natgillin/translations-raw huggingface dataset:
The subsidiaries of the LOT Group are too small and do not generate sufficient cash surpluses to rescue the parent company.
Ta leidis, et kogu väljuv rahavoog 2014.–2018. aastal oleks [64–78] miljonit zlotti suurem kui alusstsenaariumi korral.
Their combined revenue for the year 2013 accounted for only approximately 2,5 % of LOT's revenue and they recorded a combined net loss of PLN 2 million.
Selline negatiivne variatsioon jääb ümberkorralduskavaga ette nähtud kindlusvaru piiridesse.
Therefore, the difficulties of the Company are too serious to be dealt with by the Group itself.
Peale selle on LOT ette näinud veel ümberkorraldusmeetmeid (mis ei sisaldu ümberkorralduskavas), et amortiseerida alternatiivse lennukipargi stsenaariumi võimalikku negatiivset mõju.
On the basis of the above, the Commission concludes that LOT is a firm in difficulty and is eligible for restructuring aid.
Ümberkorralduskava rakendamise määra küsimuses leiab komisjon kirjeldatud analüüsi põhjal, et eeldus, mille kohaselt ümberkorraldusmeetmete rakendamise määr on 85 %, on realistlik.
According to point 73 of the Guidelines, if the firm concerned has already received rescue or restructuring aid in the past, including any un-notified aid, and where less than 10 years have elapsed since the rescue aid was granted or the restructuring period came to an end or implementation of the restructuring plan has been halted (whichever is the latest), the Commission will not allow further rescue or restructuring aid.
Peale selle märgib ta, et 2013. aastal realiseeris LOT 137 % ümberkorraldamisest kavandatud tulust.
The same holds for the other transactions indicated by interested parties as allegedly constituting State aid, i.e. concerning: (i) the sale of real estate, (ii) the provision of loans, (iii) the sale of subsidiaries, and (iv) the provision of other services as described in recitals 132 and 133 above, as the Commission reached the conclusion that they do not constitute State aid, see recitals 177, 183, 191 and 192 above.
Kavandatud kestus on lühem kui varem heaks kiidetud lennuettevõtjate ümberkorraldusjuhtumites, [76] kus ümberkorraldusperiood oli viis aastat.
In view of the above, the Commission considers that neither the deferral of the airport charges nor the transactions indicated by the interested parties constitute State aid.
Seega oleks ebamõistlik nõuda, et selleks, et meetmed loetaks sama ümberkorraldusprotsessi osadeks, ei tohi esimest liiki meetmeid kasutusele võtta enne, kui teist liiki meetmed on üksikasjadeni paika pandud.
Moreover, Poland has confirmed that the Company has not benefited from any rescue or restructuring aid in the last 10 years.
Sellise piirangu kehtestamine nende meetmete rakendamisele, mille võiks kiiresti vastu võtta, suurendaks äriühingu raskusi ja vajadust täiendava riigiabi järele.
The Commission therefore considers that the ‘one time, last time’ principle is respected.
Seetõttu järeldab komisjon, et kavandatud ümberkorraldusmeetmetega on võimalik taastada äriühingu pikaajaline elujõulisus mõistliku aja jooksul ja realistlike eelduste alusel.
In order to consider a measure compatible under points 34-37 of the Guidelines, the restructuring plan must restore the long-term viability of the firm within a reasonable timescale and on the basis of realistic assumptions as to future operating conditions.
Suuniste punktide 38–42 kohaselt tuleb võtta kasutusele kompensatsioonimeetmed, et leevendada nii palju kui võimalik abi negatiivset mõju kaubandustingimustele.
The plan should enable the company to cover all its costs after restructuring and the expected return on capital must be enough to enable the restructured firm to compete on the marketplace on its own merits.
Abi ei tohi põhjendamatult konkurentsi moonutada.
The restructuring plan must describe the circumstances that led to the difficulties, thereby providing a basis for assessing whether the proposed restructuring measures are appropriate.
See tähendab tavaliselt seda, et piiratakse äriühingu võimalikku turuosa pärast ümberkorraldusperioodi.
The restructuring plan provides for a return to long-term viability in 2015 (see Table 4).
Kompensatsioonimeetmed peavad olema võrdelised abi moonutava mõjuga ja eriti äriühingu suuruse ning suhtelise tähtsusega turul või turgudel.
The Company is expected to generate net profits, which means that it would be in a position to cover all its costs after completing the restructuring, including depreciation and financial charges.
Kahjumit tekitavast tegevusest loobumist ei saa pidada nõuetekohaseks kompensatsioonimeetmeks.
Given that the yield on the Polish 10-year government bonds, commonly seen as an approximation of a return on a risk-free investment, is approximately 3,4 %, the expected return on capital offers a reasonably adequate risk premium and can be considered enough to enable LOT to compete in the marketplace on its own merits.
Lisaks peab komisjon suuniste punkti 7 kohaselt nõudma kompensatsioonimeetmeid, mis vähendavad mõju konkurentidele.
On the other hand, given that the median ROCE of European airlines was 6,9 % in the last financial year (10,.3 % if only profitable carriers are taken into account) and that the most efficient European carriers had ROCE of 13,4 %, the target set by LOT appears neither unrealistic nor excessive after successful restructuring.
Suuniste punkti 56 kohaselt võivad abistatavates piirkondades olla abi andmise tingimused kompensatsioonimeetmete rakendamise osas leebemad.
The restructuring plan sets out in detail the circumstances that led to LOT's difficulties and provides for the measures that aim to address these difficulties which are described in detail in Chapter III above.
Sellega seoses märgib komisjon, et LOT asub abistatavas piirkonnas EL toimimise lepingu artikli 107 lõike 3 punkti a tähenduses.
The Commission has reviewed the key assumptions underlying the financial projections contained in the restructuring plan and assessed the restructuring measures as well as the issues raised by the interested parties with respect to the restoration of long-term viability.
Komisjon märgib, et LOT on suhteliselt väike äriühing, kes peab konkureerima traditsiooniliste ja odavlennuettevõtjatega.
As a result, it considers that LOT is in a better position to succeed now than in 2009-2012.
Tema osa kogu Euroopa reisijate lennutranspordi tegevusalal on hinnanguliselt alla 1 %.
First, in 2013 LOT began operating the long-awaited B787 aircraft which is a key element of the new strategy and an important driver of restructuring benefits.
Seetõttu leiab komisjon, et kompensatsioonimeetmed on vajalikud.
The delay in delivery of the B787 aircraft was considered by Poland to be one of the fundamental reasons of the Company's past financial difficulties and its inability to restore viability.
LOTi suhteline väiksus ja piiratud osatähtsus turul lubab komisjonil siiski arvata, et abi moonutav mõju on väike.
LOT's new strategy is based on the use of B787 on long haul niche routes and on the effective feeding network from Poland and Central Europe built around Warsaw Chopin Airport which has been recently modernised and is expanding [71].
Seda tuleb arvesse võtta ka kompensatsioonimeetmete hindamisel.
The first actual results of the operation of B787 confirm the assumption that significant restructuring benefits will come from its introduction.
Kompensatsioonimeetmetena kavatseb LOT sulgeda 19 ühendust ja vähendada sagedust viiel ühendusel (vt täpsemalt punkt 3.4).
In June-November 2013 profit generated by the B787 fleet was PLN […] million higher than profit generated by its predecessor B767 in a comparable period of 2012.
LOT kasutab liinide kasumlikkuse arvutamiseks kahte näitajat, nn marginaal 1 ja marginaal 2.
This was more than forecasted in the restructuring plan.
Marginaal 1 puhul võetakse arvesse liini tulu ja muutuvkulusid nagu müügi-, reisija- ja lennukulud.
Assuming that the aircraft are used for the full 12 months (unlike in 2013 when it was grounded for half of the year), the planned annual financial impact of PLN [135-165] million seems achievable.
Marginaal 2 puhul võetakse lisaks arvesse nn panust (liini finantsmõju tervele LOTi lendudevõrgule) ja liinile omistatavaid kaudkulusid (nt kasutusrent, amortisatsioon, personali püsikulu, turundus ja reklaam).
The new aircraft brought also significant savings: fuel cost was lower by [> 15] % and total direct cost was lower by [> 25] %.
Kõik asjaomased liinid olid kasumlikud marginaal 1 järgi.
Poland has also provided quantitative evidence confirming that the introduction of B787 aircraft has a positive impact not only on the long haul segment but also on the entire flight network, including short and medium haul segments which provide transfer connections for the long haul.
Komisjon on varem pidanud liini kasumlikuks juhul, kui selle jääktulu oli sulgemisele eelnenud aastal positiivne [77].
LOT's profit from the connections served by B787 aircraft measured by Margin 2 [72] (i.e. including contribution effect on the entire flight network) reached PLN [> 100] million in June-November 2013 and was higher by [> 100] % than in comparable period of 2012 when the Company used the old B767 aircraft.
Jääktulu (mis vastab LOTi marginaalile 1) puhul võetakse arvesse müügitulu ja konkreetsele liinile omistatavaid muutuvkulusid (nt lennu-, reisija- ja turustuskulud).
Concerning the potential under-utilisation of B787 aircraft raised in the opening decision, Poland clarified that until 2013 LOT had operated five B767 aircraft on the routes from Poland to USA and Canada.
Jääktulu on sobilik näitaja, sest selles võetakse arvesse kõiki kulusid, mis on seotud otseselt asjaomase liiniga.
At present it has six B787 aircraft which can be deployed on the same routes and an additional route to Beijing.
Positiivse jääktuluga liinid ei kata mitte üksnes liini muutuvkulusid, vaid panustavad ka äriühingu püsikulude katmisse.
According to IATA transatlantic flights from Poland are expected to grow at 6,5 % p.a. in 2013-2017 and passenger traffic from Central and Eastern Europe to Asia at 9,1 %-10,6 % p.a.
Püsikulud ei muutu põhimõtteliselt sõltuvalt tegevusmahust ning need tuleb kanda olenemata sellest, kas mingi ühendus on käigus või mitte.
Poland provided data demonstrating that it has one of the biggest and growing local markets to North America, bigger than some established Western European hubs (Munich, Vienna, Copenhagen and on some routes Zurich) and bigger than the current market size of Prague and Budapest combined.
Seetõttu on lennuettevõtjal kasulikum sellist ühendust käigus hoida kui sellest loobuda, kuni see katab vähemalt osa püsikuludest.
This gives more assurance that the B787 aircraft can be used effectively and efficiently.
Seda möönis vaikimisi üks huvitatud isikutest, kes märkis, et kasumlikkuse mõõtmine ainult muutuvkulude põhjal on ebasobiv pikas perspektiivis.
Secondly, LOT has addressed weaknesses of earlier restructuring attempts by focusing on previously unresolved problems, e.g. inconsistent employment restructuring.
Eespool kirjeldatut arvestades järeldab komisjon, et asjaomased liinid sobivad kompensatsioonimeetmeteks, sest nad ei olnud enne ümberkorraldamist kahjumlikud.
Already by November 2013 LOT had cut ground personnel by an unprecedented 35 % and further reductions are planned.
Huvitatud isiku väite kohta, et LOT on tänu riigiabile suurendanud oma võimsust Poola tšarterlennuturul, märgib komisjon esiteks, et LOT on siiani saanud ainult päästmisabi, mida kasutati täielikult võlgnetavate kohustuste täitmiseks ja majandustegevuse rahalise puudujäägi katmiseks päästmisperioodil.
The revenue-related measures achieved [> 100] % of their planned financial potential in 2013.
Tulevast ümberkorraldusabi ei ole samuti kavas kulutada mitte selleks otstarbeks, vaid eranditult ümberkorraldusmeetmete rahastamiseks.
In August 2013 the Company introduced paid catering which has not met negative customer response.
Teiseks ei ole LOT oma võimsust Poola tšarterlennuturul suurendanud.
According to LOT's market research, passengers of its economy class are not likely to oppose other paid services, apart from luggage fee (which LOT does not intend to introduce).
Vastupidi, LOT on vähendanud oma osa Poola kasvaval tšarterlennuturul [> 3] %lt 2012. aastal [< 1,5] %le 2013. aastal (varem on LOTil olnud seal palju tugevam positsioon: 2010. aastal oli tema turuosa [> 15] %).
Passengers on the Polish market, where LCCs have more than 50 % share, are used to paid services.
LOTi tegevus tšarterlennuturul on ajutine ning selle eesmärk on üksnes tagada lennukipargi tõhus kasutamine, nagu on ette nähtud ümberkorralduskavaga.
There seems to be a potential for growth of ancillary revenue.
LOT ei kavatse pärast ümberkorraldusperioodi lõppu tšarterlennuturul tegevust jätkata.
LOT's ancillary revenue accounts for […] % of total revenue and is lower than the average for traditional carriers (3,1 % and increasing) and much lower than Aer Lingus (13-14 %) which LOT perceives as its strategic benchmark (due to similar size and business model).
Kolmandaks on tšarterlennud LOTi jaoks kõrvalise tähtsusega, moodustades üksnes [< 1] % tema tegevusest.
LOT has created a dedicated unit responsible for increasing ancillary revenue.
Kokkuvõttes vähendavad LOTi kavandatud kompensatsioonimeetmed võimsust kokku [13,5–16,5] %, mida on rohkem kui komisjoni aktsepteeritud määr nimetatud lennuettevõtjate ümberkorraldusjuhtumites, st Czech Airlinesi ja Air Malta puhul.
As traditional airlines move towards a mixed business model combining more ancillary revenue with traditional elements of network carriers, it seems justified to consider that LOT's shift in the same direction will not erode its strategy (to remain a legacy carrier) and discourage customers.
Märkimist väärib ka see, et LOTi võimsuse tegelik vähenemine 2013. aastal oli 1,6 protsendipunkti kavandatust suurem.
As regards further implementation of the restructuring plan, by 31 December 2013 LOT has already realised 69 % of the planned improvement in 2014.
Peale selle märgib komisjon, et LOT on sulgenud mitu liini, mis kasutasid täielikult lennuoperatsioone koordineerivaid lennujaamu [78] Frankfurdis, Münchenis, Düsseldorfis, Viinis, Zürichis, Helsingis, Pariisis, Nice'is, Roomas, Amsterdamis ja Stockholmis.
To achieve the target set for the year ended 31 December 2014 (profit from core activity of PLN 71 million) LOT still must improve financial performance by PLN 75 million, which is a realistic goal.
Selle tulemusena vabanesid nendes lennujaamades teenindusaegade paarid, mis loob konkureerivatele lennuettevõtjatele uusi võimalusi nendest lennujaamadest väljuvate ja nendesse suunduvate liinide käitamiseks ja seal oma tegevuse suurendamiseks.
In particular, LOT has identified sources of this required improvement, e.g. benefits from the already implemented restructuring measures which have recurring financial impact (PLN [> 100] million in 2013); lack of one-off cost of grounding of B787 aircraft in the first half of 2013 (PLN [> 25] million); additional profit from B787 aircraft, if it is used for the full year instead of a half-year as in 2013 (PLN [> 50] million); savings on fuel cost (PLN [> 75] million).
Eespool kirjeldatut arvestades tagavad kavandatud k ompensatsioonimeetmed piisavalt, et riigiabi negatiivne mõju kaubandustingimustele oleks minimaalne.
If only a fraction of these potential improvements is actually realised, LOT should achieve its financial target for 2014.
Seega on kavandatud kompensatsioonimeetmed kooskõlas suuniste punktidega 38–42.
Thirdly, the macroeconomic environment, which undermined previous restructuring attempts, has improved.
Suuniste punktide 43–45 kohaselt peab abi rangelt piirduma ümberkorraldamiseks vajamineva miinimumiga.
After recession in 2009 and 2012 the EU economy seems to be gaining ground as it is forecasted to grow by 1,6 % in 2014 and 2.0 % in 2015.
Abisaajalt oodatakse omavahenditest tehtavat olulist makset ümberkorralduskava heaks, sealhulgas äriühingu säilimiseks ebaolulise vara müügi või turutingimustes toimuva välisfinantseerimise kaudu.
Based on historical data cited by LOT, demand for air passenger transport services has been strongly correlated with economic growth.
Suurettevõtjate puhul nagu LOT peab omapanuse osakaal olema vähemalt 50 % ümberkorraldamise kulust.
IATA forecasts that world passenger traffic will grow by 5,4 % p.a. in 2013-2017.
LOTi esitatud omapanuse suurus on [1200–1600] miljonit zlotti ja see moodustab [60–67] % ümberkorraldamise kuludest.
According to the Association of European Airlines, in the summer timetable of 2014 Central and Eastern Europe will record the largest expansion (7 % increase of flights) of all European areas.
See koosneb i) B787 lennukite kapitalirendist summas […] miljonit zlotti ja ii) põhivara müügist, mille kavandatav tulu on […] miljonit zlotti.
Poland accounts for roughly 25 % of the overall air traffic in Central and Eastern Europe.
Kapitalirendi andis Ameerika Ühendriikide erapank […] viie B787 tüüpi lennuki ostu rahastamiseks.
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.
Suuniste kohaselt võib omapanuse allikas olla turutingimustes toimuv välisfinantseerimine.
LOT's liquidity has also improved significantly.
Kõnealune kapitalirent vastab sellele nõudele.
The actual cash flows from operations in 2013 were by PLN 285 million higher than planned.
Esiteks andis selle erapank.
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].
Teiseks valis LOT […] pakkumise välja konkursi tulemusena turult saadud 24 kommertspakkumise hulgast.
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.
Kolmandaks on lennuki rentimine lennuettevõtluses tavapärane rahastamisviis (kaasa arvatud tagatise tüüp), mida kasutavad ka LOTi konkurendid.
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.
Poola esitatud teabe kohaselt on mitu ELi lennuettevõtjat soetanud viimase kolme aasta jooksul lennukeid ekspordikrediidi agentuuri garantiiga, sealhulgas Air France, British Airways, Lufthansa, Norwegian, KLM.
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 %.
2012. aastal sõlmiti ligikaudu 30 % lennukite rahastamise tehingutest kogu maailmas ekspordikrediidi agentuuri osalusel.
According to this analysis, in all scenarios LOT is still expected to maintain viability in the whole projection horizon 2014-2018.
Peale selle katab finantseering ainult osa lennuki ostuhinnast ([75–90] %) ning ülejäänud osa peab tasuma LOT.
Notwithstanding that, Poland has stressed that the baseline levels are conservative.
Teisalt sätestatakse suunistes, et omapanus on „märk, et turg usub elujõulisuse taastamist”.
Planned yield is justified by historical values and has been confirmed by actual results (in 2013 yield grew faster than planned).
Arvestades tagatise kõrget kvaliteeti ja näiliselt väikest või puuduvat krediidiriski, väljendas komisjon algatamisotsuses kahtlust, kas kõnealust rendilepingut saab pidada tõendiks, et turg usub LOTi pikaajalise elujõulisuse taastamist.
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.
Poola esitas selle kahtluse hajutamiseks täiendavaid selgitusi ja tõendeid.
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.
Enne garantii andmist tegi Ex-Im Bank tehingueelse analüüsi ning analüüsis LOTi finantsolukorda ja majandustegevust.
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).
Ta jõudis järeldusele, et LOTil on elujõuline äriplaan ja ta suudab rendi pikas perspektiivis tagasi maksta.
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.
Asjaolu, et 24 eraettevõtjat pakkus samale tehingule rahastust erinevatel tingimustel, näitab samuti, et hoolimata kõrge kvaliteediga tagatisest nägid nad LOTi rahastamises siiski teatud riski (vastasel juhul oleksid kõik pakkujad pakkunud sama riskivaba määra).
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.
Ratsionaalne turumajanduslikult tegutsev võlausaldaja hindaks seda riski ja võtaks arvesse LOTi elujõulisust, sest see on keskne tegur, mis mõjutab võlgniku võimet renti tagasi maksta.
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.
Peale selle oli üks pakkuja valmis andma rahastust ilma ekspordikrediidi agentuuri garantiita, mis näitab, et turg oli valmis pakkuma rahastust ka ekspordikrediidi agentuuri osaluseta.
LOT assesses the likelihood of the deal as high.
Välise nõustaja tehtud analüüsi põhjal valis LOT välja […] pakkumise kui konkurentsivõimelisema.
According to comments from an interested party, the B787 is a highly-marketable aircraft.
LOTi riski hindas ka Ameerika Ühendriikide kapitaliturg, kus rendileping 2013. aastal edukalt refinantseeriti ja asendati esialgne laenumehhanismil põhinev rahastamisstruktuur võlakirjade väljastamisel põhineva struktuuriga.
Thus the assumption concerning the sub-lease of two B787 appears achievable.
Võlakirjade ostjad olid erainvestorid, kes aktsepteerisid sellega kaasnenud riski ja väljendasid seega vaikimisi usku, et algsed rendikohustused täidetakse.
LOT is still seeking buyers or lessees for […] E170 aircraft.
Turul on tavaline, et rendileandja minimeerib riski, püüdes saada kõige kvaliteetsema tagatise ja võib-olla ka garantii.
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.
See, et […] andis rahastuse ekspordikrediidi agentuuri garantii alusel, ei tõesta seega, et turg ei uskunud LOTi elujõulisusse.
It found that the total cash outflows in 2014-2018 would be by PLN [64-78] million higher than under the baseline scenario.
Rendileandja võtab igal juhul teatava krediidiriski, sest ta kannaks rendilevõtja makseviivituse korral kahju (st ta kaotaks vahetult renditulu niikauaks, kui lennuk uuele kliendile renditakse, ja peaks kandma uue käitaja jaoks lennuki ümberkonfigureerimise kulu ning tagatiste ja garantii realiseerimise kulu).