natgillin/translations-raw huggingface dataset:
Af ovenstående følger for det første, at de dokumenter, som kontraktparterne har fremlagt, og som blev fremstillet efter offentliggørelsen af foranstaltningen, som sådan ikke kan inddrages i det foreliggende tilfælde ved undersøgelsen af, om princippet om den markedsøkonomiske aktør er overholdt.
In conclusion, Rostock Regional Court found that BAVARIA had not been granted an advantage, as a MEO would also have concluded the contracts in question [43].
For det andet viser ovenstående, at AHG'ens indflydelse på NEUWOGES' finansielle situation heller ikke kan inddrages i det foreliggende tilfælde i forbindelse med undersøgelsen af, om princippet om den markedsøkonomiske aktør er overholdt.
NEUWOGES appealed against this judgment, and proceedings before the Rostock Higher Regional Court are pending.
AHG havde et politisk mål, og kun en begrænset kategori af virksomheder (§ 2 i AHG) kunne komme i betragtning til støtten.
Additionally, BAVARIA initiated proceedings before Greifswald Administrative Court, seeking to obtain a ruling granting it access to all files held by NEUWOGES or the City of Neubrandenburg in relation to the contracts in question.
Loven ville ikke kunne anvendes i forbindelse med en markedsøkonomisk aktør i en situation, som ligner NEUWOGES'.
BAVARIA claimed to have previously attempted to obtain such access by means of a freedom of information application, which was, however, rejected by Neubrandenburg on the basis of the argument that BAVARIA already had access to all relevant documents in the context of the proceedings before the Rostock Regional Court and Higher Regional Court and the European Commission [44].
Opbygning af vurderingen i denne sag
The case before the Greifswald Administrative Court is also still pending.
For at undersøge om BAVARIA blev indrømmet en fordel med de omtalte kontrakter, skal det undersøges om kontrakterne svarede til de kontrakter, som en markedsøkonomisk aktør i en situation, som ligner NEUWOGES', ville have indgået.
ASSESSMENT OF THE MEASURE
Kommissionens undersøgelse består af tre trin.
EXISTENCE OF AID UNDER ARTICLE 107(1) TFEU
I første trin analyseres de finansielle konsekvenser af handelen for NEUWOGES for at undersøge hvilken fortjeneste, virksomheden kunne regne med (afsnit 7.2).
Article 107(1) TFEU provides that ‘aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market’.
I et andet trin bliver salg og tilbagelejningshandelen sammenlignet med andre alternativer, som eksempelvis et direkte salg, for at slå fast om eventuelle alternativer ville have været økonomisk mere attraktive (afsnit 7.3).
Accordingly, a measure constitutes state aid if the following four cumulative conditions are met:
I et tredje trin gennemføres en benchmarking, hvorved den omtalte handel sammenlignes med lignede salg og tilbagelejningshandler, som blev indgået på nogenlunde samme tidspunkt, resultaterne af en af NEUWOGES udført begrænset udbudsprocedure analyseres, og handelens betingelser sammenlignes med de almindelige rentesatser for andre finansieringsforretninger på det relevante tidspunkt (ultimo 1997/primo 1998) (afsnit 7.4).
The measure confers a selective economic advantage upon an undertaking.
Med et samlet blik på disse tre analysetrin er det muligt at konkludere, om NEUWOGES har ageret som en markedsøkonomisk aktør.
The measure is imputable to the State and financed through state resources.
DE FINANSIELLE KONSEKVENSER AF HANDELEN FOR NEUWOGES
The measure distorts or threatens to distort competition.
Det første trin i analysen af de finansielle konsekvenser af den omtalte handel består i at bestemme handelstypen.
The measure has the potential to affect trade between Member States.
I dette tilfælde omhandler den hovedsagelig spørgsmålet om, hvorvidt de to kontrakter, som blev indgået mellem NEUWOGES og BAVARIA, er to dele af en og samme integrerede handel, eller om de skal undersøges som to adskilte transaktioner (afsnit 7.2.1).
Selective advantage conferred upon an undertaking: general principles
For det andet skal der foretages en passende vurdering af de finansielle konsekvenser af handelen for NEUWOGES, og det særlige ved en salg og tilbagelejningshandel skal undersøges (afsnit 7.2.2).
According to the settled case-law of the Court of Justice, the conditions that a measure must meet in order to be regarded as ‘aid’ within the meaning of Article 107 TFEU are not met if the recipient undertaking, in circumstances corresponding to normal market conditions, could have obtained the same advantage as that made available to it through state resources.
Efter en indgående separat analyse af de finansielle konsekvenser af EBV'en (afsnit 7.2.3) og GVV'en (afsnit 7.2.4) følger en global analyse af den forventede rentabilitet af handelen for NEUWOGES (afsnit 7.2.5).
In order to assess whether the same measure would have been adopted in normal market conditions by a MEO in a situation as close as possible to that of the State, only the benefits and obligations linked to the capacity of the State as shareholder — to the exclusion of those linked to its capacity as a public authority — are to be taken into account [45].
Samlet vs. separat undersøgelse af de omtalte kontrakter
The applicability of the MEO test ultimately depends on the Member State concerned having conferred, in its capacity as an economic operator and not in its capacity as public authority, an economic advantage on an undertaking.
Først skal der mindes om, at både Kommissionens åbningsafgørelse og dommen fra LG Rostock konkluderer, at de to omtalte kontrakter skal undersøges samlet [47].
It follows that, if a Member State relies on that principle during the administrative procedure, it must, where there is doubt, establish unequivocally and on the basis of objective and verifiable evidence that it took the measure in its capacity as an economic operator.
Den formelle undersøgelsesprocedure bekræfter denne konklusion af følgende grunde:
That evidence must show clearly that, before or at the same time as conferring the economic advantage, the Member State concerned took the decision to carry out a commercial operation in respect of the undertaking by means of the measure actually implemented.
Begge kontrakter supplerer hinanden som bestanddele af en salg og tilbagelejningshandel.
In that regard, it may be necessary to produce evidence showing that the decision was based on economic evaluations comparable to those that a rational private operator in a situation as close as possible to that of the Member State would have had carried out before making the investment, in order to determine the future profitability of that investment.
I den brochure, som BAVARIA har fremstillet, og hvori de reklamerer for deres særlige salg og tilbagelejningshandler, henvises der til, at handelen gennemføres ved hjælp af to kontrakter, hvoraf den ene regulerer købet, og den anden regulerer tilbage-leasingen [48].
By contrast, for the purposes of showing that, before or at the same time as conferring the advantage, the Member State took that decision as a MEO, it is not enough to rely on economic evaluations made after the advantage was conferred, or on a retrospective finding that the investment made by the Member State concerned was actually profitable, or on subsequent justifications of the course of action actually chosen [46].
Der er derfor altid blevet henvist til de to kontrakter som én samlet handel.
It follows from the foregoing, first, that the documents presented by the parties that post-date the adoption of the measure cannot be taken into account as such for the application of the MEO test in this case.
Kontrakterne blev indgået den 21. januar 1998, dvs. samme dag, og henviser gensidigt til hinanden [49], hvilket påviser deres tætte indbyrdes forbindelse og det faktum, at ingen af de to kontrakter ville være blevet indgået alene uden den anden.
It follows from the above, second, that the effect of the Inherited Debt Support Law on the financial situation of NEUWOGES cannot be taken into account either for the application of the MEO test in this case.
Som det fremgår af den oprindelige af NEUWOGES fremlagte prisberegning fra BAVARIA, er kontrakternes betingelser forbundet og uadskillelige fra hinanden [50].
Indeed, the Inherited Debt Support Law pursued a public policy purpose, and only a limited category of companies (Section 2 of the Inherited Debt Support Law) was eligible for the benefits awarded by it.
Den kontante forudbetaling var afhængig af den månedlige leasingafgift, som NEUWOGES skulle betale, og af den investering, som BAVARIA havde foretaget ved renoveringen af bygningen.
This law would not have been applicable to a MEO in a situation as close as possible to NEUWOGES.
Ved en salg og tilbagelejningshandel skal leasingafgiften indtjene leasinggiverens oprindelige investering.
Structure of the assessment in the present case
Det betyder, at hvis GVV'en havde haft andre bestemmelser, ville tallene i EBV'en ligeledes have ændret sig [51].
In order to determine whether the contracts at issue have granted an advantage to BAVARIA, it must be determined whether those contracts fell within the range of transactions a MEO in a situation as close as possible to NEUWOGES’ would have engaged in.
Det fremgår af protokollerne fra bestyrelsesmøderne i NEUWOGES, at NEUWOGES hele tiden har set begge kontrakter som bestanddele af en og samme handel [52].
The Commission’s assessment comprises three steps.
Som eksempel fastslås det i bestyrelsesforslagene fra 30. oktober 1997 og 16. december 1997 klart, at køberens finansiering af købsprisen sker ved hjælp af en leasingmodel.
First, as a preliminary step, the financial implications of the transaction for NEUWOGES are analysed to determine what profits it could expect to obtain from the transaction (section 7.2).
Dette viser, at NEUWOGES virkelig var bevidst om forbindelsen mellem EBV'en og GVV'en.
Second, in order to determine whether any available alternative would have been economically more attractive, the sale-and-lease-back transaction is compared to other options, such as a direct sale (section 7.3).
Argumenterne fra NEUWOGES om den forsømte attestering af en af de omtalte kontrakter er ikke overbevisende.
Third, a benchmarking exercise is carried out by comparing the transaction in question with similar sale-and-lease-back transactions concluded around the same time, by analysing the results of a limited bidding process carried out by NEUWOGES, and by comparing the terms of the transaction with the standard interest rates of other financing transactions available at the relevant time (late 1997/early 1998) (section 7.4).
NEUWOGES hævder som hovedargument, at den forsømte attestering beviser kontraktparternes hensigt om at indgå to adskilte kontrakter, som var uafhængige af hinanden.
Taken together, these three levels of analysis enable a conclusion to be drawn concerning whether NEUWOGES behaved like a MEO.
Kommissionen henviser til, at statslige foranstaltninger kan have forskellige former og dermed skal undersøges i henhold til deres virkninger, så det ikke kan udelukkes, at flere af statens på hinanden følgende foranstaltninger til formålsbestemt anvendelse af artikel 107, stk. 1, i TEUF skal betragtes som en enkelt foranstaltning.
THE FINANCIAL IMPLICATIONS OF THE TRANSACTION FOR NEUWOGES
De i betragtning 105 anførte overvejelser viser, at de omtalte kontrakter med hensyn til deres kronologi og formål samt virksomhedens situation på tidspunktet for kontraktens indgåelse i henhold til Unionens støtteregler skal anses som en samlet handel.
Second, in order to facilitate a proper assessment of the financial impact of the transaction on NEUWOGES, the particular nature of a sale-and-lease-back operation is examined (section 7.2.2).
Baggrund: Udformningen af salg og tilbagelejningshandelen
After the financial impact of the land-lease and sale contract (section 7.2.3) and the general management contract (section 7.2.4) has been separately analysed in depth, a global assessment of the profitability to be expected from the transaction for NEUWOGES is undertaken (section 7.2.5).
Handelen mellem BAVARIA og NEUWOGES er baseret på »Leasingmodell Immobilien« fra BAVARIA.
Joint versus separate assessment of the contracts in question
Denne model er beregnet på, at køberen (BAVARIA) finansierer sin oprindelige investering gennem en tilbageleasing af de erhvervede bygninger til sælgeren (NEUWOGES).
It should first be pointed out that both the Commission’s Opening Decision and Rostock Regional Court’s judgment concluded that the two contracts in question had to be analysed in conjunction with one another [47].
Til at bestemme investeringsvolumenet og de tilsvarende leasingafgifter anvender leasingmodellen en enkel formel, hvormed investeringsvolumenet udregnes ved division af den nominelle årlige leasingbetaling med leasingafgiften (i %):
The formal investigation confirmed that finding, for the following reasons:
investeringsvolumen …
The two contracts constitute mutually complementary parts of a single sale-and-lease-back transaction.
månedlig leasingbetaling …
The leaflet produced by BAVARIA, advertising its particular sale-and-lease-back model, indicated that the transaction would be implemented via two contracts, one regulating the sale and one the lease-back [48].
leasingafgift
The two contracts were then always referred to as one package transaction.
Leasingafgiften udregnes på den anden side af en kombination af kontraktens løbetid, indekseringen af leasingafgiften og bygningens restværdi:
The contracts were concluded on the same day (21 January 1998) and refer to one another [49], indicating their close connection and the fact that neither of the contracts would have been concluded without the other.
Leasingafgift (i %):
The terms of the contracts are inseparably linked to one another, as is evidenced by BAVARIA’s original price calculation, submitted by NEUWOGES [50].
Varighed: 25 år
The amount of the upfront cash payment depended on the leasing payment to be paid on a monthly basis by NEUWOGES and BAVARIA’s investment in the modernisation of the buildings.
Rest-værdi (i %)
Indeed, in a sale-and-lease-back transaction, the leasing payment serves to repay the lessor’s original investment.
Indeksering
This means that, if the provisions of the general management contract had been different, the figures in the land-lease and sale contract would have changed as well, and vice versa [51].
Varighed: 30 år
The minutes of NEUWOGES’ supervisory board meetings show that the two contracts were always considered by NEUWOGES as forming part of one single transaction [52].
Dermed er det klart, at investeringsvolumenet både er afhængigt af leasingafgiften og de månedlige leasingbetalinger og omvendt.
For instance, the submissions to the supervisory board meetings of 30 October 1997 and 16 December 1997 state that the financing of the purchase price by the buyer is based on a leasing model, showing that NEUWOGES was well aware of the connection between the land-lease and sale contract and the general management contract.
Så snart kontraktparterne har fastlagt nøgletallene (løbetid, årlig indeksering, restværdi) og enten har fastlagt det tilstræbte samlede investeringsvolumen eller de planlagte månedlige leasingbetalinger, kan de manglende parametre beregnes.
Similarly, during the meeting on 16 December 1997, the management of NEUWOGES explained to the supervisory board that the payment negotiated with BAVARIA was the price that could be achieved for this ‘package’ and that the ‘package’ entailed some risks for the company, which were, however, bearable.
I henhold til formlen resulterer en kortere løbetid, en lavere restværdi, en lavere indeksering eller lavere nominelle månedlige leasingbetalinger i et lavere samlet investeringsvolumen.
The reference to the ‘package’ and the risk involved again demonstrates that both contracts were perceived as a single transaction.
Efter fastsættelsen af det samlede investeringsvolumen fratrækkes udgifterne til renovering og afgifter samt andre mulige udgifter.
NEUWOGES’ arguments relating to the failure to have one of the contracts in question notarised are unpersuasive.
Det resterende beløb svarer til købsprisen.
NEUWOGES’ main argument is that this failure to notarise demonstrates the intention of the parties to conclude two separate, mutually independent contracts.
Ved salg og tilbagelejningshandelen mellem NEUWOGES og BAVARIA skelnes der ved købsprisen (kontant forudbetaling) ikke mellem prisen betalt for ejerskabet af bygning og huslejen.
The Commission points out that, as state interventions take various forms and must be assessed in relation to their effects, it cannot be excluded that several consecutive measures of state intervention must, for the purposes of Article 107(1) TFEU, be regarded as a single intervention.
Kalkulation af handelen mellem BAVARIA og NEUWOGES
That could be the case in particular where consecutive interventions, especially having regard to their chronology, their purpose and the circumstances of the undertaking at the time of those interventions, are so closely linked to each other that they are inseparable from one another [53].
Samlet investeringsvolumen
The notion of a single transaction for the purpose of EU state aid law is therefore broader than the notion of a single transaction under German contract law.
[…] EUR
The considerations listed in recital 105 show that, based on the chronology, the purpose, and the circumstances of the undertaking at the time the contracts in question were concluded, those contracts have to be regarded as a single transaction for the purpose of EU state aid law.
Afgifter og gebyr
Background: how the sale-and-lease-back transaction works
Privatiseringsgodtgørelse
The transaction between BAVARIA and NEUWOGES is based on BAVARIA’s real-estate leasing model (Leasingmodell Immobilien).
Købspris
The basic formula underlying this model is that the buyer (BAVARIA) finances its original investment by leasing the purchased buildings back to the seller (NEUWOGES).
Den omtalte salg og tilbagelejningshandel består af to dele, EBV'en og GVV'en, som er forbundet med GPV'en.
To determine the investment volume and the corresponding leasing payments, the leasing model uses a simple formula, by which the investment volume is calculated by dividing the nominal yearly leasing payment by the leasing rate (expressed as a %):
De finansielle konsekvenser af EBV'en, GVV'en og GPV'en for NEUWOGES skal vurderes på denne baggrund.
Investment Volume
Bestemmelse af de forventelige finansielle konsekvenser af EBV'en for NEUWOGES
Monthly Leasing Payment
De centrale bestanddele af EBV'en er salget af bygningerne og aftalen om leje af grundene, hvorpå bygningerne står, i en periode på 75 år.
Leasing Rate
BAVARIA forpligter sig til en betaling på i alt […] EUR til NEUWOGES, deraf […] EUR som kapitaliseret husleje for grund og jord indtil 31. december 2028 og […] EUR som købspris for bygningerne [54].
The leasing rate, in turn, results from a combination of the duration of the contract, the indexation of the leasing payment, and the residual value of the buildings:
Derudover skal BAVARIA fra den 1. januar 2029 i en periode på 10 år årligt betale en leje på […] % af den aktuelle grundværdi, dvs. af […] EUR pr. m2 el. […] EUR pr. år [55].
Leasing Rate (%):
For den resterende løbetid af EBV'en — fra 2039 til ultimo 2073 — er en tilpasning af lejen til indekset for de samlede leveomkostninger planlagt, såfremt disse ændrer sig mere end […] % [56].
Duration: 25 years
Ud over købet af bygningerne og overtagelsen af brugsretten på de pågældende grunde har BAVARIA forpligtet sig at renovere bygningerne og indgået en kontrakt med BRG, et datterselskab tilhørende NEUWOGES, om gennemførelse af byggeopgaverne.
Residual Value (%)
Til at bestemme størrelsen på den købspris, som BAVARIA skulle betale til NEUWOGES inden for rammerne af EBV'en, gik kontraktparterne ud fra en månedlig leasingbetaling på […] EUR/m2, en indeksering med […] % pr. år, en restværdi for bygningerne på […] % (den af NEUWOGES efter udløb af den for 75 år afsluttede kontrakt om leje af grundene på grundlag af en vurdering fra en sagkyndig udarbejdet på det pågældende tidspunkt) samt en løbetid på 30 år for tilbageleasingen [57].
Indexation
Det samlede investeringsvolumen baseret på disse antagelser var […] mio. EUR [58].
Duration: 30 years
Efter at renoveringsudgifterne på […] EUR, privatiseringsudgifterne på […] EUR og afgifter/gebyrer på […] EUR var fratrukket, var salgsprisen […] EUR [59].
It is, then, clear that that the investment volume depends on the leasing rate as well as on the monthly leasing payments and vice versa.
EUR
Once the participants in the transaction have chosen the basic parameters (duration, yearly indexation, residual value) and either the target overall investment volume or the intended monthly leasing payments, the missing parameters can be calculated.
Denne slutpris blev så splittet op i prisen for bygningerne ([…] % = […] EUR) og den kapitaliserede leje for jorden ([…] % = […] EUR) [60].
The formula is such that a shorter duration, a lower residual value, a lower indexation or lower nominal monthly leasing payments will all lead to a lower total investment volume.
De beløb, som går til jorden og bygningerne beregnes ikke særskilt, men fastsættes hver især som en andel af den samlede salgspris.
Once the overall investment volume has been determined, the costs for modernisation, taxes and other potential costs are deducted.
De første fordele, som NEUWOGES opnåede ved handelen, var dermed den kontante betaling på […] EUR og indtægterne fra den leje, som BAVARIA skulle betale efter udløbet af de 30 år.
The remaining amount represents the purchase price.
Andre faktorer
In the NEUWOGES/BAVARIA sale-and-lease-back transaction, this purchase price (upfront cash payment) does not differentiate between the price paid for the ownership of the buildings and the rent for the land.
Privatiseringsgodtgørelse
Calculation underlying the BAVARIA — NEUWOGES transaction
Først skal det fastsættes, om den kontante betaling på […] EUR, som BAVARIA har betalt til NEUWOGES i form af privatiseringsgodtgørelse, skal inddrages.
Total Investment Volume
Som køber af bygningerne og indehaver af brugsretten til grundene var det BAVARIA, der i henhold til de omtalte kontrakter skulle forsøge at sælge en del af boligerne til lejerne.
EUR […]
Dette påbud var fastsat i kontrakten, således at et salg som »privatisering til mellemhandler« kunne anerkendes, jf. AHG'en.
Taxes and Fees
I henhold til denne lov skulle en erhvervsdrivende køber forsøge at sælge så mange som muligt, dog mindst 1/3 af de boliger, som var omfattet af handelen, til lejerne [61].
Privatisation Remuneration
I forbindelse med denne forpligtelse, skulle der også gøres anstrengelser for at informere lejerne om de eksisterende muligheder og undersøge deres interesse for at købe lejlighederne.
Purchase Price
Denne opgave blev tilbageført til NEUWOGES med EBV'en (del V, §§ 1-3).
The sale-and-lease-back transaction in question consists of two elements, the land-lease and sale contract and the general management contract, which are in turn related to the global lump-sum contract.
Derudover blev det aftalt, at NEUWOGES fik en godtgørelse herfor på […] EUR/m2, hvormed den samlede godtgørelse for privatiseringsopgaven beløb sig til […] EUR.
The financial implications of the land-lease and sale contract, the general management contract, and the global lump-sum contract for NEUWOGES have to be evaluated in this light.
Indledningsvis var det ikke planlagt, at NEUWOGES fik en godtgørelse for privatiseringsopgaverne.
Determining the likely financial impact of the land-lease and sale contract on NEUWOGES
Det beløb, som senere blev betalt separat for privatiseringsopgaverne, var oprindelige blot en del af den planlagte salgspris [62].
The central components of the land-lease and sale contract are the sale of the buildings and the creation of a 75-year ground lease on the land on which they stand.