natgillin/translations-raw huggingface dataset:
According to the plan, by achieving these objectives, the company […].
Jättes kõrvale need lennuliinid, mille marginaali C1-osa on negatiivne, väheneb see näitaja [6–8] %ni.
The restructuring plan also describes the circumstances that led to Adria's difficulties, which were mainly caused by the global financial crisis, the small size of Adria's primary market (Slovenia and neighbouring countries), the low capacity of its fleet (mainly CRJ200 aircraft), […].
Komisjon märgib ka, et lennumarsruutide võrgu muutmise tulemusena on Adria vabastanud teenindusaegu mitmes lennujaamas, sh koordineeritud [47] lennujaamades, nagu Dublin ja Kopenhaagen.
Moreover, the restructuring plan includes best-case, worst-case and base-case scenarios as well as an analysis of the risks that could have an impact on the restructuring of Adria, like for instance changes in the price of fuel, risk deriving from changes on the currency exchange rate or potential risks regarding the fleet.
Vabanenud teenindusajad võimaldavad konkureerivatel lennuettevõtjatel teenindada teatavaid marsruute ning suurendada oma tegevusmahtu.
In all cases Adria is expected to return to viability by the end of the restructuring period.
Kompensatsioonimeetmete kohasuse hindamisel võtab komisjon arvesse turustruktuuri ja konkurentsitingimusi kindlustamaks, et ükski meede ei vii turustruktuuri halvenemisele (päästmise ja restruktureerimise suuniste punkt 39).
Under the base-case scenario, Adria is expected to reach a net profit margin of […] % in 2014 and of […] % in 2015, a debt-to-equity ratio of […] in 2014 and of […] in 2015; and a return-on-equity ratio of […] % in 2014 and of […] % in 2015.
Kompensatsioonimeetmed peavad olema võrdelised abi moonutava mõjuga ja eriti äriühingu suuruse ning suhtelise tähtsusega turul või turgudel.
In the worst-case scenario, the net profit margins would decrease to […] % in 2014 and to […] % in 2015, the debt-to-equity ratio would go up to […] in 2014 and to […] in 2015, while the return-on-equity ratio would be of […] % in 2014 and of […] % in 2015.
Vähendamise astet kaalutakse iga üksikjuhtumi puhul eraldi (päästmise ja restruktureerimise suuniste punkt 40).
The main focus of the plan is to restructure and reduce Adria's network, which was loss-making due to overcapacity in fleet, flying personnel and other staff.
Komisjon märgib esmalt, et Adria turuosa kogu liidu lennundussektori tegevusmahust ja -väljundist (reisijate arvu poolest) on üksnes 0,15 % (2011. aastal 1,17 miljonit reisijat).
In order to do so, the restructuring plan foresees a significant reduction of routes and frequencies, as well as a reduced and more fuel-efficient fleet consisting of […] aircraft by 2015 ([…]), mostly […].
Sellise väikese lennuettevõtja puhul nagu Adria võib lennukipargi ja tegevusmahu täiendav vähendamine mõjuda negatiivselt tema elujõulisusele, pakkumata seejuures mingeid olulisi turuvõimalusi tema konkurentidele.
The restructuring plan foresees the closure of […] routes and additional reduction of frequencies.
Mis puutub kompensatsioonimeetmete kõige olulisemasse osasse, tegevusmahu vähendamisse, siis komisjon peab [6–8] %-list vähendamist ajavahemikul 2011–2015 piisavaks, eriti võrreldes teiste lennuettevõtjate restruktureerimise juhtumitega [48].
Overall, during the restructuring period, Adria would have reduced its capacity by [11-14] % in terms of ASK.
Tegevusmahu vähendamine kokku, [11–14] %, on sarnane 15 % vähendamisega, mida peeti vastuvõetavaks Austrian Airlinesi juhtumi puhul [49].
[45]
Lõpuks märgib komisjon, et Sloveenia on ELi toimimise lepingu artikli 107 lõike 3 punkti a kohaselt piirkond, mis saab investeeringuteks ettenähtud regionaalabi [50].
The restructuring measures foreseen in the plan as regards cost reductions (e.g. […], etc.) and revenue increases (e.g. […] etc.) are an additional step in the right direction to reach a more sustainable viability.
Päästmise ja restruktureerimise suuniste punktis 56 on sätestatud: „[Abistatavates piirkondades] võivad abi andmise tingimused kompensatsioonimeetmete rakendamise ja abisaaja panuse osas olla leebemad.
In addition, the additional restructuring measures (see recital 31) foresee increased revenues and reduced costs with a total positive effect of EUR […] in 2014 and EUR […] in 2015, thus strengthening Adria's return to viability.
Kui regionaalarengu vajadused seda õigustavad ning juhul kui tootmisvõimsuse või turuosa vähendamine näib olevat kõige sobivam meede konkurentsimoonutuste vältimiseks, nõutakse abistatavates piirkondades väiksemat tootmisvõimsuse vähendamist kui muudes piirkondades”.
The Commission is therefore of the view that the initiatives on cost reductions and revenue increases are capable to enable Adria to achieve the return to long-time viability by 2015.
Seda tausta arvesse võttes peab komisjon Sloveenia pakutud kompensatsioonimeetmeid päästmise ja restruktureerimise suuniste kohaselt piisavaks ja proportsionaalseks, et tagada Adriale antava restruktureerimisabi poolt kaubandustingimustele avaldatava negatiivse mõju võimalikult suur vähendamine.
In addition, the evidence provided by Slovenia shows that Adria currently is on track to meet most of the objectives fixed in the restructuring plan, which is an additional indicator of the reliability of the plan.
Miinimumiga piirduv abi (omapanus)
As regards return to viability, on the basis of the updates to the restructuring plan submitted by Slovenia, the Commission concludes that the impact of the different restructuring measures is duly quantified and viability is foreseen at adequate levels under all scenarios for the entire restructuring period until 2014 and 2015.
Päästmise ja restruktureerimise suuniste punkti 43 kohaselt peab abisaaja vajaliku abi suuruse rangelt minimaalsel tasemel hoidmiseks toetama restruktureerimist olulisel määral omavahenditest.
Therefore, in view of the significant restructuring measures undertaken and the progress made to date, the Commission considers that the restructuring plan will enable Adria to restore its long-term viability within a reasonable timescale.
See võib tähendada äriühingu säilimise seisukohast ebaoluliste varade müüki või turutingimustel toimuvat välisfinantseerimist.
Avoidance of undue distortions of competition (compensatory measures)
Omapanus peab olema tegelik, välistades kogu tulevase oodatava kasumi, nagu näiteks rahavoog (päästmise ja restruktureerimise suuniste punkt 43).
According to point 38 of the R&R Guidelines, compensatory measures must be taken in order to ensure that the adverse effects on trading conditions are minimised as much as possible.
Mõistagi ei tohi omapanus sisaldada täiendavat riigiabi.
These measures may comprise divestment of assets, reductions in capacity or market presence and reduction of entry barriers on the markets concerned (point 39 of the R&R Guidelines).
Suurettevõtjate puhul peab komisjon tavaliselt asjakohaseks panust, mis moodustab vähemalt 50 % restruktureerimiskuludest.
In this regard, closure of loss-making activities which would at any rate be necessary to restore viability will not be considered as a reduction of capacity or market presence for the purpose of the assessment of the compensatory measures (point 40 of the R&R Guidelines).
Erakorraliste asjaolude ja eriliste raskuste korral võib komisjon siiski nõustuda väiksema panusega (päästmise ja restruktureerimise suuniste punkt 44).
Slovenia proposes the following compensatory measures for Adria: (a) […] scheduled routes; (b) surrender of slots at several airports, including coordinated airports; (c) reduction of fleet; and (d) the sale of AAT.
Adria kavandatav omapanus on […] eurot, st ligikaudu [50–54] % restruktureerimise kogukuludest, mida on kokku […] eurot.
Slovenia has provided evidence which demonstrates that the routes cancelled under the restructuring plan were profitable on the basis of the C1 contribution margin, following the Commission's practice in previous cases [46].
Omapanus jaguneb restruktureerimiskava kohaselt järgmiselt:
Indeed, the C1 contribution margin takes account of flight, passenger and distribution costs (i.e. variable costs) attributable to each individual route.
Kogu AAT müügist saadav tulu [14,7 miljonit eurot].
Therefore, all routes which have a positive C1 contribution generate sufficient revenues to not only cover the variable costs of a route but also to contribute to the fixed costs of the company.
Kogu tulu, mis saadakse võla vahetamisest omakapitali vastu pankade poolt 4. meetme raames (19,7 miljonit eurot).
From the Commission's point of view, the C1 contribution margin appears to be the appropriate figure for assessing whether a particular route contributes to the profitability of the airline.
Põhjenduse 154 punkti a kohta arvab komisjon, et kõnealused meetmed on vastuvõetavad ning sobivad omapanuseks.
As regards capacity, the restructuring plan provides that the total capacity of the company was […] ASK in 2011, while at the end of the restructuring period in 2015, Adria's capacity is expected to be around […] ASK, i.e. a reduction of approximately [11-14] %.
Suurem osa varast on ka tegelikult müüdud ning müügitulu sobib seega omapanuseks.
When routes with a negative C1 contribution are excluded, this figure goes down to [6-8] %.
Lisaks on Sloveenia esitanud tõendid, mis näitavad, et ülejäänud osa varast on praegu müümisel ning selle väärtus on kindlaks määratud välishindamiste alusel, sh AVACi hindamine õhusõidukite puhul (vt põhjendus 97).
The Commission moreover observes that as a result of the alterations to the route network, Adria has released several airport slots, some of which are coordinated [47] airports like for instance Dublin and Copenhagen.
Põhjenduse 154 punkti b suhtes võib põhjendatult arvata, et AAT müügist saadud tulu võib lugeda omapanuse hulka, võttes arvesse komisjoni järeldust põhjenduses 118, et 5. meede ei hõlma riigiabi.
These slots allow competing airlines to operate certain routes and to increase their capacity.
Põhjenduse 154 punktis c osutatud võla omakapitali vastu vahetamise kohta arvab Sloveenia, et omapanuse hulka tuleks arvata kogu tulu, mis saadakse võla vahetamisest omakapitali vastu, mida pangad tegid 4. meetme raames.
Finally, as regards the reduction of fleet, the Commission notes that Adria has reduced its fleet from […] aircraft in 2011 to […] aircraft, which according to the restructuring plan should remain unchanged until the end of the restructuring period in 2015.
Komisjon on seisukohal, et tagamata võla konverteerimine ei näitaks tavajuhul turu usaldust ettevõtja vastu, kuna tagatiseta võlausaldajad ei võta uusi riske, mis sõltuvad restruktureerimiskava eluviimisest.
In relation to the sale of AAT, the Commission considers that this measure is acceptable as a compensatory measure, in particular bearing in mind the conclusion reached in recital 118 that it does not entail State aid.
Adria puhul on Sloveenia aga näidanud, et omakapitali vastu vahetatud võlg oli suurel määral – 19,7 miljonist euro suurusest koguvõlast [10–20] miljonit eurot – täielikult tagatud (vt põhjendus 97).
When assessing whether the compensatory measures are appropriate, the Commission will take account of the market structure and the conditions of competition to ensure that any such measure does not lead to deterioration in the structure of the market (point 39 of the R&R Guidelines).
Kui Adria oleks likvideeritud, oleks pangad seega täielikult tagatud summa tagasi saanud.
The compensatory measures must be in proportion to the distortive effects of the aid and, in particular, to the size and the relative importance of the firm on its market or markets.
Siit järeldub, et pangad loobusid täielikult tagatisega kaetud nõudest ning asendasid selle samas väärtuses Adria omakapitaliga.
The degree of reduction must be established on a case-by-case basis (point 40 of the R&R Guidelines).
Seega võtsid pangad võlga omakapitali vastu vahetades uue riski vähemalt [10–20] miljoni euro väärtuses, kuna nad ei saanud olla kindlad, et nende investeering Adriasse toob tulu.
The Commission first notes that Adria has a market share of the entire Union airline industry's productive capacity and output (in terms of passengers) of only 0,15 % (1,17 million passengers in 2011).
Sellest lähtudes järeldab komisjon, et täielikult tagatud laenude (st [10–20] miljonit eurot) puhul on võla vahetamine omakapitali vastu omapanusena aktsepteeritav.
For a small carrier like Adria, further fleet and capacity reductions might have a negative effect on its viability, without providing any meaningful market opportunities for competitors.
Eespool toodut arvesse võttes oleks Adria omapanus […] eurot ehk restruktureerimiskuludest [46–48] %.
As to the most important part of the compensatory measures, the capacity reduction, the Commission considers a reduction on profitable routes of approximately [6-8] % between 2011 and 2015 to be sufficient, in particular when compared to other airline restructuring cases [48].
Adria-taolise suurettevõtja puhul peaks omapanus olema üldjuhul 50 %.
This capacity reduction on profitable routes is higher than in the Air Malta case.
Päästmise ja restruktureerimise suuniste punkti 56 kohaselt võib komisjoni siiski suhtuda omapanuse määra leebemalt, kui tegemist on abi saava piirkonnaga, mida Sloveenia meetmete rakendamise ajal oli (vt põhjendus 150).
Moreover, the overall capacity reduction of [11-14] % is similar to the 15 % reduction accepted in the Austrian Airlines case [49].
Varasemate juhtumite puhul (nt Air Malta) on komisjon pidanud vastuvõetavaks ligikaudu 45 % omapanuse määra.
Finally, the Commission observes that Slovenia is an assisted area for regional investment aid purposes under Article 107(3)(a) TFEU [50].
Seega leiab komisjon, et suuniste punktis 43 sätestatud nõuded on täidetud.
According to point 56 of the R&R Guidelines, ‘the conditions for authorising aid [in assisted areas] may be less stringent as regards the implementation of compensatory measures and the size of the beneficiary's contribution.
Ühekordse abi põhimõte
If needs of regional development justify it, in cases in which a reduction of capacity or market presence appear to be the most appropriate measure to avoid undue distortions of competition, the required reduction will be smaller in assisted areas than in non-assisted areas’.
Päästmise ja restruktureerimise suuniste punktis 72 on sätestatud, et ettevõtja, mis on viimase kümne aasta jooksul saanud päästmis- ja restruktureerimisabi, ei ole uue abi saamiseks rahastamiskõlblik (ühekordse abi põhimõte).
Against this background, the Commission considers the compensatory measures proposed by Slovenia to be sufficient and proportionate under the R&R Guidelines in order to ensure that the adverse effects on trading conditions resulting from the granting of restructuring aid to Adria are minimised as much as possible.
Kuna 1., 2., 3. ja 5. meede ei hõlma riigiabi ja kuna näib, et Adria ei ole saanud viimase 10 aasta jooksul päästmis- ega restruktureerimisabi, järeldab komisjon, et 4. meetme puhul on ühekordse abi põhimõtet järgitud.
Aid limited to the minimum (own contribution)
Järeldus 4. meetme kohta
According to point 43 of the R&R Guidelines, in order to limit the amount of aid to the strict minimum of the restructuring costs necessary, a significant contribution to the restructuring from the beneficiary's own resources is necessary.
Eespool toodut arvesse võttes leiab komisjon, et Sloveenia toetas 2011. aastal Adriat ebaseaduslikult kapitalisüstiga, rikkudes seega Euroopa Liidu toimimise lepingu artikli 108 lõiget 3.
This can include the sale of assets that are not essential to the firm's survival, or external financing at market conditions.
Komisjon leiab siiski, et kõnealune meede ja restruktureerimiskava vastavad päästmise ja restruktureerimise suunistega ette nähtud tingimustele.
The own contribution must be real, i.e. actual, excluding all future profits such as cash flow (point 43 of the R&R Guidelines).
Komisjon leiab seega, et abi on kokkusobiv siseturuga,
Inherently, the own contribution must not include any further State aid.
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
For large firms, the Commission usually considers a contribution of at least 50 % of the restructuring costs to be appropriate.
Artikkel 1
However, in exceptional circumstances and in cases of particular hardship, the Commission may accept a lower contribution (point 44 of the R&R Guidelines).
Ettevõtja Adria Airways d.d. kapitali suurendamise meetmed aastatel 2007, 2009 ja 2010, mida Sloveenia Vabariik Adria Airways d.d. kasuks rakendas, ei kujuta endast riigiabi Euroopa Liidu toimimise lepingu artikli 107 lõike 1 tähenduses.
In view of total restructuring costs of EUR […], the proposed own contribution of Adria is composed of EUR […], i.e. approximately [50-54] % of the total restructuring costs.
Ettevõtja Adria Airways Tehnika d.d. omandamine ettevõtjate PDP ja Aerodrom Ljubljana d.d. poolt aastatel 2010 ja 2011 ei kujuta endast riigiabi Euroopa Liidu toimimise lepingu artikli 107 lõike 1 tähenduses.
The own contribution breaks down as follows in accordance with the restructuring plan:
Artikkel 2
the totality of the sale of AAT (i.e. EUR 14,7 million);
Ettevõtja Adria Airways d.d. kapitali suurendamine 50 miljoni euro võrra, mida Sloveenia Vabariik tegi 2011. aastal, kujutab endast riigiabi Euroopa Liidu toimimise lepingu artikli 107 lõike 1 tähenduses.
the totality of the debt-to-equity conversion carried out by the banks under measure 4 (EUR 19,7 million).
Kõnealune riigiabi on siseturuga kokkusobiv Euroopa Liidu toimimise lepingu artikli 107 lõike 3 punkti c alusel.
As regards point (a) of recital 154, the Commission considers that these measures are acceptable and appear justified as own contribution.
Artikkel 3
Most of the assets have actually been sold and therefore the proceedings resulting for the sale clearly can be counted as own contribution.
Käesolev otsus on adresseeritud Sloveenia Vabariigile.
In addition, Slovenia has provided evidence that the rests of assets are currently in the process of being sold and their value has been determined in accordance with external valuations, including the AVAC valuation in the case of aircraft (see recital 97).
Brüssel, 9. juuli 2014
In relation to point (b) of recital 154, since the Commission has concluded in recital 118 that measure 5 does not entail State aid, it appears reasonable to consider that the proceeds from the sale of AAT should be considered as an element of own contribution.
Komisjoni nimel
Finally, as regards the debt-to-equity conversion referred to in point (c) of recital 154), Slovenia considers that the totality of the debt-to-equity conversion carried out by the banks under measure 4 should count as own contribution.
Joaquín Almunia
In this respect, the Commission is of the view that the conversion of unsecured debt would normally not demonstrate the confidence of the market into the company, as the unsecured creditors do not assume new risks related to the implementation of the restructuring plan.
Riigiabi – Sloveenia – Riigiabi SA.32715 (2012/C) (ex 2012/NN) – Väidetav abi ettevõtjale Adria Airways – Kutse märkuste esitamiseks vastavalt ELi toimimise lepingu artikli 108 lõikele 2 (ELT C 69, 8.3.2013, lk 53).
However, in Adria's case, Slovenia has shown that the debt converted into equity was fully collateralised to a significant extent, i.e. EUR [10-20] million out of the total of EUR 19,7 million (see recital 97).
(edaspidi „KAD”), Slovenska Odskodninska družba d.d.
Thus, had Adria been liquidated, the banks would have been able to recover the fully-collateralised amount.
(edaspidi „SOD”) ja Družba za svetovanje in upravljanje d.o.o.
It follows that the banks gave up a fully-collateralised claim, which they would have been able to fully recover, and replaced it with equity of Adria of equal value.
(edaspidi „DSU”).
Therefore, the banks assumed new risk by converting the debt into equity for at least EUR [10-20] million, since they have no certainty that their investment in Adria will be profitable.
Vt joonealune märkus 1.
On this basis, the Commission considers that the debt-to-equity conversion of the fully-collateralised loans, i.e. EUR [10-20] million, is acceptable as own contribution.
Aerodrom Ljubljana d.d.
Taking the above into account, the level of own contribution of Adria would reach EUR […] or [46-48] % of the restructuring costs.
2013. aasta aruanne, vt http://www.lju-airport.si/pripone/1966/Letno%20porocilo%20AL%202013%20ang.pdf.
However, according to point 56 of the R&R Guidelines, the Commission may be less stringent as regards the size of the own contribution in assisted areas, as was the case for Slovenia at the time the measures were provided (see recital 150).
31. detsembri 2010. aasta seisuga omas Sloveenia (otseselt või kaudselt) 48,8 % NLBst.
In previous cases like Air Malta, the Commission has accepted a level of own contribution around 45 %.
Pärast NLB päästmiseks tehtud rekapitaliseerimist, mis kiideti heaks komisjoni 7. märtsi 2011. aasta otsusega (SA.32261), kuulus Sloveeniale (otseselt või kaudselt) ligikaudu 55,7 % NLBst.
Therefore, the Commission considers that requirements of point 43 of the R&R Guidelines have been fulfilled.
Vt http://www.sdh.si/sl-si/Novica/294.
The ‘one time, last time’ principle
NFD 1 delniški investicijski sklad d.d. on NFD Holdingu tütarettevõtja, millest NFD Holding omab 48,5 % (vt joonealune märkus allpool).
Finally, the aid must respect point 72 of the R&R Guidelines, which provides that a company that has received rescue and restructuring aid in the past 10 years is not eligible for rescue or restructuring aid (the ‘one time, last time’ principle).
Ülejäänud omanikud on peamiselt eraettevõtjad – vt aastaaruanne (ainult sloveeni keeles) aadressil http://www.nfd.si/dokumenti?lang=en.
Conclusion as regards measure 4
See näib olevat eraomandis – vt aastaaruanne (ainult sloveeni keeles) aadressil http://www.nfdholding.si/dokumenti.php.
In view of the above, the Commission finds that Slovenia unlawfully implemented in 2011 a capital injection in favour of Adria, in breach of Article 108(3) of the Treaty on the Functioning of the European Union.
Infond d.o.o. on Sloveenia ettevõtja, mis haldab investeerimisfonde.
However, the Commission considers that the measure and the restructuring plan meet the conditions required by the R&R Guidelines.
Sellest 72 % kuulub Nova KMB-le, pangale, millest Sloveenia omas kõnealusel ajal 42,3 %, 4,8 % KADile ja 4,8 % SODile.
The Commission hence considers the aid compatible with the internal market,
Vt http://www.nkbm.si/financial-reports-and-documents.
HAS ADOPTED THIS DECISION:
Ärisaladus.
Article 1
Sloveenia riigi omanduses olev fond.
The capital increases of Adria Airways d.d. in 2007, 2009 and 2010, which the Republic of Slovenia has implemented for Adria Airways d.d., do not constitute aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Teadaoleva põhjal saab järeldada, et mingil ajahetkel enne kapitali suurendamist 2007. aastal omandas NLB NFD 1 delniški investicijski sklad d.d. ja NFD Holding d.d. osaluse.
The acquisition of Adria Airways Tehnika d.d. by PDP and Aerodrom Ljubljana d.d. in 2010 and 2011 does not constitute aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Kohtuasi C-482/99: Prantsusmaa vs. komisjon (Stardust Marine), EKL 2002, lk I-4397.
Article 2
Vt kohtuasjad T-358/94: Compagnie nationale Air France vs. komisjon, EKL 1996, lk II-2109, punktid 148–149, ja T-296/97: Alitalia – Linee aeree italiane SpA vs. komisjon, EKL 2000, lk II-3871, punkt 81.
The capital injection of EUR 50 million in favour of Adria Airways d.d. which the Republic of Slovenia implemented in 2011 constitutes aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
ELT C 244, 1.10.2004, lk 2.
That aid is compatible with the internal market within the meaning of Article 107(3)(c) of the Treaty on the Functioning of the European Union.
Vt sellega seoses EFTA kohtuotsus liidetud kohtuasjades E-10/11 ja E-11/11: Hurtigruten ASA, Norra vs. EFTA järelevalveamet, avaldamata, punktid 228 ja 234–240.