natgillin/translations-raw huggingface dataset:
Norge sagde i sit svar til indledningsbeslutningen, at staterne først besluttede at deltage i den nye RCF efter nøje at have fået gennemgået 4XNG-planen af de eksterne rådgivere og efter en tilpasning af vilkårene og betingelserne i den nye RCF.
As a result, the Norwegian authorities and the SAS Group claimed during the formal investigation that SAS was effectively prevented from requesting a drawdown of the old RCF.
Tilsynsmyndigheden gav udtryk for visse forbehold i sin indledningsbeslutning angående indholdet af den af CITI udarbejdede rapport, hvorimod Norge gjorde det klart, at dens beslutning om at deltage i den nye RCF hvilede på alle de analyser, som var udarbejdet af dens finansielle rådgivere, og at CITI-rapporten derfor ikke skulle tages isoleret.
Cognisant of that situation, the banks had to decide whether to continue with the old RCF until its expiry in June 2013, or to participate in the new RCF on equal terms with the States and KAW, despite the fact that the States and KAW, as shareholders, had greater incentives to participate with a view to potentially achieving higher value on their shares following the implementation of the 4XNG plan.
De finansielle rådgivere havde blandt andet til opgave at give en kritisk analyse af 4XNG-planen og den nye RCF og af følsomhed og sårbarhed i den forbindelse.
Although the Authority considers it likely that the banks, at least those with no other unsecured bilateral exposures to SAS, were not materially exposed to the old RCF at the time of taking a decision to participate in the new RCF, it is also of the opinion that there was still a risk that SAS could have met the drawdown conditions before the new RCF was in place.
På baggrund af denne rådgivning anmodede staterne om en række tilpasninger af 4XNG-planen (for at fremskynde omkostningsbesparelser og skaffe plads til ekstra initiativer) samt tilpasninger af betingelserne i den nye RCF for at mindske sandsynligheden for at trække den i nul.
The fact that this did not happen and that the old RCF was not used after it was fully repaid in March 2012 is irrelevant in that respect.
Efter modtagelsen af den eksterne rådgivning blev 4XNG-planen ændret og styrket, så den kom til at omfatte omkostningsbesparende initiativer på omkring [1-4] mia. SEK p.a.
On this basis, it appears that the banks had a certain degree of exposure to SAS under the old RCF which the States (and KAW) did not have.
Efter at der var stillet spørgsmål ved de oprindelige antagelser om afhændelse af aktiver af de eksterne finansielle rådgivere, og også som følge af nye oplysninger, der dukkede op under processen, kom den endelige liste over planlagte afhændelser i 4XNG-planen til at afvige fra den oprindelige liste fra SAS [34].
Therefore, the Authority cannot accept the argument of the Norwegian authorities that the banks participated in the new RCF as ‘outside’ investors, notwithstanding their exposure under the old RCF.
Antagelserne blev derfor ikke anset for at udgøre en signifikant nedadgående risiko for gennemførelsen af 4XNG-planen.
Furthermore, the Authority cannot agree with Norway that the exposure of some of the banks in the form of bilateral facilities linked to the old RCF [32] did not comprise any financial risk for the banks during the period of negotiating the new RCF, on the basis that these facilities could not have been drawn unless the old RCF was drawn in full.
Med hensyn til Tilsynsmyndighedens tvivl i indledningsbeslutningen vedrørende de særlige elementer i 4XNG-planen (f.eks. markedsvækst i ASK, BNP-prognoser og 0 % inflation i perioden 2015-2017) så viser oplysningerne fra Norge og fra SAS Group under den formelle undersøgelse, at der i disse estimater var taget særligt hensyn til de vigtigste markeder, hvor SAS var aktiv.
As mentioned above, there was a risk, even if admittedly small, that the drawdown conditions could have been met despite the fact that, following the amendments in March 2012 and the stringent conditions introduced, the probability of SAS drawing on the old RCF was very low.
Dette omfattede selskabets mere udtalte eksponering mod Nordeuropa snarere end mod Sydeuropa samt dets eksponering mod det amerikanske og det asiatiske marked.
Moreover, it appears that some banks had other exposure to SAS.
Hvad angår manglen på følsomhedstest af IRR-analysen, som fremgår af CITI-rapporten (se betragtning 33 ovenfor), samt Tilsynsmyndighedens oprindelige usikkerhed angående den potentielle indvirkning af mindre optimistiske scenarier, så har Tilsynsmyndigheden fået yderligere oplysninger fra Norge i dets bemærkninger til indledningsbeslutningen vedrørende de foretagne følsomhedsanalyser.
For example, in addition to participating in the old RCF, […] had (as of 30 September 2012) an unsecured (and undrawn) bilateral exposure to SAS of SEK [200-600] million, as well as an unsecured credit card exposure of SEK [500-900] million.
Men for at kunne opretholde markedstilliden blev det anset for nødvendigt med et likviditetsgrundlag, og at RCF stadig var den mest realistiske option for et sådant likviditetsgrundlag.
It could therefore have been responsible for covering any costs of reimbursing customers should SAS have cancelled the corresponding flights.
Tilsynsmyndigheden noterer sig således de successive finansielle revisioner af 4XNG-planen (herunder omfattende analyser og test af forskellige scenarier af planen).
While this unsecured credit card exposure represented [0-2 %] of […] total credit portfolio of around SEK [1000-3000] billion, it nonetheless constituted a financial risk and it therefore cannot be accepted that […] was in a comparable position vis-à-vis the States when deciding to participate in the new RCF.
Tilsynsmyndigheden noterer sig også staternes heraf følgende krav om, at gennemførelsesrisiciene skulle mindskes, og der skulle foreligge en samlet omstruktureringsplan, inden de ville gå med i den nye RCF.
In addition, three other banks had exposure in terms of outstanding aircraft financing facilities (e.g. […]).
Dette ville være i overensstemmelse med, hvordan en fornuftig privat markedsinvestor handler.
Although the States argue that the financings were secured by the aircraft and did not represent a financial risk for the banks, because they could be easily sold on the market, this has not been factually proven.
Uanset dette må det stadig overvejes, om vilkårene og betingelserne i den nye RCF var på linje med, hvad en privat markedsinvestor i samme situation som staterne, dvs. som de eksisterende aktionærer i selskabet, ville have accepteret.
It remains unclear whether, in case of fire-sale of the aircraft, the total amount would indeed have been recovered.
Norge og SAS Group har forklaret, at et af de specifikke træk ved luftfartssektoren er, at det er nødvendigt at opretholde et højt niveau af finansielt beredskab for at bevare kundernes og interessenternes tillid til, at virksomheden vil være i stand til at fortsætte driften.
Further, in the opening decision the Authority questioned whether the banks' behaviour could have been influenced by the States' conduct, given the States' continuous financial support to the airline in previous years (e.g. the 2009 and 2010 rights issues).
I lyset af de finansielle vanskeligheder, som SAS stod over for i 2012, og den daværende likviditetssituation var staternes deltagelse i den nye RCF, som aktionærer i SAS, sandsynligvis begrundet i ønsket om at undgå højere tab eller konkurs i tilfælde af et »run« på selskabets likviditet.
In addition, the banks were willing to participate in the new RCF only on condition that the States participated in it, as explained in paragraphs 21 and 22 above.
I den henseende ser det ud til, at staterne navnlig har benyttet anbefalingerne fra de uafhængige finansielle rådgivere, da de skulle færdiggøre vilkårene og betingelserne i den nye RCF.
In principle, the Authority considers that the pari passu condition cannot be applicable in cases where the States' involvement constitutes a strict requirement for the private operators to participate in the transaction.
Vilkårene og betingelserne i den nye RCF skulle således samlet afbøde de alvorligste, konstaterede handelsrisici.
In the course of the formal investigation, Norway and the SAS Group argued that at no stage during the negotiations for the new RCF did the banks feel ‘contaminated’ by the States' past conduct and their continued willingness to support SAS, despite the fact that the States' revenue forecasts on the rights issues of 2009 and 2010 fell short.
For eksempel var en af hovedforudsætningerne (som anført i betragtning 82 ovenfor) for gennemførelsen af den nye RCF en vellykket gennemførelse af nye kollektive aftaler med flypersonalet.
The Authority cannot exclude the possibility that private operators would not have been willing to invest in a business with such a track record and unpredictable projections, unless with the participation of the States.
Endvidere ville trækningsbetingelserne for facilitet B gøre det meget usandsynligt, at den ville kunne være trukket i nul inden marts 2015 [35].
At the same time, it cannot exclude either that the States, which had refused to provide new equity and to enter into a subordinated RCF, were no longer willing to put additional funds into SAS.
Ud over ovennævnte bemærkninger har Tilsynsmyndigheden fået yderligere oplysninger om den underliggende sikkerhedsstillelse for den nye RCF.
In relation to whether or not KAW's behaviour could be considered a reference point to establish the conduct of a private investor, the formal investigation showed that KAW's exposure to SAS through its shareholding in SEB was smaller than that indicated in the opening decision.
Der blev fokuseret på Widerøe som det vigtigste aktiv i sikkerhedspakken, mens vurderingen af de andre aktiver hvilede på mere begrænsede oplysninger.
Further to the above, the formal investigation has not enabled the Authority to conclude with certainty that the transaction at issue took place on pari passu terms.
Den samlede anslåede værdi af aktiverne i sikkerhedsstillelsen oversteg dermed størrelsen af facilitet A. Ifølge Norge blev dette anset for at være tilstrækkeligt for långiverne i den nye RCF, eftersom sandsynligheden for — som det er nævnt ovenfor — at SAS nogensinde ville trække på facilitet B, blev anset for at være meget lille.
Assessment of the States' participation in the new RCF under the MEI test
Disse bestemmelser om forudbetaling og annullering havde den effekt, at det potentielle tab blev reduceret over tid.
The independent analyses undertaken by external financial advisers (namely Goldman Sachs International and CITI as advisers to the States and […] as adviser to the lenders) prior to the conclusion of the new RCF are instructive in this regard.
Et resultat af salget af Widerøe var da også sammen med en aftale, der trådte i kraft efter dette salg i september 2013 (se betragtning 29 ovenfor), at den samlede størrelse af den nye RCF blev reduceret fra 3,5 mia. SEK til 2 mia. SEK.
According to Norway in its reply to the opening decision, the States only decided to participate in the new RCF after close scrutiny of the 4XNG plan by its external advisors and following adjustment of the terms and conditions of the new RCF.
Der blev således truffet en omfattende og sammenhængende række af foranstaltninger, der specifikt skulle sikre SAS' fortsatte levedygtighed i perioden 2012-2015 og begrænse de største finansielle risici i forbindelse med den nye RCF.
While the Authority expressed some reservations in its opening decision regarding the scope of the report prepared by CITI, Norway has clarified that its decision to participate in the new RCF drew on all of the analyses prepared by its financial advisers and that the CITI report should therefore not be assessed in isolation.
I den forbindelse kan det også være nyttigt at se på mulige kontrafaktiske situationer, som ville kunne være opstået, hvis foranstaltningen ikke var blevet truffet.
This analysis was conducted over successive reports with reference to the historical performance of SAS and to other industry benchmarks.
Til sammenligning anslår Norge i sit indlæg, at hvis SAS misligholdt den nye RCF, ville det mulige samlede tab som følge af staternes samlede aktiebeholdning og deres bidrag til RCF i det mest ekstreme scenarie have været i omegnen af [1000-3000] mio. SEK [37].
In line with this advice, the States requested a number of adjustments to the 4XNG plan (to accelerate cost-saving measures and accommodate additional initiatives), as well as adjustments to the terms of the new RCF to reduce the likelihood of a drawdown.
Hvis SAS går konkurs, forekommer det mulige ekstra tab ved staternes deltagelse i den nye RCF (dvs. omkring 447,5 mio. SEK ifølge det illustrative eksempel fra Norge) derfor at være relativt begrænset sammenlignet med det tab, som staterne alligevel ville have haft på grund af deres aktiebeholdning.
In analysing the 4XNG plan, the external advisers identified and paid particular attention to key areas of possible risk, including cost savings targets, disposals and RASK pressure.
En sammenligning af denne relativt begrænsede gradvise ændring i staternes downside-scenarie (konkurs) med det potentielle upside-scenarie for staterne ved en vellykket gennemførelse af 4XNG-planen, synes yderligere at understøtte staternes beslutning om at deltage i den nye RCF.
This risk assessment resulted, inter alia, in the following considerations: Cost-savings targets
I det mest optimistiske basisscenarie anslog CITI-rapporten, at der ville være potentielle kapitalgevinster for staterne på [7000-12000] mio. SEK i alt.
Further to the external advice received, the 4XNG plan was modified and strengthened to include cost-saving initiatives of approximately SEK [1-4] billion p.a.
Tilsynsmyndigheden gav udtryk for visse forbehold i sin indledningsbeslutning vedrørende de optimistiske vækstfremskrivninger, men den erkender dog også, at der var mulighed for, at selv under mere konservative scenarier ville de potentielle kapitalgevinster i upside-scenariet stadig mærkbart kunne have overskredet de potentielle tab i downside-scenariet.
(increased from the original target of SEK [1-4] billion p.a.).
Tilsynsmyndigheden noterer sig således ovenstående vurdering af tab/gevinst, såvel som den omfattende revision og testning af 4XNG-planen, de ekstra verifikationer af den underliggende sikkerhedsstillelse [38], bestemmelserne om annullering og forudbetaling, som reducerede det potentielle tab over tid [39] og de forskellige andre foranstaltninger til mindskelse af risiciene, som var medtaget i betingelserne i den nye RCF [40].
While non-delivery of cost-savings targets was identified as a concern, a key move to de-risk the 4XNG plan in advance of finalising the new RCF was the conclusion of new union agreements with employee compensation and benefit cuts, as well as pension plan changes in November 2012.
I lyset af ovenstående forekommer staternes beslutning om at deltage i den nye RCF at være på linje med, hvordan en privat aktør ville handle for at opnå et normalt markedsafkast set ud fra selskabets specifikke situation på det tidspunkt.
This resulted in direct cost savings of just under SEK […] which, at the request of the States, had to be successfully executed before the new RCF could enter into effect.
KONKLUSION ANGÅENDE STATSSTØTTESPØRGSMÅLET
Disposals
I lyset af ovenstående konkluderer Tilsynsmyndigheden, at Norges deltagelse i den nye RCF ikke udgør statsstøtte efter betydningen i EØS-aftalens artikel 61, stk. 1.
Further to the initial assumptions on asset disposals being challenged by the external financial adviser, and also due to new information which materialised during the process, the final list of planned disposals in the 4XNG plan deviated from the list initially put forward by SAS [34].
Finansieringen af SAS gennem den nye revolverende kreditfacilitet, som Norge gennemførte i december 2012 udgør ikke statsstøtte efter betydningen i EØS-aftalens artikel 61, stk. 1.
The States' financial adviser ultimately concluded that the disposals (with an estimated disposal value of approximately SEK 3,0 billion) included in the final 4XNG plan were feasible within the estimated timeframe.
Artikel 2
Furthermore, the new RCF contained provisions for the timing of the Widerøe sale, as well as for the strict application of disposal proceeds towards repayment of the new RCF.
Denne beslutning er rettet til Kongeriget Norge.
RASK pressure The underlying yield and RASK pressure assumptions were assessed and deemed reasonable taking into account relevant data on historical trends, third-party forecasts and known changes in the competitive environment at that time.
Artikel 3
These assumptions were therefore not considered to pose a significant downside risk to the execution of the 4XNG plan.
Kun den engelske udgave af denne afgørelse er autentisk.
In relation to the Authority's doubts in the opening decision concerning the optimistic nature of specific drivers in the 4XNG plan (e.g. market growth in ASK, GDP forecasts and 0 % inflation for the period 2015-17), the information submitted by Norway and the SAS Group during the formal investigation indicates that these estimates took particular account of the main markets in which SAS is active.
Udfærdiget i Bruxelles, den 9. juli 2014.
This included the company's more pronounced exposure to northern rather than to southern Europe, as well as its exposure to the US and Asian markets.
På EFTA-Tilsynsmyndighedens vegne
The submissions further indicate that the estimated cost inflation of 0 % p.a. for the period 2015-17 is the net effect of an underlying rate of inflation of 2 % p.a. (in line with the estimated EU inflation level) and the assumption that it would be possible to neutralise this via new cost-savings measures.
Formand
As regards the lack of sensitivity testing on the IRR analysis presented in the CITI report (see paragraph 33 above), as well as the Authority's initial concerns regarding the potential impact of less optimistic scenarios, the Authority has received additional information from Norway in its submission on the opening decision concerning the extent of sensitivity analysis undertaken.
Medlem af Kollegiet
In this regard, Goldman Sachs presented a range of sensitivity tests during the development of the 4XNG plan over the period June to September 2012.
EUT C 290 af 5.10.2013, s. 9 (berigtigelse).
A revised analysis in September 2012 indicated that SAS would not run out of cash even under the downside scenarios presented, i.e. in all cases analysed the SAS cash position would remain above the bottom end of the RCF corridor.
FAM er det selskab, der er ansvarligt for forvaltningen af Knut og Alice Wallenbergs Fond.
However, to maintain market confidence, it was considered that a liquidity backstop was needed and that the RCF remained the most realistic option for such back-up liquidity.
Udbudte sædekilometer (ASK) er et mål for et luftfartsselskabs passagerkapacitet.
The Authority thus notes the successive financial reviews conducted on the 4XNG plan (including extensive analysis and testing of various iterations of the plan).
Det svarer til antal tilgængelige passagersæder ganget med den strækning i kilometer, der flyves.
The Authority also notes the States' resulting demands to lower the implementation risks and achieve a consolidated restructuring plan in advance of entering into the new RCF.
Se fodnote 11 og betragtning 29 angående salget af 80 % aktierne i Widerøe.
Notwithstanding this, it still needs to be considered whether or not the terms and conditions of the new RCF were in line with what a private market investor, in the same position as the States, i.e. as existing shareholders in the company, would have accepted.
Kilde: http://www.sasgroup.net/SASGroup/default.asp.
Norway and the SAS Group have explained that a specific characteristic of the airline sector is the need to maintain a high level of financial preparedness to preserve customer and stakeholder confidence in the ability of the business to continue operations.
En nyere udvikling i S&P's kreditvurdering for SAS fremgår af fodnote 24.
Given the financial difficulties facing SAS in 2012 and the prevailing liquidity situation at that time, a likely motivation for the States' participation in the new RCF, as shareholders in SAS, was the avoidance of higher losses or bankruptcy in the event of a liquidity run on the company.
Kilde: SAS' årsberetninger for perioden 2008-2012 kan ses på: http://www.sasgroup.net/SASGroup/default.asp.
In this respect, the States appear to have drawn notably on recommendations from the independent financial advisers when finalising the terms and conditions of the new RCF.
Se f.eks. Reuters den 18. november 2012 (http://www.reuters.com/article/2012/11/19/sas-idUSL5E8MI6IY20121119) og Financial Times den 19. november 2012 (http://www.ft.com/intl/cms/s/0/43e37eba-322f-11e2-b891-00144feabdc0.html#axzz2TSY5JHUh).
Indeed, it appears that the terms and conditions of the new RCF were collectively aimed at mitigating the main commercial risks identified.
Ifølge oplysninger fra de norske myndigheder blev salget af […] fjernet fra listen over planlagte afhændelser på grund af den store usikkerhed, der var forbundet med tidsplanen for salget og generering af indtægter.
For example, as noted in paragraph 82 above, a key condition precedent to the implementation of the new RCF was the successful execution of new collective agreements with flight crews.
Den 20. maj 2013 meddelte SAS, at selskabet havde underskrevet en aftale om at sælge 80 % af sine aktier i Widerøe til en investorgruppe.
Furthermore, the drawdown conditions applicable to Facility B appeared to render it very unlikely that it could have been drawn before March 2015 [35].
Frasalget er afsluttet og har givet en forbedret likviditet på omkring 1,7 mia. SEK.
The financial covenants attached to the new RCF were also structured in such a way that, unless SAS was able to execute the key financial projections contained in the 4XNG plan, it would not have had access to the RCF or it would have had to repay any amount drawn on the RCF at the time [36].
[…], en af långiverne under den gamle RCF, anførte, at man ikke ønskede at deltage i den nye RCF.
In a report dated May 2012, […] provided an independent valuation of Widerøe and certain tangible assets (including spare engines, relevant aircraft, a number of smaller properties and some equipment) which were subsequently used as security for the new RCF.
[…] og […] øgede derfor deres deltagelse i den nye RCF forholdsmæssigt.
While the focus was on Widerøe, as the most important asset in the security package, and the assessment of the other assets was based on more limited information, the overall valuation implied a total asset value of approximately SEK [1-4]-[3-6] billion.
Se http://www.reuters.com/finance/stocks/SAS.ST/key-developments/article/2662973.
The actual financial risks associated with the new RCF were further mitigated by provisions on mandatory pre-payment and/or cancellation of the commitments under the new RCF, if SAS disposed of certain assets or engaged in other financing options.
Forpligtelsen under facilitet A blev reduceret fra 0,8 mia. SEK til 0,6 mia. SEK den 31. oktober 2013 som følge af SAS' salg af en aktiepost i SAS Ground Handling til Swissport.
Such prepayment and cancellation provisions had the effect of reducing the potential loss over time.
EUT L 97 af 15.4.2005, s. 41, og EØS-tillæg nr. 18 af 14.4.2005, s. 1.
Indeed, as a result of the Widerøe sale, and pursuant to an agreement which entered into force upon that sale in September 2013 (see paragraph 29 above), the overall size of the new RCF was reduced from SEK 3,5 billion to SEK 2 billion.
Alternativet ville være blot at lade den gamle RCF udløbe den 20.6.2013 og samtidig forhindre enhver anvendelse i denne periode, så længe SAS ikke kunne opfylde trækningsbetingelserne.
It therefore appears that a comprehensive and coherent set of measures were taken, specifically aimed at ensuring the ongoing viability of SAS over the period 2012-15 and limiting the key financial risks associated with the new RCF.