natgillin/translations-raw huggingface dataset:
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 23 and 24 above.
Seoses CITI aruandes esitatud sisemise tulumäära analüüsi tundlikkustestide puudumisega (vt punkt 35) ning komisjoni esialgse murega ebasoodsamate stsenaariumide võimaliku mõju pärast, on Taani ja Rootsi esitanud menetluse algatamise otsust käsitlevates märkustes komisjonile lisateavet korraldatud tundlikkusanalüüsi ulatuse kohta.
In principle, the Commission 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.
Turu usalduse säilitamiseks peeti siiski vajalikuks likviidsuse kaitsemehhanismi ning leiti, et laenulimiit on selliste varuvahendite jaoks jätkuvalt kõige realistlikum võimalus.
In the course of the formal investigation, Denmark, Sweden 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.
Seepärast märgib komisjon ära plaani 4XNG käsitlevad järjestikused finantsülevaated (sh plaani laiaulatuslik analüüs ja mitmesuguste iteratsioonide testimine).
The Commission 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.
Komisjon märgib ära ka asjaomaste riikide nõudmised vähendada rakendamisega seotud riske ning viia konsolideeritud ümberkorralduskava enne uues laenulimiidis osalemist ellu.
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.
Niisugused meetmed näivad olevat kooskõlas aruka turutingimustes tegutseva erainvestori meetmetega.
Notwithstanding these considerations, the Commission remains unconvinced that the participation of the States in the new RCF was made on pari passu terms with the lending banks, taking into account that the States' participation resulted in the banks reducing their overall RCF exposure to SAS by approximately 50 %, whereas at the same time the States increased their exposure to SAS.
Olenemata sellest on vaja siiski kaaluda, kas uue laenulimiidi tingimused olid või ei olnud kooskõlas tingimustega, millega asjaomaste riikidega samal positsioonil olev (st ettevõtte olemasolevate aktsionäridena) turutingimustes tegutsev erainvestor oleks nõustunud.
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.
Taani, Rootsi ja SAS Group on selgitanud, et lennundussektorile on iseloomulik vajadus säilitada kõrgetasemeline finantsvalmidus, mis aitab hoida klientide ja aktsionäride usku ettevõtte suutlikkusse tegevust jätkata.
Irrespective of the pari passu assessment, the Commission has also examined whether or not the States' participation in the new RCF could be considered rational from a shareholder perspective and would fulfil the MEI test outside of the pari passu line of reasoning.
Näib, et uue laenulimiidi tingimuste ühine eesmärk oli maandada peamisi tuvastatud kommertsriske.
Assessment of the States' participation in the new RCF under the MEI test
Nagu punktis 84 märgitud, tuli näiteks uue laenulimiidi rakendamise peamise eeltingimusena sõlmida lennumeeskondadega uued kollektiivlepingud.
The question to be addressed is whether or not a private investor in the same position as the States, i.e. as existing shareholders in SAS and facing a similar set of circumstances as the States in 2012, would have entered into the new RCF on similar terms and conditions [35].
Lisaks eelnevatele tähelepanekutele on komisjonile laekunud lisateave uue laenulimiidi aluseks oleva tagatise adekvaatsuse kohta.
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.
2012. aasta mai kuupäevaga aruandes esitas […] sõltumatu hinnangu Widerøe ja teatavate materiaalsete varade (sh varumootorid, asjaomane õhusõiduk, mitmed väiksemad kinnistud ja mõned seadmed) kohta, mida hiljem kasutati uue laenulimiidi tagatiseks.
According to Denmark and Sweden, 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.
Kuigi tähelepanu keskmes oli Widerøe kui tagatiste paketi kõige olulisem vara ning muude varade hindamine põhines piiratumal teabel, näitas üldine hinnang, et varade koguväärtus on ligikaudu [1–4] –[3–6] miljardit Rootsi krooni.
While the Commission expressed some reservations in its opening decision regarding the scope of the report prepared by CITI, Denmark and Sweden have clarified that their 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.
Tagatisvarade hinnanguline koguväärtus ületas seega instrumendi A mahu.
The financial advisers were tasked, inter alia, with providing a critical analysis of the 4XNG plan and the new RCF and of relevant sensitivities and vulnerabilities in that regard.
Taani ja Rootsi sõnul peeti seda uue laenulimiidi kreeditoride jaoks piisavaks kinnituseks, sest nagu eelnevalt nimetatud, peeti tõenäosust, et SAS kunagi instrumenti B kasutab, väga väikeseks.
This analysis was conducted over successive reports with reference to the historical performance of SAS and to other industry benchmarks.
Uue laenulimiidiga seotud tegelikke finantsriske leevendasid ka tingimused kohustuslike ettemaksete kohta ja/või uuest laenulimiidist tulenevate kohustuste tühistamise kohta, kui SAS müüb teatavad varad või seob end muude rahastamisvõimalustega.
The advisers issued a range of recommendations regarding risk-mitigating strategies for both the 4XNG plan and the new RCF.
Niisugused ettemakse- ja tühistamistingimused vähendasid võimalikku aja jooksul tekkivat kahju.
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.
Widerøe müügi tagajärjel ja vastavalt kokkuleppele, mis 2013. aasta septembris (vt punkt 31) toimunud müügi tulemusena jõustus, vähendati uue laenulimiidi mahtu 3,5 miljardilt Rootsi kroonilt 2 miljardile kroonile.
This risk assessment resulted, inter alia, in the following considerations:
Komisjon tunnistab ka vajadust kaaluda, kas asjaomaste riikidega sarnastes turutingimustes (st SASi olemasoleva aktsionärina) tegutsenud samaväärne erainvestor oleks võinud pakkuda abisaajale asjaomast meedet.
Cost-savings targets
Seepärast on kasulik kaaluda ka pakutava meetme puudumisel tekkivaid võimalikke võrdlusolukordi.
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. (increased from the original target of SEK [1-4] billion p.a.).
Lisaks kaaluti edasisest võimalikust kapitalikasumist loobumise väljavaadet, kui plaani 4XNG rakendamine õnnestub.
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.
Võrdluseks leiavad Taani ja Rootsi oma märkustes, et kui SAS jätnuks uue laenulimiidi raames oma kohustused täitmata, oleks asjaomaste riikide ühisosalusest ja laenulimiiti tehtud sissemaksetest tulenev võimalik kogukahju olnud kõige äärmuslikumal juhul ligikaudu [1000–3000] miljonit Rootsi krooni [39].
This resulted in direct cost savings of just under SEK [0-3] billion p.a.
Seega näib, et SASi pankroti korral oleks asjaomaste riikide uues laenulimiidis osalemisega kaasnev võimalik lisakahju, (st ligikaudu 447,5 miljonit Rootsi krooni Taani ja Rootsi illustratiivse näite alusel) suhteliselt piiratud, võrreldes kahjuga, mis oleks asjaomaste riikide osalusega seoses sellegipoolest tekkinud.
[…] which, at the request of the States, had to be successfully executed before the new RCF could enter into effect.
Näib, et asjaomaste riikide negatiivses (pankroti) stsenaariumis ilmneva suhteliselt piiratud muutuse võrdlemine võimaliku kasuga, mida plaani 4XNG edukas elluviimine neile riikidele toob, toetab veelgi asjaomaste riikide otsust uues laenulimiidis osaleda.
Disposals
Kõige optimistlikuma põhistsenaariumi korral on asjaomaste riikide potentsiaalne kapitalikasum CITI aruande hinnangul kokku [7000–12000] miljonit Rootsi krooni.
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 [36].
Kuigi komisjon väljendas oma menetluse algatamise otsuses selliste kasvuprognooside optimistlikkuse suhtes mõningast kahtlust, tunnistas ta võimalust, et isegi kõige konservatiivsemates tingimustes võis võimalik kapitalikasum positiivse stsenaariumi korral siiski oluliselt ületada negatiivse stsenaariumi võimalikku kahjumit.
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.
Seepärast tunnustab komisjon nimetatud riski ja tasuvuse hinnangut ning plaani 4XNG ulatuslikku läbivaatamist ja testimist, alustagatise täiendavat kinnitamist, [40] tühistamis- ja ettemaksutingimusi, mis vähendasid võimalikku aja jooksul tekkivat kahju [41] ja mitmeid muid uue laenulimiidi tingimustesse lisatud riskimaandamismeetmeid [42].
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.
Eelnevat arvesse võttes näib, et asjaomaste riikide otsus uues laenulimiidis osaleda on kooskõlas eraettevõtja tegevusega, mille eesmärk on teenida turutingimustele vastavat tulu, võttes arvesse ettevõtte tolleaegset konkreetset olukorda.
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.
Eelnevat arvesse võttes järeldab komisjon, et Taani ja Rootsi osalemine uues automaatlaenu võimaldavas laenulimiidis ei ole riigiabi ELi toimimise lepingu artikli 107 lõike 1 tähenduses.
These assumptions were therefore not considered to pose a significant downside risk to the execution of the 4XNG plan.
Komisjon märgib, et Taani ja Rootsi nõustusid käesoleva otsuse vastu võtma ja tegema selle teatavaks inglise keeles,
In relation to the Commission'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 Denmark, Sweden and the SAS Group during the formal investigation indicates that these estimates took particular account of the main markets in which SAS is active.
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
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.
Artikkel 1
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.
Scandinavian Airlinesi rahastamine uue korduvkasutusega laenulimiidi kaudu, mida Taani Kuningriik ja Rootsi Kuningriik rakendasid 2012. aasta detsembris, ei ole abi Euroopa Liidu toimimise lepingu artikli 107 lõike 1 tähenduses.
As regards the lack of sensitivity testing on the IRR analysis presented in the CITI report (see paragraph 35 above), as well as the Commission's initial concerns regarding the potential impact of less optimistic scenarios, the Commission has received additional information from Denmark and Sweden in their submissions on the opening decision concerning the extent of sensitivity analysis undertaken.
Artikkel 2
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.
Käesolev otsus on adresseeritud Taani Kuningriigile ja Rootsi Kuningriigile.
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.
Brüssel, 9. juuli 2014
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.
Komisjoni nimel
The Commission thus notes the successive financial reviews conducted on the 4XNG plan (including extensive analysis and testing of various iterations of the plan).
Joaquín Almunia
Such actions would appear to be in accordance with those of a prudent private market investor.
Vt joonealune märkus 1.
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.
FAM on Knut ja Alice Wallenbergi fondi varade haldamise eest vastutav ettevõte.
Denmark, Sweden 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.
Pakutav istekohtkilomeeter (ASK) on ühik, millega mõõdetakse lennuettevõtja reisijateveo kapatsiteeti lennu puhul.
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.
See võrdub pakutavate istekohtade arvu ja lennatud kilomeetrite arvu korrutisega.
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.
Allikas:
Indeed, it appears that the terms and conditions of the new RCF were collectively aimed at mitigating the main commercial risks identified.
http://www.airlineleader.com/regional-focus/nordic-region-heats-up-as-all-major-players-overhaul-their-strategies.
For example, as noted in paragraph 84 above, a key condition precedent to the implementation of the new RCF was the successful execution of new collective agreements with flight crews.
Vt joonealune märkus 12 ja punkt 31, milles käsitletakse Widerøe aktsiate müüki 80 % ulatuses.
Furthermore, the drawdown conditions applicable to Facility B appeared to render it very unlikely that it could have been drawn before March 2015 [37].
http://www.sasgroup.net/SASGroup/default.asp.
In addition to the above observations, the Commission has received additional information concerning the adequacy of the underlying collateral for the new RCF.
ajavahemikku 2008–2012 käsitlevad SASi aastaaruanded, mis on kättesaadavad aadressil http://www.sasgroup.net/SASGroup/default.asp.
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.
Ärisaladus.
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.
2009. ja 2010. aastal toimunud märkimisõiguste emissioone käsitleti komisjoni otsuses menetluse SA.29785 kohta (kättesaadav aadressil http://ec.europa.eu/competition/state_aid/cases/249053/249053_1461974_61_2.pdf), mille puhul jõudis komisjon järeldusele, et märkimisõiguste emissioonid ei hõlmanud riigiabi.
The total estimated value of the assets subject to security thus exceeded the size of Facility A. According to Denmark and Sweden, this was considered sufficient comfort for the new RCF lenders since, as noted above, the likelihood that SAS would ever draw on Facility B was considered negligible.
Vt SASi tegevjuhi sõnu, mida Reuters 12. novembril 2012 tsiteeris:
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.
„This truly is our” final call' if there is to be a SAS in the future, „said Chief Executive after launching a new rescue plan for the airline which has not made a full-year profit since 2007” ( „See on tõepoolest meie viimane võimalus SASi tegevust jätkata,” ütles tegevjuht pärast lennuettevõtja […] — mis ei ole alates aastast 2007 aastakasumit teeninud — uue päästeplaani käimalükkamist), kättesaadav aadressil http://www.reuters.com/article/2012/11/12/uk-sas-idUSLNE8AB01O20121112.
Such prepayment and cancellation provisions had the effect of reducing the potential loss over time.
Vt ka artikkel „SAS tops European airline critical list” ( „SAS on üks kõige suuremates raskustes olevaid Euroopa lennuettevõtjaid”), Financial Times, 13. november 2012, kättesaadav aadressil http://www.ft.com/intl/cms/s/0/fa1cbd88-2d87-11e2-9988-00144feabdc0.html#axzz2TSY5JHUh.
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 31 above), the overall size of the new RCF was reduced from SEK 3,5 billion to SEK 2 billion.
Vt näiteks Reuters, 18. november 2012 (http://www.reuters.com/article/2012/11/19/sas-idUSL5E8MI6IY20121119) ja Financial Times, 19. november 2012 (http://www.ft.com/intl/cms/s/0/43e37eba-322f-11e2-b891-00144feabdc0.html#axzz2TSY5JHUh).
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.
Taani ja Rootsi ametiasutuste esitatud teabe kohaselt eemaldati kavandatud võõrandamise lõppnimekirjast […] müük — millele osutatakse menetluse algatamise otsuses –, võttes arvesse müügi ajastuse ja tuluteenimisega seotud suurt ebakindlust.
Furthermore, the Commission recognises the need to consider whether a comparable private investor, facing similar market circumstances to the States (i.e. as existing shareholders in SAS), could have been prompted to provide the measure in question to the beneficiary.
20. mail 2013 teatas SAS, et oli sõlminud kokkuleppe müüa investorite grupile 80 % oma Widerøe aktsiatest.
To this end, it is also useful to consider possible counterfactual situations arising in the absence of the measure being provided.
SAS on müünud 10 % oma maapealse teeninduse ettevõtte osalusest Swissportile.
In this respect, Denmark, Sweden and the SAS Group claim in their submissions on the opening decision that bankruptcy would have been likely if the new RCF had not been made available in 2012.
See on mõjutanud likviidsust ligikaudu 1,7 miljardi Rootsi krooni ulatuses.
According to Denmark and Sweden, this would have corresponded to a combined loss of SEK 1044 million for the States, i.e. the value of their aggregate shareholding.
Meetmed on suurel määral ellu viidud ja nendega hoitakse kokku ligikaudu 1 miljardit Rootsi krooni.
A further consideration also related to the prospect of forgoing future possible capital gains if the 4XNG plan was successfully implemented.
[…], üks eelmise laenulimiidi raames laenu andnud pankadest andis teada, et ei ole valmis uues laenulimiidis osalema.
By comparison, Denmark and Sweden estimate in their submissions that if SAS defaulted on the new RCF, the possible combined loss resulting from the States' collective shareholding and their RCF contributions would, in the most extreme scenario, have been in the region of SEK [1000-3000] million [39].
Selle tagajärjel suurendasid […] ja […] proportsionaalselt oma osa uues laenulimiidis.
Consequently, in the event of bankruptcy of SAS, the possible additional loss associated with the States' participation in the new RCF (i.e. approximately SEK 447,5 million based on Denmark and Sweden's illustrative example) appears relatively contained compared to the loss which would have nonetheless accrued in respect of the States' shareholding.
Vt joonealune märkus 34.
Comparing this relatively limited incremental change in the States' downside (bankruptcy) scenario to the potential upside for the States from a successful execution of the 4XNG plan, appears to provide further support for the States' decision to participate in the new RCF.
Vt http://www.reuters.com/finance/stocks/SAS.ST/key-developments/article/2662973.
In the most optimistic ‘base case’ scenario, the CITI report estimated potential capital gains for the States of SEK [7000-12000] million in total.
31. oktoobril 2013 vähendati instrumendiga A seotud kulukohustusi 0,8 miljardilt Rootsi kroonilt 0,6 miljardile kroonile, sest SAS müüs osaluse ettevõttes SAS Ground Handling Swissportile.
However, while the Commission expressed some reservations in its opening decision regarding the optimistic nature of such growth projections, it recognises the possibility that, even under more conservative scenarios, the potential capital gains in the upside scenario may still have notably exceeded the potential losses in the downside scenario.
ELT C 244, 1.10.2004, lk 2.
The Commission thus notes the above risk-reward assessment, as well as the extensive review and testing of the 4XNG plan, the additional verifications provided on the underlying collateral [40], the cancellation and prepayment provisions which reduced the potential loss over time [41] and the various other risk-mitigating measures incorporated within the terms of the new RCF [42].
Alternatiivne võimalus oleks lasta eelmisel laenulimiidil lihtsalt 20. juunil 2013 kehtetuks muutuda, samal ajal takistades asjaomasel ajavahemikul instrumendi kasutamist seni, kuni SAS ei täida krediidi väljavõtmise tingimusi.
Taking the above into account, the States' decision to participate in the new RCF would appear consistent with the actions of a private operator acting with a view to obtaining a normal market return given the company's specific situation at that time.
Taani ja Rootsi ametiasutused esitasid teabe, mis käsitles mõne panga muid SASiga seotud riske kahepoolsete instrumentide, mitmesuguste riskimaandamismeetmete, krediitkaartide, õhusõidukite rahastamisvahendite, arvelduskrediitide ja kinnisvaratehingute vormis.
Further to the above, the Commission concludes that the States, in their position as existing shareholders in SAS, were guided by reasonable and realistic prospects of profitability when they decided to participate in the new RCF together with KAW and the lending banks during the period December 2012 — March 2014.
Taani ja Rootsi ametiasutuste väitel ei olnud pankadel mingeid SASiga seotud olulisi tagamata riske (v.a võimalik erand […], mis oli seotud krediitkaardimaksetega).