility of Union citizens and connectivity of regions by establishing access points for intra-Union flights; (ii) combats air traffic congestion at major Union hub airports; or (iii) facilitates regional development.
Denne vurderingskategori betyder, at låntageren er […].
In the light of the considerations in recitals 199 to 204, the Commission considers that the continued operation of Frankfurt-Hahn airport increased the mobility of Union citizens and connectivity of regions by establishing an access point for intra-Union flights in the Hunsrück region.
Dette svarer til kreditvurderingen [BBB– til B] på Standard & Poors vurderingsskala.
In addition, the continued operation of the airport facilitated the regional development of the Hunsrück region and the creation of new jobs.
Denne vurderingskategori betyder, at låntageren er […].
Moreover, the operation and development of Frankfurt Hahn airport also served to decongest Frankfurt Main airport.
I denne forbindelse henviste Tyskland til Domstolens dom i sag C-30/59, De gezamenlijke Steenkolenmijnen in Limburg mod High Authority, Sml. 1961, s. 3, præmis 43.
The Commission therefore concludes that the measure at stake meets a clearly defined objective of common interest.
Deutsche Bank, »Margen-Indikation für geplante Refinanzierung bestehender Verschuldung«, den 3. september 2009.
Need for State intervention
Punkt 3.2.1 i Margen-Indikation für geplante Refinanzierung bestehender Verschuldung: »…, gehen wir von einer Einstufung der Gesellschaft im […].« Vurderingskategorien [ < BBB+] omfatter alle vurderinger, der er under [BBB+] på Standard and Poors vurderingsskala.
According to Section 5.1.2(b) of the 2014 Aviation Guidelines, in order to assess whether State aid is effective in achieving an objective of common interest, it is necessary to identify the problem to be addressed.
Deutsche Bank anførte dog ikke den justerede vurdering for FFHG.
In this respect, any State aid to an airport must be targeted towards a situation where aid can bring about a material improvement that the market cannot deliver itself.
Denne sats beregnes på følgende måde: i) [5-25] basispoint — risikomargen for femårige EUR-obligationer udstedt af tyske delstater, [5-25] basispoint — i tillæg til ovennævnte risikomargen på grund af den indirekte risiko forbundet med en statsejet virksomhed, [5-25] basispoint — i medfør af lånets begrænsede omsættelighed.
The Commission notes that Frankfurt Hahn airport is a regional airport with approximately 2,7 million passengers p.a.
Rating Ergebnis FFHG af Volksbank Hunsrück-Nahe eG.
It has high fixed operating costs and under present market conditions it is not able to cover its own operating costs.
Denne vurdering svarer til [B til BB] på Standard and Poors vurderingsskala (se Rating-Broschüre Finanzstandort Deutschland, 2010, s. 18).
Therefore, there is a need for State intervention (see point 89 of the 2014 Aviation Guidelines).
Denne vurdering svarer til [B– til BB–] på Standard and Poors vurderingsskala (se Rating-Broschüre Finanzstandort Deutschland, 2010, s. 18).
Appropriateness of the aid measures
Kommissionens meddelelse om anvendelsen af EF-traktatens artikel 87 og 88 på statsstøtte i form af garantier (EUT C 155 af 20.6.2008, s. 10).
According to Section 5.1.2(c) of the 2014 Aviation Guidelines, any aid measure to an airport must be an appropriate policy instrument to address the objective of common interest.
Deutsche Bank har vurderet to alternative scenarier for finansieringen af FFHG — det ene uden sikkerhedsstillelse og det andet med en fuld statsgaranti.
The Member State must, therefore, demonstrate that no other less distortive policy instruments or aid instruments could have allowed the same objective to be reached.
Deutsche Bank anslår, at risikomargenen i det første scenarie (uden sikkerhedsstillelse) for et femårigt lån ville være mellem [1,3 % og 2,05 %] om året.
According to Germany, the aid measures at stake are appropriate to address the intended objective of common interest that could not have been achieved by another less distortive policy instrument.
I det andet scenarie (med fuld garanti for lånene) ville risikomargenen være mellem [0,25 % og 0,7 %] om året.
In this case the aid amount (the difference between the market rate for the funds provided by the cash-pool and the actual rate) stayed below the uncovered operating losses (see Table 4, Ebitda excluding the extraordinary revenue of the airport) actually incurred and was limited to the minimum necessary as it was granted only as a repayable loan and not as a direct grant.
Differencen mellem margenerne i de to scenarier ville indikere prisen på garantien.
No other policy measure would allow the airport to continue its operation.
Forskellen ligger ifølge Deutsche Bank i intervallet fra [0,6 % til 1,8 %] årligt ([1,3 % — 0,7 % = 0,6 % og 2,05 % — 0,25 % = 1,8 %]).
Hence, the compensation of losses is limited to the minimum and does not provide for any profits.
Gemeinschaftsaufgabe »Verbesserung der regionalen Wirtschaftsstruktur (GRW) Gesetz« af 6. oktober 1969 (BGBl.
In view of recitals 244 and 245, the Commission considers that the measures at stake were appropriate to reach the desired objective of common interest.
I, s. 1861), senest ændret ved artikel 8 i lov af 7. september 2007 (BGBl.
Existence of incentive effect
I, s. 2246).
According to Section 5.1.2(d) of the 2014 Aviation Guidelines, operating aid has an incentive effect if it is likely that, in the absence of operating aid, the level of economic activity of the airport would be significantly reduced.
Flughafen Frankfurt Hahn — Regionaloekonomische Effekte, ZFL Studie, 03/2007.
This assessment needs to take into account the presence of investment aid and the level of traffic at the airport.
Tysklands indlæg, september 2014.
Without the aid the scale of the operations at Frankfurt Hahn airport would be severely impacted and reduced, leading eventually to the market exit of the airport due to uncovered operating losses.
Fællesskabets rammebestemmelser for statsstøtte til redning og omstrukturering af kriseramte virksomheder (EUT C 244 af 1.10.2004, s. 2).
In view of the above, the Commission considers that the aid measures at stake had an incentive effect.
Sag C-35/96, Kommissionen mod Italien, Sml. 1998 I, s. 3851, sag C-41/90, Höfner og Elser, Sml. 1991 I, s. 1979, sag C-244/94, Fédération Française des Sociétés d'Assurances mod Ministère de l'Agriculture et de la Pêche, Sml. 1995 I, s. 4013, og sag C-55/96, Job Centre, Sml. 1997 I, s. 7119.
According to Section 5.1.2(e) of the 2014 Aviation Guidelines, in order to be proportionate, operating aid to airports must be limited to the minimum necessary for the aided activity to take place.
Sag 118/85 Kommissionen mod Italien, Sml. 1987, s. 2599, sag 35/96 Kommissionen mod Italien, Sml. 1998 I, s. 3851.
In this case, the aid amount was limited to the extent of uncovered operating cost of capital, as it compensated only the costs actually incurred.
Dom Leipzig/Halle, især præmis 93-94, bekræftet af sag C-288/11 P, Mitteldeutsche Flughafen og Flughafen Leipzig-Halle mod Kommissionen, Sml. 2012, ECLI:EU:C:2012:821.
Therefore, the Commission considers that the amount of the operating aid in this case was proportionate and limited to the minimum necessary for the aided activity to take place.
Se også sag T-128/89, Aéroports de Paris mod Kommissionen, Sml. 2000 II, s. 3929, bekræftet af sag C-82/01 P, Aéroports de Paris mod Kommissionen, Sml. 2002 I, s. 9297, og sag T-196/04, Ryanair mod Kommissionen (»Charleroi-dommen«), Sml. 2008 II, s. 3643.
According to Section 5.1.2(f) of the 2014 Aviation Guidelines, when assessing the compatibility of operating aid account will be taken of the distortions of competition and the effects on trade.
Sag C-159/91 og C-160/91, Poucet mod AGV og Pistre mod Cancave, Sml. 1993 I, s. 637.
Within the standard catchment area of Frankfurt Hahn airport (1 hour travelling time by car or 100 kilometres distance) there are no commercially exploited airports.
Dom Leipzig-Halle, præmis 42-43.
Even if this standard catchment area was to be further extended to other airports in the proximity of Frankfurt Hahn airport, as demonstrated in recitals 224 and 228, there are no undue negative effects on competition between the airports located in the proximity of Frankfurt Hahn airport (that is Frankfurt Main, Luxembourg and Saarbrücken airports).
Sag C-482/99, Frankrig mod Kommissionen (»Stardust Marine«), Sml. 2002 I, s. 4397.
In view of the above, the Commission considers that any undue negative effects on competition and trade between Member States due to the operating aid granted in favour of FFHG are limited to the minimum.
Forenede sager T-267/08 og T-279/08, Nord-Pas-de-Calais, Sml. 2011 II, s. 1999, præmis 108.
In light of the considerations in recitals 238 to 255, the Commission concludes that the measures are compatible with the internal market on the basis of Article 107(3)(c) of the Treaty.
Bemærkning fra Tyskland, 24. april 2014, svar på spørgsmål 4, s. 3.
CONCLUSION
Kommissionens direktiv 2006/111/EF af 16. november 2006 om gennemskueligheden af de økonomiske forbindelser mellem medlemsstaterne og de offentlige virksomheder og om den finansielle gennemsigtighed i bestemte virksomheder (EUT L 318 af 17.11.2006, s. 17).
In the light of the considerations in recitals 99 to 124, the Commission considers that the credit line provided by the cash-pool to FFGH by Land Rhineland-Palatinate constitutes State aid within the meaning of Article 107(1) of the Treaty.
Sag C-39/94, Syndicat français de l'Express international (SFEI) m.fl. mod La Poste et al., Sml. 1996 I, s. 3547, præmis 60, og sag C-342/96, Kongeriget Spanien mod Kommissionen for De Europæiske Fællesskaber, Sml. 1999 I, s. 2459, præmis 41.
In the light of the considerations in recitals 140 to 169, the Commission concludes that ISB loans numbers 1, 3 and 4 were granted at rates that can be deemed in line with market conditions.
Sag 173/73, Den Italienske Republik mod Kommissionen for De Europæiske Fællesskaber, Sml. 1974, s. 709, præmis 13.
Hence, given that the cumulative criteria in Article 107(1) of the Treaty are not fulfilled, the Commission considers that these loans do not constitute State aid within the meaning of Article 107(1) of the Treaty.
Sag C-482/99, Frankrig mod Kommissionen (»Stardust Marine«), Sml. 2002 I, s. 4397, præmis 69.
In light of the considerations in recitals 140 to 169 above, the Commission concludes that ISB loans numbers 2 and 5 were granted below the benchmark rate.
FFHG's rente svarede ifølge Tyskland omtrentligt til Eonia-renten.
Since the other criteria pursuant in Article 107(1) of the Treaty are also fulfilled, those loans constitute State aid.
Udførlig vurderingsrapport for delstaten Rheinland-Pfalz (herunder delstatens vurderinger siden 1999) udarbejdet af vurderingsbureauet Fitch, juli 2014, tilgængelig på http://www.fm.rlp.de/fileadmin/fm/downloads/finanzen/kapitalmarkt/FRR_RP_22_07_2014.pdf, viser, at delstaten altid har opnået AAA på vurderingsskalaen.
As the credit line and the funds provided by the cash-pool, the 100 % state guarantee and ISB loans numbers 2 and 5 have already been put at the disposal of FFHG, the Commission considers that Germany has not respected the prohibition of Article 108(3) of the Treaty.
Delstaten bærer risikoen for, at FHHG misligholder lånet, uden at modtage kompensation herfor.
In the light of the considerations in recitals 199 to 232, the Commission concludes that the investment aid granted to Frankfurt Hahn airport is compatible with the internal market pursuant to Article 107(3)(c) of the Treaty as it complies with the compatibility conditions laid down in point 61 of the 2005 Aviation Guidelines.
Sag T-214/95 Het Vlaamse Gewest mod Kommissionen, Sml. 1998 II, s. 717.
In the light of the considerations in recitals 238 to 255, the Commission concludes that the funds provided by the cash-pool at privileged terms comply with the compatibility conditions for operating aid laid down in point 137 of the 2014 Aviation Guidelines and are compatible with the internal market on the basis of Article 107(3)(c) of the Treaty.
e afsnit 2.1.
The Commission notes that Germany accepts the adoption of the decision in the English language,
Leipzig/Halle lufthavn konkurrerede f.eks. med Vatry lufthavn (Frankrig) om etableringen af det europæiske DHL-center.
HAS ADOPTED THIS DECISION:
Se Leipzig/Halle-dommen, præmis 93.
Article 1
Svar fra Liege lufthavn i offentlig høring vedrørende retningslinjerne for luftfart fra 2014.
The State aid, unlawfully put into effect by Germany in breach of Article 108(3) of the Treaty in favour of Flughafen Frankfurt Hahn GmbH between 2009 and 2012 by means of the grant of a 100 % guarantee on loans provided by Investitions- und Strukturbank of Rhineland-Palatinate, loans provided by Investitions- und Strukturbank of Rhineland-Palatinate on 31 August 2009 amounting to EUR 20,0 million and on 30 September 2009 amounting to EUR 6,8 million as well as allowing Flughafen Frankfurt Hahn GmbH to participate in Land Rhineland-Pfalz's cash-pool and draw loans up to EUR 45 million at privileged terms from that cash-pool, is compatible with the internal market.
Se fodnote 33.
Article 2
Se fodnote 34.
The loans granted by Investitions- und Strukturbank of Rhineland-Palatinate to Flughafen Frankfurt Hahn GmbH between 15 July 2007 and 30 September 2009 amounting to a total of EUR 46,8 million do not constitute State aid within the meaning of Article 107(1) of the Treaty.
[1,3 % — 0,7 % = 0,6 % og 2,05 % — 0,25 % = 1,8 %]
Article 3
Tab ved misligholdelse (LGD) mellem 30 % og 60 %.
This Decision is addressed to the Federal Republic of Germany.
Se f.eks. Oxera, »Estimating the cost of capital for Dutch water companies«, 2011, s. 3.
Done at Brussels, 1 October 2014.
Se også Bloomberg-data vedrørende tegningsgebyrer i forbindelse med obligationsudstedelse.
For the Commission
Meddelelse til medlemsstaterne fra Kommissionen: Anvendelse af EØF-traktatens artikel 92 og 93 og af artikel 5 i Kommissionens direktiv 80/723/EØF på offentlige virksomheder i fremstillingssektoren (EFT C 307 af 13.11.1993, s. 3, punkt 11).
Vice-President
Denne meddelelse vedrører specifikt fremstillingssektoren, men finder i princippet også anvendelse på andre økonomiske sektorer.
With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the Treaty on the Functioning of the European Union (‘Treaty’).
Se endvidere sag T-16/96, Cityflyer mod Kommissionen, Sml. 1998 II, s. 757, præmis 51.
The two sets of Articles are in substance identical.
Kommissionens afgørelse 2013/693/EU af 3. oktober 2012 om statsstøtte SA.23600 — C 38/08 (ex NN 53/07) — Tyskland — Finansiering af München lufthavn, Terminal 2 (EUT L 319 af 29.11.2013, s. 8) og Kommissionens afgørelse (EU) 2015/1469 af 23. juli 2014 om statsstøtte SA.30743 (2012/C) (ex N 138/10) — Tyskland — Finansiering af infrastrukturforanstaltninger i Leipzig/Halle-lufthavn (2) (EUT L 232 af 4.9.2015, s. 1).
For the purposes of this Decision references to Articles 107 and 108 of the Treaty should be understood as references to Articles 87 and 88 of the EC Treaty when appropriate.
Swaprenten svarer til interbankrenten (IBOR), dog med en længere løbetid.
The Treaty also introduced certain changes in terminology, such as the replacement of ‘Community’ by ‘Union’ and ‘common market’ by ‘internal market’.
Den anvendes på finansmarkederne som en referencerentesats til fastsættelse af finansieringssatsen.
The terminology of the Treaty will be used throughout this Decision.
En credit default swap (CDS) er en (omsættelig) kreditderivatkontrakt, der indgås mellem en sikkerhedsgiver og en sikkerhedshaver, og som overfører kreditrisikoen for en underliggende referenceenhed fra sikkerhedshaveren til sikkerhedsgiveren.
OJ C 216, 21.7.2012, p. 1.
Sikkerhedshaveren betaler regelmæssigt en præmie til sikkerhedsgiveren, indtil CDS-kontrakten udløber, eller (hvis følgende betingelse er opfyldt) indtil der opstår en kreditbegivenhed for den underliggende referenceenhed.
Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 108 of the treaty on the functioning of the European Union (OJ L 83, 27.3.1999, p. 1).
Den præmie, som sikkerhedshaveren betaler regelmæssigt (udtrykt som procentsats eller i basispoint for det sikrede beløb, »nominalværdien«), kaldes CDS-spread.
See footnote 2.
CDS-spreads kan anvendes som en passende reference for prisen på kreditrisikoen.
Communication from the Commission — Guidelines on State aid to airports and airlines (OJ C 99, 4.4.2014, p. 3).
Se fodnote 54.
Application of Article 92 and 93 of the EC Treaty and Article 61 of the EEA Agreement to State Aids in the Aviation Sector (OJ C 350, 10.12.1994, p. 5).
Bloomberg-kode EUSA4.
Community guidelines on financing of airports and start-up aid to airlines departing from regional airports (OJ C 312, 9.12.2005, p. 1).
Bloomberg-kode EUSA1.
OJ C 113, 15.4.2014, p. 30.
Bloomberg-kode EUSA3.
Confidential information
Lån nr. 1 blev ydet den 14. juli 2009, lån nr. 3 den 28. august 2009, og lån nr. 4 den 8. september 2009.
Hereafter in this Decision the term ‘Fraport’ is used to mean both ‘FAG’ prior to the change of the business name and ‘Fraport AG’ thereafter.
Kilde: Bloomberg.
Pursuant to Section 7(3) of the purchase agreement this figure could be reduced, such as in case the costs of FFHG for noise protection would exceed a certain ceiling.
Sag T-109/01, Fleuren Compost mod Kommissionen, Sml. 2004 II, s. 127.
Land Hesse held 45,24 % of Fraport's shares, Stadtwerke Frankfurt am Main Holding GmbH (owned for 100 % by the municipality Frankfurt am Main) held 28,89 % and the Federal Republic of Germany held 25,87 %.
Rammebestemmelser for statsstøtte til redning og omstrukturering af kriseramte ikke-finansielle virksomheder (EUT C 249 af 31.7.2014, s. 1).
Ryanair is an Irish airline and Member of the European Low Fares Airlines Association.
EFT C 119 af 22.5.2002, s. 22.
The business of the airline is linked with secondary, regional airports.
Punkt 173 i retningslinjerne for luftfart fra 2014.
The airline operates currently approximately 160 European destinations.
Punkt 172 i retningslinjerne for luftfart fra 2014.
Ryanair has a homogenous fleet consisting of Boeing 737-800 aircraft with 189 seats.
Punkt 25, litra v), i retningslinjerne for luftfart fra 2014.
Wizz Air is a Hungarian airline and Member of the European Low Fares Airlines Association.
Denne oversigt er baseret på oplysningerne i ISB-låneaftalerne med hensyn til formålet med lånene og investeringsbeløbene.
Wizz Air group consists of three operating companies, namely Wizz Air Hungary, Wizz Air Bulgaria and Wizz Air Ukraine.
Udtrykt i resultat før renter, skat og af- og nedskrivninger (»EBITDA«).
The business model of the airline is linked with secondary, regional airports.
Kommissionens beslutning af 8. november 2006 i statsstøttesag N459/2006 — Tyskland — Regionalstøttekort: Tyskland 2007-2013 (EUT C 295 af 5.12.2006, s. 6).
The airline operates currently approximately 150 European destinations.
Leipzig/Halle lufthavn konkurrerede f.eks. med Vatry lufthavn (Frankrig) om etableringen af det europæiske DHL-center.
Wizz Air has a homogenous fleet, which consists of Airbus A 320 aircraft with 180 seats.
Se Leipzig/Halle-dommen, præmis 93.
Communication from the Commission on the revision of the method for setting the reference and discount rates of 12 December 2007 (OJ C 14, 19.1.2008, p. 6).
Svar fra Liege lufthavn i offentlig høring vedrørende retningslinjerne for luftfart fra 2014.
KMV RiskCalc Germany 3.1; this model is used for estimating the credit rating of non-traded companies based on their financial data.
Kommissionens afgørelse af 1. oktober 2014 i statsstøttesag SA.21211 — Tyskland — Frankfurt Hahn lufthavn og Ryanair, endnu ikke offentliggjort i EUT.
Moody's KMV RiskCalc Germany 3.1 calculates expected default frequency (or probability of default) of undertakings not traded on the stock exchange on the basis of financial statements data.
Med hensyn til Frankfurt Main lufthavn og Luxemburg lufthavn bemærker Kommissionen videre, at segmentet for forretningsrejsende tegner sig en betydelig markedsandel i disse lufthavne, mens det kun tegner sig for en forholdsvis begrænset andel i Frankfurt Hahn lufthavn.
In the light of the explanations in recital 46, a short-term duration of the loans provided under the cash-pool was assumed for the credit ratings.
Punkt 137, 113 og 114 i retningslinjerne for luftfart fra 2014.
Taking into account the ownership structure.
Punkt 137 og 116 i retningslinjerne for luftfart fra 2014.
This corresponds to a rating of [BB+ to B-] on the Standard & Poor's rating scale.
Punkt 137 og 124 i retningslinjerne for luftfart fra 2014.
This rating category means the borrower is […].
Punkt 137 og 125 i retningslinjerne for luftfart fra 2014.
This corresponds to a rating of [BBB- to B] on the Standard & Poor's rating scale.
Punkt 137 og 131 i retningslinjerne for luftfart fra 2014.
This rating category means that the borrower is […].