natgillin/translations-raw huggingface dataset:
For det første er den indgået med en privat bank.
Poland accounts for roughly 25 % of the overall air traffic in Central and Eastern Europe.
For det tredje er leasing af fly en almindelige form for finansiering (herunder typen af sikkerhedsstillelse) i luftfartsbranchen og bruges også af LOT's konkurrenter.
According to the analysis of the Company, this first profit since 2007 was largely due to implementation of the restructuring measures and not to external factors.
Ifølge oplysninger fra Polen har flere europæiske luftfartsselskaber gennem de seneste tre år købt fly med garantier fra eksportkreditagenturer, herunder Air France, British Airways, Lufthansa, Norwegian og KLM.
LOT's liquidity has also improved significantly.
I 2012 blev ca. 30 % af flyfinansieringstransaktionerne i hele verden indgået med deltagelse af eksportkreditagenturer.
The actual cash flows from operations in 2013 were by PLN 285 million higher than planned.
Endelig dækker finansieringen kun en del af købsprisen på et fly ([75-90] %), mens resten skal betales af LOT.
While the restructuring plan assumed that LOT would need restructuring aid in August 2013, to date it has managed without and even generated additional sources of funding, such as […] from Boeing of USD […] million and net proceeds from the sale and leaseback of the sixth B787 of USD […] million [74].
På den anden side står der i rammebestemmelserne, at egetbidraget »… er udtryk for, at markederne har tillid til, at virksomheden igen kan blive rentabel«.
As a result, although the Company still needs the aid to survive, the liquidity margin of safety has increased, which further supports the claim for the restoration of viability.
På grund af sikkerhedsstillelsens høje kvalitet og tilsyneladende lille eller ingen iboende risiko udtrykte Kommissionen forbehold i åbningsafgørelsen med hensyn til, hvorvidt den omhandlede leasingkontrakt kan anses for at bevise, at markedet har tillid til, at LOT kan genoprette sin langsigtede rentabilitet.
In the opening decision, the Commission questioned some assumptions underlying the financial projections, e.g. a relatively small deviation of key parameters underlying financial projections from the baseline, (e.g.: average unit revenue per passenger (yield) — by 1 %, the number of passengers — by 1 %, exchange rate PLN/USD — by 10 %), a fixed fuel price over a 6-year projection horizon, an implementation ratio of the restructuring measures at the level of 85 %, the amount of proceeds planned to be generated from the sub-lease of the aircraft.
Polen fremsendte yderligere klarlægning og dokumentation for at fjerne denne tvivl.
Poland provided an updated sensitivity analysis which assumed wider deviations of key parameters from the baseline: yield — by 4 %, number of passengers — by 3,5 %, depreciation of PLN against USD — by 55 %.
Før Ex-Im Bank gav garantien, udførte den en due diligence-undersøgelse og analyserede LOT's finansielle situation og driften.
According to this analysis, in all scenarios LOT is still expected to maintain viability in the whole projection horizon 2014-2018.
Den konkluderede, at LOT havde en levedygtig forretningsmodel og ville kunne honorere leasingaftalen på langt sigt.
Notwithstanding that, Poland has stressed that the baseline levels are conservative.
Det forhold, at 24 private selskaber tilbød forskellige finansieringsvilkår for den samme transaktion, viser desuden, at de trods sikkerhedsstillelsens høje kvalitet stadig mente, at finansieringen af LOT involverede en vis risiko (ellers ville alle tilbudsgivere have tilbudt den samme risikofrie sats).
Planned yield is justified by historical values and has been confirmed by actual results (in 2013 yield grew faster than planned).
En fornuftig markedsøkonomisk kreditor ville vurdere denne risiko og tage LOT's rentabilitet i betragtning, da det er en central faktor, som påvirker en debitors evne til at betale sin leje.
The number of passengers, already assumed at significantly decreased levels due to restructuring and compensatory measures, is lower than would be justified by comparison with peer airlines and the growth forecasts for Polish market.
Desuden tilbød en af tilbudsgiverne finansiering uden garanti fra et eksportkreditagentur, hvilket viser, at markedet var rede til at tilbyde finansiering, selv uden medvirken af et eksportkreditagentur.
Finally, according to forecasts of financial institutions quoted by LOT, the exchange rate PLN/USD is predicted to stay below the level assumed in the restructuring plan until the end of forecasts' horizon, i.e. 2016.
Baseret på den analyse, som blev udført af en ekstern konsulent, valgte LOT tilbuddet fra […] som det bedste.
The baseline fuel price assumed in the restructuring plan is above LOT's 10-year historical maximum and 12,1 % above the market price at the time of notification, i.e. relatively higher than the prices that the Commission analysed in previous airline restructuring cases [75] (e.g. the maximum fuel price analysed in the Czech Airlines case was 5 % and in the case of Air Malta 4.5 % above the contemporary market prices).
LOT's risiko blev også evalueret af det amerikanske kapitalmarked, hvor leasingaftalen i 2013 med held blev refinansieret fra den oprindelige finansieringsstruktur baseret på en lånemekanisme til en finansieringsstruktur baseret på udstedelse af obligationer.
LOT can currently hedge fuel price at […] % below the baseline level until 2015, which means that it can ensure that the price would not exceed the hedged level until the end of the restructuring period.
Obligationerne blev købt af private investorer, som accepterede den tilhørende risiko og dermed stiltiende udtrykte deres tillid til, at de underliggende leasingforpligtelser ville blive honoreret.
In addition, according to a sensitivity analysis, even if this very conservative baseline price increased by 15 %, LOT would still maintain liquidity in the whole financial projection horizon.
Det er normal markedspraksis for udlejere at minimere risikoen ved at søge at få sikkerhedsstillelse af højest mulige kvalitet og om muligt en garanti.
As regards the proceeds planned to be generated from the sub-lease of the aircraft, LOT has sub-leased one B787 to tour operators and is currently working on a final agreement with the lessee of the second aircraft.
Det forhold, at […] ydede finansiering på basis af en garanti fra et eksportkreditagentur, er dermed ikke et bevis for, at markedet ikke havde tillid til LOT's rentabilitet.
LOT assesses the likelihood of the deal as high.
På den anden side ville en udlejer ikke yde finansiering, blot fordi sikkerhedsstillelsen er god, hvis vedkommende er overbevist om, at lejeren ikke vil kunne betale lejen.
According to comments from an interested party, the B787 is a highly-marketable aircraft.
Udlejeren løber under alle omstændigheder en vis kreditrisiko, idet han ville lide tab, hvis lejeren misligholdt aftalen (nemlig det umiddelbare tab af indtægt fra lejen, hvilket fortsætter, indtil flyet kan lejes ud igen til en anden kunde, foruden den omkostning, der påløber ved omkonfigurering af flyet til et andet flyselskab, og omkostningerne ved at få fuldbyrdet sikkerhedsstillelsen og garantien).
Thus the assumption concerning the sub-lease of two B787 appears achievable.
I lyset af ovenstående kan den finansielle leasingkontrakt anses for at være udtryk for markedets tillid til LOT's genoprettelse af rentabiliteten.
LOT is still seeking buyers or lessees for […] E170 aircraft.
Kommissionen bemærker i denne henseende, at den allerede har godkendt en finansiel leasingkontrakt som en gyldig kilde til egetbidrag i sagerne om Czech Airlines og airBaltic [79].
Nevertheless, it has prepared an alternative fleet scenario assuming continued utilisation of the aircraft, in order to ensure that viability is restored even if these attempts fail.
Desuden fremlagde Polen uafhængige ekspertværdiansættelser, der bekræftede, at markedsværdien af yderligere fast ejendom var […] PLN.
It found that the total cash outflows in 2014-2018 would be by PLN [64-78] million higher than under the baseline scenario.
Kommissionens analyse af disse værdiansættelser afdækkede ingen fejl.
This negative variance remains within the safety margin provided for in the restructuring plan.
Værdiansættelserne er sket ved brug af accepterede metodologier og bygger på troværdige antagelser.
Even under the worst-case scenario LOT was expected to generate accumulated cash flows of PLN [> 150] million in 2014-2018.
Derfor mener Kommissionen, at resultaterne af disse værdiansættelser er en passende tilnærmelse til markedspriserne på de solgte aktiver.
Moreover, LOT has provided for further restructuring measures (not included in the restructuring plan) to amortise potential negative effects of the alternative fleet scenario.
Værdien af de resterende aktiver [80], der er tænkt som egetbidrag, er enten ikke blevet bekræftet ved en uafhængig værdiansættelse eller et andet pålideligt bevis, eller også er værdiansættelserne forældede.
The estimated financial impact of these additional measures amounts to PLN [> 50] million p.a. and by far exceeds possible financial gap of PLN [64-78] million in 2014-2018.
Kommissionen mener derfor, at et egetbidrag på 30650928 PLN (dvs. det faktisk opnåede provenu og de planlagte provenuer underbygget af uafhængige ekspertværdiansættelser) er acceptabelt set i forhold til salget af disse aktiver.
According to the financial projections under the alternative fleet scenario, combined with additional restructuring measures, LOT's cash position is forecast to be even slightly better than was assumed in the restructuring plan.
På grundlag af disse oplysninger konkluderer Kommissionen, at egetbidraget på [1200-1600] PLN opfylder kriterierne i rammebestemmelserne.
In relation to the implementation ratio of the restructuring plan, based on the analysis above, the Commission considers the assumed implementation ratio of the restructuring measures of 85 % to be realistic.
Dette beløb udgør [60-67] % af de samlede omstruktureringsomkostninger og ligger også pænt over tærsklen på 50 % for store virksomheder.
Furthermore, it notes that in 2013 LOT achieved 137 % of the planned restructuring benefits.
Den finansielle leasingkontrakt alene dækker [60-67] % af de samlede omstruktureringsomkostninger og ville dermed være tilstrækkelig til at opfylde kravet om minimum 50 %.
The Commission therefore considers that updated sensitivity analysis further demonstrates that the proposed restructuring measures are capable of restoring long-term viability of the Company.
I lyset af alt det ovenstående konkluderer Kommissionen, at den anmeldte foranstaltning opfylder rammebestemmelsernes betingelser for forenelighed.
Furthermore, the Commission notes that the duration of the restructuring plan is limited to three years and one quarter, running from the last quarter of 2012 till the end of 2015, which appears appropriate in the present case in view of the restructuring measures provided for in the plan, the schedule according to which they should be implemented and the first results of those measures.
KONKLUSION
The duration is shorter than in the previously approved airline restructuring cases [76], where the restructuring period was five years.
Kommissionen konkluderer, at den anmeldte støtteforanstaltning udgør statsstøtte efter artikel 107, stk. 1, i TEUF, som er forenelig med det indre marked i henhold til artikel 107, stk. 3, litra c), i TEUF læst i sammenhæng med rammebestemmelserne.
Finally, the Commission observes that the notified restructuring plan is dated 14 June 2013, while the restructuring process started at the end of 2012.
Kommissionen konkluderer også, at udsættelserne af lufthavnsafgifterne som nævnt i betragtning 90 og andre transaktioner som nævnt i betragtning 132 og 133 ikke udgør statsstøtte efter artikel 107, stk. 1, i traktaten om Den Europæiske Unions funktionsmåde.
Indeed, restructuring a firm in difficulty in general requires a plurality of measures, some of which may be adopted immediately and other that may need more time to be defined and implemented.
Endelig bemærker Kommissionen, at Polen har accepteret, at nærværende afgørelse vedtages og offentliggøres på engelsk —
It would be therefore counterproductive to impose that in order to be considered as part of the same restructuring process the former measures cannot be implemented as long as the latter measures are defined in all their details.
VEDTAGET DENNE AFGØRELSE:
Such an embargo on the implementation of measures that could be adopted promptly would increase the difficulties of the company and the need for further State aid.
Artikel 1
Therefore, the Commission concludes that the proposed restructuring measures are capable of restoring long-term viability of the Company within a reasonable timescale and on the basis of realistic assumptions.
Den statsstøtte på 804,29 mio. PLN, som Polen påtænker at yde til LOT Polish Airlines S.A., er forenelig med det indre marked i henhold til traktatens artikel 107, stk. 3, litra c).
Pursuant to points 38-42 of the Guidelines, compensatory measures must be taken to ensure that the aid's adverse effects on trading conditions are mitigated as far as possible.
Artikel 2
The aid shall not unduly distort competition.
Følgende foranstaltninger er ikke statsstøtte efter artikel 107, stk. 1, i TEUF.
This usually means a limitation of the presence which the company can enjoy on its markets at the end of the restructuring period.
Den udsættelse, som LOT fik af de statsejede lufthavne på betaling af lufthavnsafgifterne fra maj 2009 til april 2013.
The compensatory measures should be in proportion to the distortive effects of the aid and, in particular, to the size and relative importance of the firm on its market or markets.
Følgende transaktioner vedrørende fast ejendom:
The closure of loss-making activities cannot be considered as valid compensatory measures.
Salget og tilbageleasingen af LOT's hovedkvarter på grundlag af en aftale, der var indgået den 10. maj 2011 mellem LOT og PZU/PB1 med en salgspris på […] PLN (ca. […] EUR).
The degree of compensatory measures must be established on a case-by-case basis and with regard to the objective of restoring the long-term-viability of the firm.
Salget af ejendommen på 17 Stycznia Street 39 på grundlag af en aftale, der var indgået den 31. juli 2012 mellem LOT og TF Silesia med en salgspris på […] PLN (ca. […] EUR).
Moreover, according to point 7 of the Guidelines the Commission will request compensatory measures which minimise the effect on competitors.
Salget af godsterminalen på grundlag af en aftale, der var indgået den 25. november 2011 mellem LOT og LS Airport Services med en salgspris på […] PLN (ca. […] EUR).
According to point 56 of the Guidelines, the conditions for authorising aid are less stringent as regards the implementation of compensatory measures in assisted areas.
Salget af cateringanlægget på grundlag af en aftale, der var indgået den 8. december 2011 mellem LOT og LOT Catering med en salgspris på […] PLN (ca. […] EUR).
To this extent the Commission notes that LOT is located in an assisted area according to Article 107(3)(a) TFEU.
Følgende låneaftaler:
The Commission notes that LOT is a relatively small company, facing competition from legacy carriers and LCCs.
To lån ydet til LOT af selskaberne i PZU Group: først et på […] PLN (ca. […] EUR) den 14. december 2009 og så et andet på […] PLN (ca. […] EUR) den 17. februar 2010.
Its share in the overall European passenger air transport business is estimated at below 1 %.
Et lån på […] PLN (ca. […] EUR) ydet til LOT af PKN Orlen den 28. juni 2012.
It has a relatively stronger (though weakening) position on the international routes to/from Poland with a share of the business estimated at 27 %.
Et lån på […] PLN (ca. […] EUR) ydet til LOT af TF Silesia den 30. marts 2009.
Therefore, the Commission considers that compensatory measures are necessary.
Et lån på […] mio. PLN (ca. […] mio. EUR) ydet til LOT af OLPP den 9. marts 2012.
Nevertheless, the relatively small size and limited market importance of LOT allow the Commission to consider that the distortive effects of the aid will be limited.
Salget af følgende af LOT's datterselskaber:
This should also be taken into account in the assessment of the compensatory measures.
Salget af 33,3 % af LOT's aktier i Casinos Poland til Vicco på grundlag af en aftale, der var indgået den 8. april 2013 til et beløb af […] mio. PLN (ca. […] mio. EUR).
As compensatory measures LOT plans to close 19 connections and to reduce frequency on 5 connections (see details in Section 3.4).
Salget af 49 % af LOT's aktier i Petrolot til PKN Orlen på grundlag af en aftale, der var indgået den 21. december 2012 til et beløb af […] PLN (ca. […] EUR).
The proposed compensatory measures correspond to a reduction of capacity by [13,5 - 16,5] % in terms of ASK as compared to the pre-restructuring period November 2011 — October 2012.
Salget af 37,9 % af LOT's aktier i Eurolot til TF Silesia på grundlag af en aftale, der var indgået den 27. februar 2013 til et beløb af [> 118 mio.]
LOT claims that none of the connections concerned was loss-making prior to restructuring.
PLN (ca. [> 29 mio.]
LOT calculates profitability of the routes using two measures: ‘Margin 1’ and ‘Margin 2’.
EUR).
Margin 1 takes into account revenue and variable costs of a route, such as, e.g. sales, passenger and flight costs.
Transaktionerne vedrørende PKN Orlens og dets datterselskab Petrolots levering af brændstof til LOT.
Margin 2 additionally takes into account the so called ‘contribution’ (the financial impact of a route on the entire flight network of LOT) and indirect costs attributable to a route (e.g. operating lease, depreciation, fixed cost of the personnel, marketing and advertising).
Artikel 3
All of the routes concerned were profitable in terms of Margin 1.
Denne afgørelse er rettet til Republikken Polen.
It is the Commission's practice, to consider routes as profitable if they had a positive contribution margin in the year preceding their surrender [77].
Udfærdiget i Bruxelles, den 29. juli 2014.
The contribution margin (which corresponds to LOT's ‘Margin 1’) takes account of sales revenue and of variable costs (e.g. flight, passenger and distribution costs) attributable to each individual route.
På Kommissionens vegne
The contribution margin is the appropriate measure since it takes into account all costs which are directly linked to the route in question.
Næstformand
Routes with a positive contribution margin not only cover the variable costs of a route, but also contribute to the fixed costs of the company.
Med virkning fra 1. december 2009 er EF-traktatens artikel 87 og 88 blevet til henholdsvis artikel 107 og 108 i traktaten om Den Europæiske Unions funktionsmåde (i det følgende benævnt »TEUF«).
It is a normal business practice to continue operations which cover variable costs in the short to medium term.
De to sæt bestemmelser er i det væsentlige identiske.
Fixed costs in principle do not change with the volume of operations and have to be borne whether a connection is operated or not.
I denne afgørelse skal henvisninger til artikel 107 og 108 i TEUF efter omstændighederne forstås som henvisninger til EF-traktatens artikel 87 og 88.
Therefore, it is more beneficial for an airline to keep such connection, as long as it covers at least part of fixed costs, than to abandon it.
I TEUF blev der også foretaget visse terminologiske ændringer, bl.a. blev »Fællesskabet« erstattet af »Unionen«, og »fællesmarkedet« af »det indre marked«.
This has been implicitly acknowledged by one of the interested parties who commented that measuring profitability on the variable cost-only basis is inappropriate for long-term considerations.
Terminologien i TEUF vil blive benyttet i hele denne afgørelse.
On the basis of the above, the Commission concludes that the routes in question constitute appropriate compensatory measures since they were not loss-making prior to the restructuring.
Kommissionens afgørelse C(2013) 7044 final af 6.11.2013 om sag SA.36874 (EUT C 37 af 7.2.2014, s. 55).
Concerning the allegation of the interested party that owing to State aid LOT has increased its capacity on the Polish charter market, the Commission observes first that so far LOT has only received the rescue aid which was entirely used to repay overdue liabilities and to cover a cash deficit from operating activities in the rescue period.
Se fodnote 2.
Therefore, LOT did not have any surplus State aid available to finance the alleged expansion on the charter market.
Kommissionens afgørelse C(2013) 2747 final af 15.5.2013 om sag SA.35900 (EUT C 204 af 18.7.2013, s. 4).
The future restructuring aid is not planned to be spent for this purpose either but exclusively to finance the restructuring measures.
EUT C 115 af 9.5.2008, s. 92.
Secondly, LOT has not increased its capacity on the Polish charter market.
Forordning nr. 1 om den ordning, der skal gælde for Det Europæiske Økonomiske Fællesskab på det sproglige område (EFT 17 af 6.10.1958, s. 385/58).
On the contrary, LOT has reduced its presence on the growing Polish charter market from [> 3] % in 2012 to [< 1,5] % in 2013 (historically LOT had much stronger position with [> 15] % market share in 2010).
Kommissionens afgørelse C(2012) 8212 final af 20.11.2012 om sag SA.33337 (EUT C 81 af 20.3.2013, s. 4).
LOT's activities on the charter market are temporary and are undertaken only with the aim to ensure efficient utilisation of its fleet, as was envisaged in the restructuring plan.
I fuldtidsækvivalenter.
LOT has no plans to continue its presence on the charter market after the expiration of the restructuring period.
Forretningshemmelighed.
Thirdly, charter activity is marginal to LOT, constituting only [< 1] % of its activity.
Selskabets største afhændelser fra juni 2009 til april 2013.
The Guidelines require capacity reduct ion on the main market, i.e. in LOT's case — scheduled flight services.
Kort- og langsigtede forpligtelser.
In summary, the overall level of capacity reduction resulting from compensatory measures offered by LOT amounts to [13,5-16,5] % and is larger than the level the Commission accepted in the afore-mentioned airline restructuring cases, i.e. Czech Airlines and Air Malta.
F.eks. vil en rejsetid fra New York til Warszawa, der nedbringes til under otte timer, gøre det muligt at reducere det fornødne antal piloter fra tre til to på visse betingelser.
It is also worth noting that the actual capacity reduction recorded by LOT in 2013 was 1,6 percentage points higher than planned.
Hidtil har passagererne skullet betale en anden pris, hvis deres hjemrejse lå tidligere end tre dage efter udrejsen, og i den nye prisstruktur anses en passager for at være en businesskunde, hvis vedkommendes hjemrejse finder sted tidligere end den første søndag efter ankomsten.
In addition, the Commission observes that LOT has cancelled a number of routes operating from the fully coordinated [78] airports of Frankfurt, Munich, Dusseldorf, Vienna, Zurich, Helsinki, Paris, Nice, Rome, Amsterdam and Stockholm.
Ifølge selskabet tager Warszawa Chopin Lufthavn 2-47 % højere afgifter (herunder landings- og evt. også startgebyrer, miljøafgifter, gebyrer for at bruge passagerplatforme eller jet bridges, gebyrer for parkering og andre infrastrukturgebyrer knyttet til selve flydriften) end sammenlignelige EU-lufthavne.
As a result, slots pairs at those airports have been released, which creates new business opportunities for competing airlines to operate routes to and from these airports and to increase their presence in them.
Gennemførelsen af rutenet- og flådemoderniseringsforanstaltningerne har en positiv indvirkning på de øvrige omstruktureringsområder, og en del af førstnævntes finansielle virkning indgår i sidstnævntes finansielle potentiale.
In view of the above, the proposed compensatory measures are sufficient to ensure that the State aid's adverse effects on trading conditions are minimised.
Derfor bør virkningen af rutenet- og flådemoderniseringsforanstaltningerne ikke lægges sammen med virkningen af de resterende omstruktureringsforanstaltninger.
Consequently, the proposed compensatory measures comply with points 38-42 of the Guidelines.