natgillin/translations-raw huggingface dataset:
De cypriotiske myndigheder anførte i anmeldelsen, at dette beløb udgjorde Cyprus Airways' behov for nettolikviditet indtil den 30. juni 2013, dvs. i seks måneder.
The Commission initiated the formal investigation procedure on 6 March 2013 in relation to the following measures:
De cypriotiske myndigheder anførte, at redningsstøtten var nødvendig for at støtte Cyprus Airways i en kort periode.
In November 2012, a new business plan (‘turnaround plan’) was communicated to the Commission.
De anerkendte tildelingen af omstruktureringsstøtte i 2007, men forklarede, at der var ekstraordinære omstændigheder, som modvirkede den indledende gennemførelse af 2007-omstruktureringsplanen, og som svækkede virksomhedens langsigtede rentabilitet.
The plan envisaged the turnaround of the Company in 5 years, based on a capital increase, improved cost and productivity factors, new investments and the reorganisation of the Company into a ‘single-class value airline of option-based services’.
Disse omstændigheder var knyttet til den finansielle situation i Cypern og Grækenland, to af de vigtigste markeder, som Cyprus Airways opererer på, samt den ustabile politiske situation i Mellemøsten, effekten af det tyrkiske forbud mod cypriotiske flys overflyvning, indtræden af en ny lavpriskonkurrent på markedet, der hævdes at være omfattet af en statsstøtteordning, og Cyprus Airways' underkapitalisering.
The plan projected marginal profitability already as of the second year of its implementation.
Foranstaltning 3: Kulanceerstatning
The plan was subject to approval by the existing shareholders, who would be participating in the capital increase necessary for its implementation.
Ifølge anmeldelsen af 13. december 2012 besluttede det cypriotiske ministerråd den 4. december 2012 at tildele en kulanceerstatning til den del af Cyprus Airways' personale, som vil blive afskediget i forbindelse med omstruktureringen af virksomheden.
Finally, it has not been implemented.
Ifølge denne afgørelse var betingelserne for kulanceerstatning, i) at den var i overensstemmelse med statsstøttereglerne, ii) at virksomhedens fagforeninger godkendte den nye forretningsplan (genopretningsplanen), og iii) at erstatningen ikke overstiger 50 % af den normale erstatning, som Cypriot Redundant Personnel Fund (»RPF«) skal betale til afskediget personale.
At the time of granting of measure 1, the Cypriot authorities argued that the State acted like a market economy investor, in order to safeguard its asset until the finalisation of the turnaround plan and the conclusion of the capital increase by all shareholders.
Den anden formelle undersøgelsesprocedure
Furthermore, the Cypriot authorities anticipated that the capital increase would be concluded with a pro rata participation of the private shareholders of an additional EUR 13,67 million.
Den 4. februar 2014 indledte Kommissionen den formelle undersøgelsesprocedure over for følgende foranstaltninger:
However, private shareholders contributed only EUR 106 000, thus the share capital of the Company was only increased by EUR 31,4 million.
Foranstaltning 4: Omstruktureringsstøtte
The shareholding of the State in Cyprus Airways was raised accordingly from 69,62 % to 93,67 %.
Den 23. oktober 2013 anmeldte de cypriotiske myndigheder omstruktureringsstøtte til Cyprus Airways på 102,9 mio. EUR og en ny omstruktureringsplan (2013-omstruktureringsplanen), der ikke er knyttet til den i betragtning 26 ovenfor omhandlede genopretningsplan.
Measure 2: Rescue aid
Omstruktureringsstøttens størrelse:
On 13 December 2012, the Cypriot authorities notified a rescue aid of EUR 73 million to Cyprus Airways.
Statens indskud af 31,33 mio. EUR ved kapitalforhøjelsen, allerede tildelt i 2012 (foranstaltning 1).
According to the Cypriot authorities’ claim in the notification, that amount reflected the net cash flow needs of Cyprus Airways until 30 June 2013, that is to say, for six months.
I 2007 havde den cypriotiske stat som led i den godkendte omstruktureringspakke stillet garanti for et lån på 45 mio. CYP (ca. 78 mio. EUR), som Cyprus Airways optog i Hellenic Bank (se betragtning 22 ovenfor).
The rescue aid would be provided as a government loan with an interest of 1,76 % and should be repaid by 30 June 2013.
Statsgarantien skulle således indfries, og Cyprus Airways ville således få ny gæld til staten, da staten skulle tilbagebetale lånet.
The Cypriot authorities claimed that out of the EUR 73 million of the rescue aid, EUR 16,3 million had already been granted to Cyprus Airways in the context of measure 1.
Staten skulle efterfølgende konvertere denne gæld på 28,5 mio. EUR til egenkapital i Cyprus Airways.
The Commission noted in the decision of 6 March 2013 that the Cypriot authorities notified a rescue aid in the form of a loan, whereas the EUR 16,3 million payment was part of a capital increase.
Cyprus Airways' pensionsfond for Cypernbaserede ansatte (ikke piloter) er en ydelsesdefineret ordning, der finansieres via bidrag fra de ansatte og Cyprus Airways.
The Cypriot authorities argued that the rescue aid was necessary, in order to support Cyprus Airways for a short period.
Hele det beløb, der er allokeret til pensionsfonden på grundlag af de ansattes kontraktlige rettigheder (»købekraft«), er i sidste ende til rådighed for virksomheden.
They acknowledged the provision of restructuring aid in 2007, but explained that there were exceptional circumstances, which reversed the initial implementation of the 2007 restructuring plan and which impaired the long-term viability of the Company.
Virksomheden garanterer ligeledes pensionsfondens købekraft.
The circumstances were linked to the financial situation in Cyprus and Greece, two of the main markets where Cyprus Airways is active, as well as the unstable political situation in the Middle East, the effect of the Turkey overflight ban on Cypriot aircraft, the entrance of a new low-fare competitor in the market, allegedly subsidised by a State scheme, and the undercapitalised position of Cyprus Airways.
Punkt a) og b) i omstruktureringsstøtten udgør foranstaltning 1 og 2, der efterfølgende blev anmeldt i forbindelse med omstruktureringsstøtten til Cyprus Airways.
According to that decision, the conditions for any ex gratia compensation were that (i) it would comply with State aid rules; (ii) the trade unions of the Company would accept the new business plan (that is to say the turnaround plan) and (iii) it would not exceed 50 % of the normal compensation to be paid to redundant personnel by the Cypriot Redundant Personnel Fund (‘RPF’).
De cypriotiske myndigheder forklarede, at 2007-omstruktureringsplanen i starten var blevet gennemført som planlagt.
Measure 4: Restructuring aid
Virksomhedens indtægter begyndte imidlertid at falde i 2009 som følge af den finansielle krise i EU, navnlig i Grækenland og Cypern.
On 23 October 2013, the Cypriot authorities notified restructuring aid to Cyprus Airways of EUR 102,9 million, accompanied by a new restructuring plan (that is to say the 2013 restructuring plan), unrelated to the turnaround plan mentioned in recital 26 above.
Andre faktorer, der lå til grund for virksomhedens nye vanskeligheder, var det tyrkiske forbud mod overflyvning, der indebærer, at Cyprus Airways ikke kan nå frem til potentielle markeder såsom Rusland, Armenien og Ukraine på konkurrencedygtige flyvetider, urolighederne i Mellemøsten og tilstedeværelsen af lavpriskonkurrenter med base i Cypern.
The amount of restructuring aid consisted of:
mstruktureringsplanen
The State participation of EUR 31,33 million to the capital increase, already granted in 2012 (measure 1);
Ifølge 2013-omstruktureringsplanen skulle omstruktureringsperioden løbe fra april 2012 (første salg af et aktiv som led i virksomhedens egetbidrag til omstruktureringsomkostningerne) indtil udgangen af 2017.
The tranches of the rescue aid loan already granted to Cyprus Airways (measure 2) in total of EUR 34,5 million.
Formålet er at genoprette Cyprus Airways' rentabilitet fra regnskabsåret 2014.
The granted amount would not be repaid by Cyprus Airways and the corresponding debt would be converted into equity;
De cypriotiske myndigheder præciserede imidlertid, at der i 2013-omstruktureringsplanen ikke var fokus på virksomhedens grundlæggende forretningsmodel.
In 2007 and as part of the approved restructuring package, the Cypriot State had provided a guarantee for a loan of CYP 45 million (approx.
I forbindelse med flådeindskrænkningen skulle antallet af ruter reduceres til 13 ruter.
EUR 78 million), which Cyprus Airways took from Hellenic Bank (see recital 22 above).
Følgende ruter var allerede blevet lukket i april 2012: LCA-ATH-SKG-LCA, LCA-ATH-HER-LCA, LCA-ATH-RHO-LCA, LCA-LED.
This loan had been serviced regularly by Cyprus Airways through instalments twice per year and in August 2013 the outstanding amount to be repaid was EUR 28,5 million.
Det var hensigten at lukke følgende ruter: LCA-HER-RHO-LCA, LCA-SKG-HER-LCA, LCA-SKG-RHO-LCA, LCA-FCO, LCA-VIE og LCA-LHR, der ville blive erstattet af LCA-STN.
Under the notified restructuring aid, the Company would not repay the outstanding amount to Hellenic Bank.
Virksomheden ville ligeledes reducere flyvningerne på tre ruter: LCA-LON, LCA-SKG og LCA-HER.
As a result, the State guarantee would be called, which would create a new debt of Cyprus Airways towards the State, since the latter would have to repay the loan.
Det var hensigten at opretholde følgende ruter: LCA-ATH, LCA-SKG, LCA-HER, LCA-AMS, LCA-CDG, LCA-SVO, LCA-SOF, LCA-FRA, LCA-MUC, LCA-ZRH, LCA-TLV, LCA-BEY, LCA-STN.
That debt of EUR 28,5 million would subsequently be converted by the State into equity of Cyprus Airways;
Ifølge de cypriotiske myndigheder indebar 2013-omstruktureringsplanen således en kapacitetsindskrænkning på 35 % i ASK sammenlignet med kapaciteten i 2012.
Cyprus Airways’ Provident Fund for the Cyprus-based employees (excluding pilots) is a defined benefit scheme, paid through contributions by the employees and Cyprus Airways.
Ifølge planen skulle allokeringen af flyvetider forbedres for at maksimere flådeudnyttelsen.
The entire amount allocated to the Provident Fund based on the contractual entitlements of the personnel (‘purchasing power’) is ultimately at the disposal of the Company.
Ruten til London blev ændret fra Heathrow til Stansted, hvilket anses som en strategisk foranstaltning, da den er mere attraktiv.
The Provident Fund’s purchasing power is also guaranteed by the Company.
Omkostningsbesparende foranstaltninger
As a result of poor investment performance, the Provident Fund has been facing a significant deficit, calculated on 1 January 2013 as EUR 12 million on a going concern basis (that is to say assuming that Cyprus Airways would continue to operate) or EUR 14,9 million on a discontinued basis.
Ifølge 2013-omstruktureringsplanen ville de direkte omkostninger blive reduceret med i alt 45,7 mio. EUR ved udgangen af regnskabsåret 2014 som et basisscenarie.
In the context of the restructuring aid, the Cypriot State will cover EUR 8,6 million of the Provident Fund’s deficit on a going concern basis, whereas the remaining amount will be covered through real estate transactions (proceeds from the sale of the Company’s property in Nicosia and transfer of the Company’s property in Athens to the Provident Fund).
Ud over flåde- og ruteindskrænkningen var følgende foranstaltninger blevet gennemført inden januar 2014: afskaffelse af catering på økonomiklasse og genforhandling af ground handlingafgifter i LCA-lufthavnen, hvilket indebar en besparelse på 1,2 mio. EUR (sammenholdt med 0,6 mio. EUR anslået i 2013-omstruktureringsplanen), og en reduktion af lønninger og bidrag til pensionsfonden på 10 %.
However, the envisaged granting date or conditions of this loan were not clear and it is not included in the total amount of EUR 102,9 million.
Nedsættelsen af landings- og parkeringsafgifterne i LCA-lufthavnen forventes dog ikke at blive gennemført inden for en overskuelig fremtid på grund af igangværende tvister om andre afgifter, der ikke gør det muligt at genforhandle landings- og parkeringsafgifterne på dette tidspunkt.
The Cypriot authorities explained that the 2007 restructuring plan had initially been implemented according to schedule.
Med hensyn til personaleafskedigelser faldt antallet af ansatte fra 1 037 i december 2011 til 650 i januar 2014, hvorimod afskedigelsen af yderligere 321 ansatte tilsyneladende er blevet aftalt, men endnu ikke gennemført.
However, the revenues of the Company started declining in 2009, as a result of the financial crisis in the Union, in particular Greece and Cyprus.
De cypriotiske myndigheder præciserede, at der ikke var blevet tildelt kulanceerstatning for disse afskedigelser.
Other factors for the new difficulties of the Company were the Turkey overflight ban, which does not allow Cyprus Airways to reach prospective markets, such as Russia, Armenia and Ukraine in competitive flight times, the unrest in the Middle East and the operation of low-cost competitors with a base in Cyprus.
Indtægtsinitiativer
The 2013 Restructuring Plan
Tabel 1
The 2013 restructuring plan envisaged a restructuring period from April 2012 (first sale of an asset in the context of the own contribution of the Company to its restructuring costs) until the end of 2017.
Forventet overskud og tab (basisscenarie) (mio. EUR)
The aim is to restore the profitability of Cyprus Airways as of the financial year 2014.
Indtægter
However, the Cypriot authorities clarified that the 2013 restructuring plan did not address the fundamental business model of the Company.
Nettoresultat før skat
The Company has already undertaken some of the measures envisaged under the 2013 restructuring plan.
Samlet egenkapital
Restructuring of fleet and operations (39) The 2013 restructuring plan envisaged a reduction of the fleet to six aircraft (from 13 in the beginning of April 2012).
I 2013-omstruktureringsplanen forventedes følgende rentabilitet:
This reduction was achieved by 10 December 2013, through the sale of two owned aircraft in April 2012 and the expiry of the lease contracts for another five aircraft.
Tabel 2
Out of the remaining fleet of six aircraft, five aircraft, which have been leased by Cyprus Airways, would be kept in operations, whereas one aircraft, which was owned by the Company, would be held as spare.
Forventet rentabilitet
The reduction in the fleet would be reflected in a reduced number of routes to 13.
ROE (afkast af egenkapitalen)
The following routes had already been closed since April 2012: LCA-ATH-SKG-LCA; LCA-ATH-HER-LCA; LCA-ATH-RHO-LCA; LCA-LED.
ROCE (afkast af investeret kapital)
The following routes were also planned to be closed: LCA-HER-RHO-LCA; LCA-SKG-HER-LCA; LCA-SKG-RHO-LCA; LCA-FCO; LCA-VIE and LCA-LHR, which would be replaced by LCA-STN.
Ud over ovennævnte omstruktureringsforanstaltninger var resultaterne baseret på følgende antagelser:
Also, the Company would reduce the frequency of three routes: LCA-LON, LCA-SKG and LCA-HER.
Nedgang i antallet af passagerer og indtægter som følge af det indskrænkede netværk
The following routes were envisaged to be maintained: LCA-ATH, LCA-SKG, LCA-HER, LCA-AMS, LCA-CDG, LCA-SVO, LCA-SOF, LCA-FRA, LCA-MUC, LCA-ZRH, LCA-TLV, LCA-BEY, LCA-STN.
Stabil vekselkurs mellem dollaren og euroen indtil 2017
Cost reduction measures
Ingen afdækning af risici for ændring af brændstofpriserne eller vekselkursen mellem dollaren og euroen, idet det ikke er muligt at stille sikkerhed for sådanne instrumenter.
The 2013 restructuring plan envisaged reduction of direct costs in the total amount of EUR 45,7 million by the end of the financial year 2014 as a base scenario.
Rentabiliteten afhang primært af de resterende flyvninger LCA-BEY, LCA-TLV, LCA-SOF og LCA-SVO, som er de eneste flyvninger med et positivt EBIT i omstruktureringsperioden.
Of these cost reductions, EUR 16,2 million is due to a decline in volume including part of staff redundancies and pay-cuts related to this decline while the remaining EUR 29,5 million is due to additional savings.
mstruktureringsplanen omfattede et højt (bedst tænkelige) og lavt (værst tænkelige) scenarie.
In addition to the fleet and routes reduction, the following measures had been implemented by January 2014: removal of catering in economy class, renegotiation of ground handling fees at LCA airport leading to EUR 1,2 million savings (as opposed to EUR 0,6 million expected in the 2013 restructuring plan); 10 % salary and Provident Fund contribution reductions.
Herunder navnlig:
The Cypriot authorities clarified that no ex gratia compensation had been granted for these redundancies.
Makroøkonomisk risiko, navnlig i forbindelse med en eventuel forhøjelse af olieprisen eller en ændring af vekselkursen mellem dollaren og euroen.
Revenue initiatives
For så vidt angår disse to risici, blev indvirkningen af en forskel på 1 % beregnet særskilt i planen, og den blev anslået til henholdsvis 310 000 EUR og 425 000 EUR for et år.
As regards new revenue initiatives, the 2013 restructuring plan assumed fare increases of 2-3 % per year as of 2015 in the base scenario.
Risiko for øget konkurrence på ruterne til Tel Aviv (som følge af en »Open Skies«-dereguleringsaftale, der forventes at øge konkurrencen på denne rute fra 2015) og til Moskva (som følge af en forventet forøgelse af Cyprus Airways' konkurrent Transaeros flyvninger).
As a low case, the 2013 restructuring plan assumed a revenue decrease of 1 % in 2014 and no increase after 2015.
Den potentielle indvirkning af disse risici på Cyprus Airways' fremtidige indtægter blev ikke indregnet i modellerne.
In addition, the plan made reference to ancillary revenue from additional services provided to passengers, but it did not provide any amount.
Omstruktureringsomkostninger og finansiering
Restoration of viability — assumptions
De samlede omstruktureringsomkostninger beløb sig til 147,4 mio. EUR, som skulle fordeles på følgende kategorier:
The 2013 restructuring plan envisaged the restoration of the Company’s viability as of 2014.
Tabel 3
The plan contemplated the following financial results in the base scenario, assuming that the financial restructuring (under measure 4) would be implemented before the end of 2013:
Omstruktureringsomkostninger (mio. EUR)
Table 1
Akkumulerede tab
Envisaged profit and loss (base scenario) (in million EUR)
Andre omstruktureringsomkostninger (f.eks. betaling af leasing af fly, rettigheder ved afskedigelse)
Revenues
Driftskapital
EBIT
Omstruktureringsomkostninger i alt
Net result before tax
I 2013-omstruktureringsplanen blev der forudsat en samlet omstruktureringsstøtte på 102,9 mio. EUR, dvs. 69,8 % af omstruktureringsomkostningerne.
Capital reserves
Tabel 4
Total reserves
Foreslået egetbidrag i 2013-omstruktureringsplanen
Total equity
Beløb (mio. EUR)
Concerning profitability, the 2013 restructuring plan contemplated the following profitability:
Forventet gennemførelsesdato
Table 2
Salg af to Airbus A319-fly
Envisaged profitability
Afsluttet i april 2012
ROE (Return On Equity)
Salg af ankomst- og afgangstidspunkt om aftenen i LHR
ROCE (Return On Capital Employed)
Under forhandling
Apart from the above-mentioned restructuring measures, the results were based on the following assumptions:
Salg af ankomst- og afgangstidspunkt om morgenen i LHR
Reduction in passengers and revenue, as a result of the reduced network;
Ultimo 2014
Savings in fuel costs because of increased use of a fuel management system.
Salg af reservedele
The price of fuel was assumed flat;
2 mio. EUR i 2013
Planned rescheduling of third-party debt leading to no interest to accrue or be paid and no new lending;
1,1 mio. EUR i 2014
Stable USD/EUR exchange ratio until 2017;
0,4 mio. EUR i 2015
No hedging against fuel price or USD/EUR exchange rate risks due to the inability to provide any collateral for such instruments.
Salg af ejendom i Nicosia
The profitability was mainly driven by the remaining flights LCA-BEY, LCA-TLV, LCA-SOF and LCA-SVO, which are the only flights with positive EBIT during the restructuring period.
Afsluttet den 6. august 2013
The other maintained routes are envisaged to have zero or negative net profit.
Overdragelse af ejendom i Athen til pensionsfonden
The 2013 restructuring plan included a high (best-) and low (worst-) case scenario.
Overdragelsesaftale indgået i august 2013
The low case scenario reflected only the revenue decrease described in recital 45 above and resulted (at EBIT level) in a loss of EUR 0,3 million for 2014, EUR 0 for 2015 and a profit of EUR 0,3 million for 2016 and 2017.
De cypriotiske myndigheder foreslog, at nogle af førnævnte foranstaltninger blev betragtet som kompenserende modydelser, der skulle minimere indvirkningen på konkurrencen og konkurrenterne.
Macroeconomic risk, especially related to a possible rise of the oil price or a change in the USD/EUR exchange rate.
Lukning af rentable ruter med en kapacitet på 8,8 % i ASK i 2012: HER-SKG, LCA-FCO, LCA-LED, LCA-LED-PFO-LED-LCA, RHO-SKG-RHO.
For these two risks, the plan calculated separately the impact of a 1 % variation at approximately EUR 310 thousand and EUR 425 thousand for one year, respectively.
Derudover kapacitetsindskrænkning på rentable ruter: LCA-LON, LCA-ATH, LCA-SKG, LCA-HER.
Risk of increased competition on the routes to Tel Aviv (due to an Open Skies deregulation agreement expected to lead to increased competition on this route as of 2015) and Moscow (due to expected increase of the frequencies operated by Cyprus Airways’ competitor Transaero).
De cypriotiske myndigheder mente, at ASK generelt ville blive reduceret med 24 % på rentable ruter sammenlignet med kapaciteten i 2012.
The potential impact of these risks on the future revenues of Cyprus Airways was not modelled.
Salg af de to ankomst- og afgangstidspunkter i LHR.
Restructuring costs and funding
Da LHR er en fuldt koordineret lufthavn, mente de cypriotiske myndigheder, at disse ankomst- og afgangstidspunkter i tilstrækkelig grad kompenserer potentielle konkurrenter.
The total restructuring costs amounted to EUR 147,4 million and would be allocated according to the following categories:
Indskrænkning af flåden med syv fly.
Table 3
De cypriotiske myndigheder fastholdt, at statens deltagelse i kapitalforhøjelsen i 2012 ikke var statsstøtte, men de inkluderede ikke desto mindre foranstaltning 1 i deres anmeldte omstruktureringsstøtte.
Restructuring costs (in EUR million)
De anførte desuden, at 2013-omstruktureringsplanen var forsvarlig, at den omfattede tilstrækkelige kompenserende modydelser, at virksomhedens egetbidrag var så stort som muligt, og at planen ville genoprette virksomhedens rentabilitet på mellemlang sigt.
Accumulated losses
De cypriotiske myndigheder forklarede generelt lufttransportens betydning for den cypriotiske økonomi og understregede på ny de ekstraordinære og uforudseelige omstændigheder, som burde berettige yderligere omstruktureringsstøtte til Cyprus Airways.
Other restructuring costs (aircraft lease settlements, redundancy entitlements etc.)
De understregede ligeledes driften af en »ulovlig« lufthavn i den besatte nordlige del af Cypern, som tyrkiske luftfartsselskaber tilsyneladende anvender til at bringe turister fra europæiske destinationer til Cypern.
Working capital
Foranstaltning 5: Uddannelsesstøtte
Total restructuring costs
Ifølge de cypriotiske myndigheder modtog Cyprus Airways i perioden 2010-2011 en uddannelsesstøtte på 269 317,94 EUR inden for rammerne af ordningen for programmerne for løbende uddannelse for individuelle virksomheder, som de cypriotiske myndigheder har gennemført jf. Kommissionens forordning (EF) nr. 800/2008 (den generelle gruppefritagelsesforordning »gruppefritagelsesforordningen«).
The total restructuring aid foreseen by the 2013 restructuring plan amounted to EUR 102,9 million, that is to say 69,8 % of the restructuring costs.
I strid med deres argumentation vedrørende de anmeldte foranstaltninger (se f.eks. betragtning 68) anførte de cypriotiske myndigheder i deres breve om uddannelsesstøtteordningen, herunder navnlig i brevet af 14. marts 2013, at Cyprus Airways ikke var en kriseramt virksomhed, da den pågældende uddannelsesstøtte blev tildelt.
The Company would contribute to the restructuring costs (‘own contribution’) through the sale or transfer of assets at an estimated total value of EUR 54,46 million.