natgillin/translations-raw huggingface dataset:
KPMG-rapporten bygger på alment udbredte metoder til evaluering og rejser ikke tvivl om de anvendte metodologier og standarder.
Air traffic is expected to increase, particularly in Central and Eastern Europe.
Baseret på disse overvejelser mener Kommissionen, at resultaterne af rapporten giver en pålidelig bekræftelse af udsættelsesaftalernes overensstemmelse med markedet.
LOT has learnt lessons from past failed restructuring attempts and addressed previously unresolved weaknesses (e.g. it reduced employment on an unprecedented scale which brought about PLN […] million savings in 2013).
Kommissionen bemærker, at en kreditor, som overvejer at udsætte betalingen af sine fordringer, ikke kan sammenlignes med en investor, da forretningsvilkårene i sådanne tilfælde er forskellige, idet en investor agter at tjene et afkast, nøje vurderer risici, kræver tilfredsstillende sikkerhed og i mangel af samme måske fravælger investeringen osv., mens en kreditor er i en anden situation.
Reduction of employment has been carried out with no significant resistance from the trade unions.
Kreditorens fordring eksisterer allerede og er ikke sikret.
In addition, LOT has finally received the B787 aircraft, the lack of which was identified as one of the reasons for past difficulties.
Kreditoren kan derfor kun vælge mellem at søge fordringen dækket gennem en retssag eller indgå forlig og kan derfor være villig til at acceptere anderledes og sommetider mindre fordelagtige vilkår for tilbagebetalingen af gælden, end en investor ville.
Poland has provided detailed information on the economics of operating B787 aircraft and its impact on the restructuring.
Navnlig accepterer kreditoren måske visse indrømmelser fra debitors side, som letter fuldbyrdelsen (f.eks. anerkendelse af gælden, frivillig kreditorordning), eller om muligt en sikkerhedsstillelse.
In particular, based on LOT's calculations, the cost/revenue economics of the B787 aircraft is far better than for its predecessor in LOT's fleet — the B767 aircraft.
Kreditor kan derfor have interesse i at tillade en gældsudsættelse, hvis det senere kan bidrage til at gennemføre fuldbyrdelsen [60].
During six months of operation in 2013, the B787 aircraft generated a higher financial result (by PLN […] million) than its predecessor the B767 aircraft, in a comparable period of 2012.
På baggrund af disse overvejelser konkluderer Kommissionen, at de statsejede lufthavne handlede som en kreditor på markedsøkonomiske vilkår, da de gav LOT udsættelse på betaling af lufthavnsafgifterne.
Referring to the alleged insufficient demand on long haul routes, Poland submitted evidence demonstrating that it has one of the biggest and growing markets to North America, bigger than some established Western European hubs and bigger than Prague and Budapest combined.
Derfor gav disse transaktioner ikke LOT en fordel, som selskabet ikke ville have kunnet opnå på normale markedsvilkår.
Poland argues that, contrary to the Hungarian example, LOT has a stronger base to set up a niche long haul market benefiting from substantial ethnic traffic and traffic flows from eastern markets, such as Ukraine, Belarus and Russia.
Det følger heraf, at udsættelsesaftalerne ikke udgør statsstøtte.
Concerning the finance lease of B787 aircraft as a source of own contribution and a sign of market confidence in LOT, Poland clarified that the commercial lenders and Ex-Im Bank carried out professional and comprehensive due diligence prior to extending financing to LOT.
Andre transaktioner
The assessment was made just before delivery of the aircraft in November 2012 and the creditors were fully informed about LOT's financial situation.
For så vidt angår LOT's transaktioner med fast ejendom, når Kommissionen på baggrund af Polens præciseringer frem til følgende konklusioner.
At that time, they did not know that LOT would receive State aid, as Poland notified the rescue aid only on 14 December 2012.
Med hensyn til salget af LOT's hovedkvarter til PZU/PB1 konkluderer Kommissionen, at køberen er et privat selskab, jf. betragtning 139 og 140 herover, hvorfor dets midler ikke er statslige midler.
Poland provided detailed clarifications on the methodology used by LOT to calculate profitability of the routes.
Derfor udgør denne transaktion ikke statsstøtte efter artikel 107, stk. 1, i TEUF.
Poland also recalled research data indicating that a majority of carriers have used a methodology similar to that adopted by LOT.
Med hensyn til i) salg af ejendommen på 17 Stycznia Street 39 til TF Silesia, ii) salget af godsterminalen til LS Airport Services og iii) salget af cateringanlægget til LOT Catering bemærker Kommissionen, at køberen var et selskab, der var direkte eller indirekte statskontrolleret.
Concerning the restoration of long-term viability and in particular the allegedly overestimated ROCE, Poland informed the Commission that LOT conducted an analysis of ROCE among 73 worldwide airlines over the past 6 years and found that its projected ROCE is around the median of European airlines and much below the most efficient European air carriers in the last financial year.
Både TF Silesia og LS Airport Services er direkte kontrolleret af staten.
On this basis, Poland claims that the assumed ROCE should not be considered unrealistic.
Hvad angår LOT Catering, er eneaktionæren heri RØF, som også er 100 % statsejet, jf. betragtning 139 ovenfor.
Referring to the alleged market overcapacity, Poland points out that over the last three years airline capacity in Poland, measured by seats offered, has grown by 6,2 % p.a. on average, while total passenger demand has grown by 7,3 % annually.
Alle disse selskaber er privatretlige og underlagt lov om kommercielle selskaber.
Against this background, Poland notes that in 2014 LOT will offer […] % fewer seats from/to Poland than before the restructuring, whereas the competitors are estimated to increase their offer by over 30 %.
Denne lov kræver generalforsamlingens samtykke til køb og salg af fast ejendom, når der er tale om selskaber med begrænset ansvar, og på visse betingelser, når der er tale om aktieselskaber [61].
As regards LOT's alleged expansion on the charter market, Poland informed that LOT has actually decreased its share in this segment from [> 3] % in 2012 to [< 1,5] % in 2013 (down from [> 15] % in 2010).
I betragtning af at staten direkte eller indirekte udøver alle stemmerettigheder på generalforsamlingen i TF Silesia, LS Airport Services og LOT Catering, var staten uvægerligt indblandet i beslutningsprocessen vedrørende de pågældende transaktioner.
LOT has no plans to continue its presence in the charter market after the restructuring.
Under indtryk af disse forhold konkluderer Kommissionen, at de beslutninger, der blev truffet i TF Silesia, LS Airport Services og LOT Catering, kan tilregnes staten.
ASSESSMENT OF THE AID
Eftersom disse selskaber er offentlige, er deres midler også statslige.
EXISTENCE OF STATE AID
I alle disse tilfælde var værdien af den faste ejendom genstand for en uafhængig værdiansættelse i overensstemmelse med almindeligt accepterede markedsindikatorer og værdiansættelsesstandarder (herunder inddragelse af sammenlignelige transaktioner og lokale markedsforhold).
Article 107(1) TFEU provides that any 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 and affects trade among Member States, is incompatible with the internal market.
De, der vurderede aktiverne, havde egnede kvalifikationer og passende erfaring.
Restructuring aid
Kommissionen bemærker, at værdiansættelserne foregik, før transaktionerne fandt sted.
The restructuring aid is to be granted by the Ministry of State Treasury, therefore it is clear that it involves State resources and is imputable to the State.
Kommissionen bemærker også, at de pågældende transaktioner opfylder kravene til en uafhængig ekspertvurdering som foreskrevet i Kommissionens meddelelse om statsstøtteelementer i forbindelse med offentlige myndigheders salg af jord og bygninger [62].
The restructuring aid is to be granted to one specific undertaking only, i.e. LOT, on terms that the Company would not have been able to obtain on the market, given its difficult financial condition.
På denne baggrund konkluderer Kommissionen, at resultaterne af disse værdiansættelser er en passende tilnærmelse til markedspriserne på de ovenfor beskrevne ejendomme.
Poland confirms this in the restructuring plan which states that State aid is the only possible source of financing that will allow the Company to continue operations and to implement the restructuring measures.
Derfor konkluderer Kommissionen, at de ovennævnte transaktioner vedrørende LOT's salg af fast ejendom ikke gav LOT en fordel, som selskabet ikke kunne have opnået på normale markedsvilkår, hvorfor de ikke udgør statsstøtte efter artikel 107, stk. 1, i TEUF.
Therefore, the Commission concludes that the measure provides the beneficiary with a selective advantage.
Lån
Furthermore, the aid is apt to improve the competitive position of LOT in the air transport business.
For så vidt angår lån ydet til LOT, når Kommissionen på baggrund af Polens præciseringer frem til følgende konklusioner.
Undertakings from different Member States are competing in the air transport business in the EU, in particular since the entry into force of the third stage of liberalisation of air transport (‘third package’) on 1 January 1993 [53].
Hvad angår lån ydet til LOT af PZU Group og PKN Orlen, jf. betragtning 142 og 143 ovenfor, bemærker Kommissionen, at der her er tale om private selskaber.
Therefore, the aid distorts or threatens to distort competition and affects trade between Member States.
Derfor kan deres beslutninger ikke tilregnes staten, og deres midler er ikke statslige.
On the basis of these considerations, the Commission concludes that the notified measure constitutes State aid pursuant to Article 107(1) TFEU.
Derfor udgør disse lån ikke statsstøtte i henhold til artikel 107, stk. 1, i TEUF.
Deferral of airport charges and other transactions
Hvad angår det lån, der er blevet ydet LOT af TF Silesia, kan TF Silesias beslutninger, som det allerede er konkluderet i betragtning 175 ovenfor, tilregnes staten, og selskabets midler er statsmidler.
Deferral of airport charges
Med hensyn til OLPP's lån til LOT bemærker Kommissionen, at selskabets eneaktionær, dvs. PERN, er 100 % statsejet, jf. betragtning 142 ovenfor.
As regards imputability, the Commission notes that all the airports which granted deferrals to LOT are controlled either directly or indirectly by the Polish State as described in recital 103 above.
Staten udøver således alle stemmerettigheder på dette selskabs generalforsamling og udnævner alle medlemmer af dets direktion.
Considering that in line with the settled case law [54] ‘the mere fact that a public undertaking is under State control is not sufficient for measures taken by that undertaking (…) to be imputed to the State’, the Commission has to examine, within the scope of the present investigation, the intensity of the supervision exercised by the State over the management of the airports.
På baggrund af ovenstående mener Kommissionen, at OLPP's beslutninger kan tilregnes staten, og at dets midler er statslige.
Furthermore, the Commission has to verify whether there are any other indicators showing the involvement of the State in granting the deferrals of airport charges to LOT or whether such decisions were taken autonomously by the airports without any State interference.
Med hensyn til de lån, som LOT fik af TF Silesia og OLPP, skulle Kommissionen således vurdere, om disse lån blev ydet på markedsvilkår.
The Commission notes that the KPMG Report, submitted by Poland, describes the decision-making process taken by each of the airports in case of each of the deferral agreements, including the initiation of the debt collection process, calls for payment and negotiations concerning the terms and conditions of the deferrals.
I betragtning af at sikkerhedsstillelsen for de pågældende lån var stærk, og de anvendte rentesatser var på niveau med dem, som private kreditorer anvendte, jf. betragtning 144 ovenfor, konkluderer Kommissionen, at disse lån blev ydet på markedsvilkår.
The KPMG Report indicates as well the parties involved in negotiations (e.g. the legal, debt collection and finance departments of the airports).
Kommissionen konkluderer derfor, at lånene til LOT ikke udgør statsstøtte i henhold til artikel 107, stk. 1, i TEUF.
The KPMG Report does not indicate any State interference in the granting of the deferrals of the airport charges to LOT.
Salg af datterselskaber
Nonetheless, as regards PPL, the company managing Warsaw Chopin Airport, the Commission notes that it is subject to public law and wholly owned by the State Treasury which appoints its General Director.
For så vidt angår LOT's salg af datterselskaber, når Kommissionen på baggrund af Polens præciseringer frem til følgende konklusioner.
PPL is subject to a significant level of supervision by the public authorities [55] as described in recitals 103 and 105 above.
Med hensyn til de interesserede parters bemærkninger om, at LOT solgte aktier i disse datterselskaber til over markedsværdien, og navnlig at salgsprisen på LOT AMS og LOT Services ikke afspejlede det forhold, at: i) LOT AMS var et selskab i særlig dårlig finansiel stand, og at ii) LOT Services' forgænger, LOT Ground Services Sp. z o.o.
Moreover, Warsaw airport is the main Polish airport, it handles around 10 million passengers per year and it is of capital importance for Poland's connectivity with the rest of the world.
(i det følgende benævnt »LOT Ground Services«), var under konkursbehandling, jf. betragtning 132 ovenfor, bemærker Kommissionen, at ovenstående transaktioner allerede var genstand for Kommissionens undersøgelse.
As regards the regional airports, the Commission notes that those are private law companies, directly or indirectly controlled by the State and in particular in each case PPL is one of their public shareholders [56] as described in recital 103 above.
Hvad navnlig angår LOT AMS, var salgskursen på aktierne baseret på tre uafhængige forudgående værdiansættelser, som var beskrevet og vurderet i Kommissionens afgørelse i sag SA.33337 [64].
Moreover, the operation of regional airport has an important impact on the local economy and therefore it is improbable that local authorities are not involved in some way in important operating decisions of those airports, which they control.
Ligeledes var transaktionerne vedrørende LOT Cargo beskrevet og vurderet i Kommissionens afgørelse i sag SA.33337 [65].
Taking into account the impact the decisions concerning the deferral of airport charges could have on LOT and on the activities of all those airports at local or national level and that LOT is the key customer of PPL and the strong links between PPL and the State and finally the fact that PPL is subject to public law, it is highly improbable that those decisions could have been taken without any involvement whatsoever of the State.
Hvad angår LOT Ground Services og LOT Services, kontrollerede Kommissionen, hvorvidt LOT Services var retssuccessor til LOT Ground Services, og nåede til den konklusion, at LOT Services kun overtog nogle af det afviklede selskabs aktiver [66].
Therefore, the Commission concludes that even if it cannot be precisely demonstrated that Poland incited PPL to defer the airport charges due by LOT, the public authorities must be considered as involved in those decisions in one way or another.
Kommissionen har i lyset af ovenstående ikke grund til at ændre sin vurdering i sin afgørelse af statsstøttesag SA.33337.
In summary, the Commission concludes that there are sufficient elements to consider that the deferrals of airport charges are imputable to the State.
Vedrørende salget af Casinos Poland til Vicco, jf. betragtning 145 ovenfor, bemærker Kommissionen, at Vicco er et privat selskab.
Because the deferrals involve a potential loss of resources of public undertakings those measures are granted through States resources.
Derfor kan Viccos beslutninger ikke tilregnes staten, og selskabets midler er ikke statslige.
Nevertheless, in order to determine whether those measures grant an economic advantage to LOT for the purpose of Article 107(1) TFEU, the Commission must establish whether PPL and the regional airports (in deferring the airport charges) behaved in a way comparable to that of a private creditor in a similar situation.
Angående salget af Petrolot til PKN Orlen, jf. betragtning 145 ovenfor, har Kommissionen allerede konkluderet i betragtning 179 ovenfor, at PKN Orlen er et privat selskab, hvorfor dets beslutninger ikke kan tilregnes staten, og dets midler ikke er statslige.
If that is the case, LOT cannot be regarded as having obtained an advantage, which it would not have obtained under normal market conditions and the measures would not therefore constitute State aid within the meaning of Article 107(1) TFEU (‘the market economy operator test’).
Angående salget af Eurolot til TF Silesia, jf. betragtning 145 ovenfor har Kommissionen allerede konkluderet, at selskabets beslutninger kan tilregnes staten, og dets midler er statslige.
In particular, the Commission notes that in line with the settled case law [57], the context in which the deferrals were granted to LOT, i.e. the economic crisis and other extraordinary events, as described in recital 108 above, should be taken into account when assessing their market conformity.
Ikke desto mindre bemærker Kommissionen også, at der forud for transaktionen var udsendt en offentlig indkaldelse med henblik på forhandlinger.
The Commission also notes that LOT is the key customer of the airports in Poland and generates a considerable part of their revenue as described in recital 109 above.
Desuden blev værdien af aktierne i Eurolot fastlagt på grundlag af værdiansættelsesrapporterne, der blev udarbejdet, før transaktionen fandt sted.
Therefore, the airports have a particular interest in continuing their cooperation with LOT.
Værdiansættelserne var baseret på alment anvendte og accepterede metodologier (dvs. discounted cash flow-metoden og metoden med korrigerede nettoaktiver) og på troværdige antagelser.
Moreover, the Commission assessed the information concerning the comparison between the advantages and disadvantages of possible options to recover the debt from LOT by the airports, i.e. deferral of the airport charges, litigation proceedings or insolvency submitted by Poland.
På denne baggrund konkluderer Kommissionen, at resultaterne af disse værdiansættelser er en passende tilnærmelse til markedspriserne på LOT's andel af Eurolot.
In particular, with reference to the timeframe, the Commission notes that the average deferral period granted by the airports to LOT was of approx.
Endvidere konkluderer Kommissionen, at denne transaktion stemmer overens med markedet.
6,5 months.
Derfor konkluderer Kommissionen, at LOT's salg af datterselskaber ikke udgør statsstøtte.
This seems advantageous for the airports when compared with the average time to claim receivables in Poland (i.e. over 2 years) or with the average duration of insolvency proceedings in Poland (i.e. on average 3 years).
Levering af tjenesteydelser
It remains advantageous also if compared with the longest deferral period granted to LOT which was of approximately 1 year.
Hvad angår PKN Orlens og dets datterselskab Petrolots levering af brændstof til LOT til angiveligt nedsatte priser, jf. betragtning 146 ovenfor, bemærker Kommissionen, at PKN Orlen og dets datterselskab Petrolot er private selskaber.
In addition, the Commission observes that when the deferral decisions were made, LOT still had assets which could have been used as collateral [58].
Derfor er PKN Orlens midler ikke statslige, og Kommissionen konkluderer, at transaktionerne vedrørende brændstofleverancer til LOT ikke udgør statsstøtte.
The deferrals were therefore more advantageous for the airports than filing for insolvency, where the airports' receivables would have been repaid in the last category of creditors, possibly with a much lower percentage than in case of the deferrals, as described in recitals 110 and 114 above.
OMSTRUKTURERINGSSTØTTENS LOVLIGHED
As regards the terms and conditions of the deferrals, the Commission notes that the interest charged by the airports seems to reflect market conditions as it was set at a level comparable with the average interest rate [59] charged for loans granted in the industry sector in the relevant period while at the same time the airports were not obliged to apply the statutory rate.
I overensstemmelse med artikel 3 i Rådets forordning (EF) nr. 659/1999 af 22. marts 1999 om fastlæggelse af regler for anvendelsen af EF-traktatens artikel 93 [67] må støtte ikke gennemføres, førend Kommissionen har eller må anses for at have truffet afgørelse om godkendelse af en sådan støtte (standstill-forpligtelse).
Furthermore, the Commission notes that the majority of the deferred amount was secured on LOT's assets.
Polen har endnu ikke gennemført omstruktureringsstøtten til LOT.
In the remaining cases LOT provided blank promissory notes and/or LOT recognised its debt towards a given airport which significantly improved the position of airports in case of debt collection as described in recitals 112 and 113 above.
Derfor konkluderer Kommissionen, at standstill-forpligtelsen er overholdt.
Furthermore, the Commission notes that also private creditors of LOT allowed it to defer payment of debts on similar terms and conditions, including an interest rate lower than the statutory interest or without interest and in some cases also without a collateral as described in recital 115 above.
OMSTRUKTURERINGSSTØTTENS FORENELIGHED
Finally, the Commission acknowledges that all the deferred airport charges have been fully repaid by LOT as described in recital 116 above.
Kriseramt virksomhed
The scenarios were compared in three different sub-scenarios which contribute to provide an objective result.
For at blive betegnet som en kriseramt virksomhed skal virksomheden opfylde de kriterier, der er angivet i punkt 10 eller 11 i rammebestemmelserne.
The comparison of those two scenarios confirms 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.
(198) I henhold til punkt 10 anses en virksomhed for at være kriseramt:
The KPMG Report is based on commonly used methods of evaluation and it does not raise doubts concerning the methodology and standards used.
hvis der er tale om et selskab med begrænset ansvar, når over halvdelen af den tegnede kapital er forsvundet, og over en fjerdedel af denne kapital er gået tabt i løbet af de sidste 12 måneder
Based on these considerations, the Commission considers that the results of the Report provide for a reliable confirmation of the market conformity of the deferral agreements.
når virksomheden, uanset dens selskabsform, efter de nationale regler opfylder betingelserne for insolvensbehandling.
The Commission observes that a creditor who is considering deferring payment of its receivables cannot be compared to an investor, as the business terms and conditions in those cases are different, i.e. an investor intends to earn a profit, carefully assesses the risks, demands satisfactory security and, in the absence of security, may withdraw from the investment, etc. while a creditor is in a different situation.
I åbningsafgørelsen bemærkede Kommissionen, at LOT som selskab med begrænset ansvar opfyldte kriterierne i punkt 10 a) i rammebestemmelserne, eftersom det pr. 31. december 2012 havde mistet over halvdelen af den tegnede kapital (169,7 %) og over en fjerdel heraf i løbet af de sidste 12 måneder (89,3 %) [68].
Its receivable already exists and is unsecured.
På grund af et nettooverskud i 2013 forekommer det, at LOT i øjeblikket ikke opfylder det andet underkriterium i punkt 10 a).
The creditor can therefore only choose between claiming the receivable in court or resolving the matter amicably and therefore it may be willing to accept different, sometimes less advantageous terms of repayment of debt than in the case of an investor.