natgillin/translations-raw huggingface dataset:
Even excluding the two independent directors, the majority of directors (10) were appointed either with the Region's approval (7) or on the proposal of entities under the Region's exclusive control (3).
Seega, lähtudes vahemiku 8,7 % ja 9 % keskmisest diskontomäärast 8,85 %, järeldab komisjon, et nüüdispuhasväärtus oli positiivne ja selle suurus oli 19,5 miljonit eurot.
The three criteria laid down by the Transparency Directive were therefore met at the time when the 2010 amendment was concluded.
Tabel 22
However, these criteria only allow the dominant influence of the public authorities to be presumed.
2001. aasta meetme nüüdispuhasväärtus (NPV)
As indicated by Article 2 of the Transparency Directive, the rules in force should also be examined to determine whether the public authorities had a dominant influence.
Diskontomäär on 8,85 %
With regard to the rules in force determining whether the public authorities had a dominant influence:
Nüüdispuhasväärtus
Article 4.2.3 of the June 2009 shareholders' agreement between SOWAER, Sogepa, Sambrinvest and Igretec, on the one hand, and Belgian Airports (Save), on the other hand, as reflected by Article 16 of BSCA's Articles of Association in force at the time when the 2010 amendment was concluded, stipulates that category C directors, appointed on the proposal of Belgian Airports, have a right of veto over certain categories of decision:
NPV positiivne väärtus ning positiivsed maksed kõikidel aastatel näitavad, et võis eeldada, et 2001. aasta lepingud suurendavad piirkonna-SOWAERi-BSCA kasumlikkust.
‘… Decisions shall be taken by the Board of Directors by a simple majority of votes, except for decisions concerning the following matters, which shall also require the agreement of all category C directors:
Seoses piirkonna kohustusega hüvitada Ryanairile kahjum, mida ettevõtja kandis otseselt seoses lennujaamatasude või lennujaama lahtiolekuaegade võimaliku muutumisega ajavahemikul 2001–2016, märgib komisjon, et see hüvitamine ei saanud olla suurem kui kõnealustest muudatustest otseselt Ryanairile tekkinud kahjum.
any amendment to the Business Plan;
Seega, kui piirkond maksaks Ryanairile selle sätte alusel hüvitist, ei oleks Ryanair soodsamas olukorras kui juhul, kui piirkond oleks järginud võetud kohustust.
the adoption of new business plans on the expiry of the Business Plan 2009-2012 and any amendment to such plans;
Selle sättega ei anta seega Ryanairile täiendavat eelist.
any decision deviating from the current business plan without formally amending it;
Lisaks sellele tuleb lennundussuuniste punkti 66 alusel vaadelda kõnealuseid lepinguid lähtuvalt üldisest strateegiast, mille eesmärk on tagada lennujaama kasumlikkus vähemalt pikaajalises perspektiivis.
the adoption of the Company's annual budget (particularly with regard to developments, investments, projects, studies, equipment, indirect and staff costs) and any amendment to the budget exceeding EUR 100000;
BSCA strateegia seisnes Charleroi lennujaama reisijate arvu suurendamises, et seeläbi suurendada lennujaama tulusid, katta paremini tekkivaid püsikulusid ja muutuda kasumlikuks.
the proposal to amend the dividend policy, to be submitted to the general meeting;
Selleks otsustas BSCA keskenduda lühikestele ja keskmise pikkusega otselendudele, eeskätt odavlendudele.
the approval of any contract or agreement between the Company and the Walloon Region or any company directly or indirectly controlled by the latter;
BSCA selline strateegia põhineb välisnõustajate 1990. aastate lõpus koostatud uuringutel.
the relationship between the Company and Ryanair;
Neist uuringutest mõnede põhjal [201] on Charleroi lennujaamal võrreldes teiste lennujaamadega teatud eelised, mis on eeskätt tingitud lennujaama madalatest kuludest.
the appointment and removal of the Chief Executive Officer;
BSCA 31. juuli 2001. aasta „strateegiliste suuniste märgukirja“ kohaselt oli BSCA eesmärk jõuda 2010. aasta paiku 2,5–3 miljoni reisijani, [202] mis märgukirjas toodud väite kohaselt „ei tundu võimatuna, võttes arvesse Ryanairi baasi kohalolekut ja lennuliikluse mahu suurenemist“.
any company decision concerning or involving facts stated in a complaint submitted by Belgian Airports to SOWAER in accordance with the Share Sale Agreement;
2001. aasta lepingud on seega seotud selle strateegiaga, mis hõlmas reisijate arvu ja tulude suurendamist.
any decision concerning the relationship between BSCA and BSCA Security in terms of security; and
Kuivõrd 2001. aasta lepingud vastavad turumajanduse tingimustes tegutseva eraettevõtja kriteeriumile, ei ole nende näol tegemist riigiabiga.
The Commission concludes that, at the time when the 2010 amendment was concluded, no major decision on the management of BSCA's affairs could have been taken without the approval of Belgian Airports.
Selleks et määrata kindlaks, kas 2004. aasta äriraamistikuga aidati eelanalüüsi põhjal kaasa meetme võtnud üksuse kasumlikkuse suurenemisele vastavalt lennundussuuniste punktile 63, määras komisjon kindlaks, kas 2004. aasta äriraamistiku nüüdispuhasväärtus (edaspidi „NPV“) oli üksuse piirkond-SOWAER-BSCA jaoks positiivne.
BSCA was therefore under the joint control of its private and public shareholders and, as a result, was not under the dominant influence of the public shareholders alone.
2004. aasta äriraamistiku vastuvõtmise alternatiivne stsenaarium hõlmab olukorda, kus Ryanairiga lepingut ei sõlmitud ning loobuti Ryanairi tegevusest tulenevast reisijate arvust tingitud lisatuludest ja -kuludest.
In this respect, it should be noted that Belgian Airports' right of veto covered the relationship between BSCA and Ryanair (see point (iv) of recital 495).
22. jaanuaril 2004, enne 2004. aasta ajutise äriraamistiku rakendamist, ajakohastas BSCA oma äriplaani.
Without the approval of Belgian Airports, BSCA was therefore unable to implement any instructions from the public authorities on the conclusion of the 2010 amendment.
Belgia väitel oli 22. jaanuari 2004. aasta äriplaan ette valmistatud, pidades silmas 2004. aasta otsust, selleks, et kinnitada Ryanairile tehtav uus ettepanek [203].
Moreover, an examination of the minutes of the Board of Directors' meetings on the conclusion of the 2010 amendment, particularly the minutes of the meetings of 25 February and 29 April 2010, does not reveal the existence of any such instructions.
Samas ei hõlmanud kõnealune äriplaan mitte üksnes Ryanairi tegevusest tingitud reisijate arvu suurenemisega kaasnevaid tulusid, vaid ka teiste lennuettevõtjate tegevusest tingitud reisijate arvu suurenemisega kaasnevaid tulusid.
During its meeting on 25 February 2010, BSCA's Board of Directors unanimously approved the proposed agreement with Ryanair.
Teiselt poolt hõlmas see üksnes BSCA tulusid ja kulusid, samas kui turumajanduse tingimustes tegutseva ettevõtja kriteeriumi kohaldamisel tuleb arvestada, et üksus, mis kehtestas Ryanairi suhtes 2004. aasta ajutise äriraamistiku, on piirkond-SOWAER-BSCA.
The Commission therefore concludes that BSCA's decision to conclude the 2010 amendment to the contract with Ryanair is not imputable to the State.
Otsused SOWAERI ja BSCA 2002. aasta lepingust tulenevate investeeringute ja 2003. aasta investeeringute kohta olid juba tehtud ja tööd olid alanud.
In order to determine whether a State measure constitutes aid, it is necessary to establish whether the recipient undertaking receives an economic advantage that it would not have obtained under normal market conditions [190].
Lisaks sellele, nagu on näidatud põhjenduses 533, oleks SOWAERi ja BSCA 2002. aasta lepingule lisatud investeerimiskava võetud vastu ka ilma Ryanairiga sõlmitud lepinguteta.
In order to determine whether (i) the 2001 agreements, (ii) the Ministerial Order of 11 June 2004 and the BSCA letter of 24 June 2004, (iii) the 2005 amendment and (iv) the sale by BSCA of its shares in Promocy have given an advantage to Ryanair, the Commission has examined whether, in adopting these measures, the entity having granted them acted as a market economy operator.
See kehtib ka 2003. aasta investeerimiskava läbivaatamise kohta, mis põhines samal lennujaama arendamisloogikal ja hõlmas võimaluse korral erinevate lennuettevõtjate kaasamist.
Determination of the entity having granted the measures
Komisjon ei pea seetõttu asjakohaseks seostada investeerimise lisakulusid 2004. aasta ajutise äriraamistikuga.
In paragraph 102 of its judgment of 17 December 2008 on the 2004 decision, the General Court concluded that ‘the Commission's refusal to examine together the advantages granted by the Walloon Region and by BSCA and to apply the private investor principle to the measures adopted by the Walloon Region in spite of the economic links binding those two entities is vitiated by an error in law’.
Neist eeldustest lähtudes määras komisjon kindlaks, et asjassepuutuvad rahavood analüüsimaks 2004. aasta äriraamistikuga seotud tulusust, on järgmised:
In order to apply the market economy operator test to (i) the 2001 agreements, (ii) the Ministerial Order of 11 June 2004 and the BSCA letter of 24 June 2004, (iii) the 2005 amendment and (iv) the sale by BSCA of its shares in Promocy, the Commission will therefore consider, given the economic and functional links between the Region/SOWAER and BSCA at the time when these measures were granted [191], that the entity having granted the measures is the group consisting of the Region, SOWAER and BSCA (hereinafter ‘Region-SOWAER-BSCA’).
Tabel 23
Consequently, the two 2001 contracts must be regarded as a single measure (hereinafter ‘the 2001 contracts’).
2004. aasta meetmest tingitud eeldatavad rahavood
Likewise, the Ministerial Order of 11 June 2004 and the BSCA letter of 24 June 2004 (hereinafter ‘the 2004 provisional commercial framework’) must be regarded as a single measure.
[0,05–0,15]
Furthermore, in order to apply the market economy operator test, the cash flows between the three entities will be ignored and their accounts will be consolidated.
Kaubanduslikud kontsessioonid
In order to determine whether the measures defined in Section 3.2 pass the market economy operator test, the Commission has examined, in accordance with point 53 of the aviation guidelines [192], if:
[5–9]
the price charged for the airport services corresponds to the market price; or
[14–20]
it can be demonstrated through an ex ante analysis that the agreements with Ryanair were intended to lead to a positive incremental profit contribution for the group consisting of the Region-SOWAER-BSCA.
[9,5–11,5]
Comparison of the prices charged for airport services at Charleroi with the market price
Turuletoomiskulud
The Commission has strong doubts that, at the present time, an appropriate benchmark can be identified to establish a true ‘market price’ for services provided by airport managers.
[3–9]
The application of the market economy operator test using an average price observed in other similar markets may prove conclusive where a market price can be reasonably identified or deduced from other market indicators.
[3–11]
However, this method may not be as relevant in the case of airport services.
Nendest rahavoogudest ilmneb, et Ryanair tegi lisamakseid kõikidel vaadeldavatel aastatel.
The revenue and cost structure tends to differ significantly from airport to airport.
Seega on äriraamistikul igal juhul positiivne nüüdispuhasväärtus, sõltumata keskmise kaalutud kapitalikulu suurusest.
These costs and revenues depend on the airport's state of development, number of airlines operating from/to the airport, available capacity in terms of passenger traffic, state of the infrastructure, the regulatory burden, which may vary from Member State to Member State, and historical debts and obligations of the airport [193].
Näitlikkuse huvides otsustas komisjon 2004. aasta meetme NPV arvutamiseks siiski määrata kindlaks kasutatava diskontomäära.
Moreover, the liberalisation of the air transport market complicates any comparative analysis.
See diskontomäär võrdub abi andnud üksuse keskmise kaalutud kapitalikuluga abi andmise ajal.
As the present case amply demonstrates, commercial arrangements between airports and airlines are not necessarily based on a list of public prices for individual services.
Nagu on täpsustatud põhjenduses 538, võttis komisjon arvesse BSCA kapitali keskmist kaalutud kapitalikulu.
These commercial relationships vary widely.
Komisjon leidis, et kõnealune diskontomäär on 9,7 %, võttes seejuures arvesse järgmisi eeldusi:
They include the sharing of risks in terms of traffic and of correlative commercial and financial responsibilities, the generalised use of incentive mechanisms (for example, in the form of discounts connected with the number of links or passengers carried), and variations in the distribution of risk over the term of contracts.
riskipreemia suurus on 5,72 % [204];
As a result, it is difficult to compare transactions based on a price per rotation or per passenger.
riskivabalt paigutatud kapitali kulu enne maksustamist jääb vahemikku 4,2–4,4 %.
Ryanair cites a study by Oxera from 2 October 2011, which proposes Glasgow Prestwick and Liverpool John Lennon airports as comparators.
Tabel 24
However, the Commission has strong doubts that these two benchmarks are relevant for assessing the situation of Charleroi airport, given that the revenue structure of Glasgow Prestwick airport is heavily based on cargo, which does not exist at Charleroi.
2004. aasta meetme nüüdispuhasväärtus (NPV)
Moreover, both airports have apparently received public funding in recent years.
Diskontomäär on 9,7 %
In addition, as indicated above, the transactions to be analysed consist of several ‘prices’, i.e. in particular the various airport charges, the price of ground handling services and, for certain measures, the contributions to Promocy for marketing activities.
NPV positiivne väärtus näitab, et võis eeldada, et 2004. aasta äriraamistikuga suurendatakse piirkonna-SOWAERi-BSCA kasumlikkust.
Each of these transactions therefore leads to a complex set of cash flows between the airport manager and the airline and its subsidiaries.
Lennundussuuniste punkti 66 kohaselt tuleb vaadelda kõnealuseid lepinguid lähtuvalt üldstrateegiast, mille eesmärk on tagada lennujaama kasumlikkus vähemalt pikaajalises perspektiivis.
Accordingly, a comparison between just the airport charges invoiced by BSCA to Ryanair and the airport charges invoiced at the comparison airports would not provide any useful indication as to compliance with the market economy operator principle.
Seejuures tuleb märkida, et 15. aprilli 2004. aasta istungil võttis BSCA haldusnõukogu teadmiseks Ryanairile tehtud ettepanekud ja volitas „volitatud haldurit teostama BSCA äriplaani kinnitamise menetluse ja määrama kindlaks kõnealuste ettepanekute võimalikud tagajärjed“.
At the very least, in order to validly compare the transactions covered by this assessment, it would be necessary to identify, for the airports in the comparison sample, a set of comparable transactions, which must particularly include equivalent marketing services and equivalent ground handling services.
„Ka üldine analüüs peab igal juhul näitama, et lennujaama tegevuse järjepidevust ja tulevikku ei seata mingil juhul ohtu ning et BSCA-l on pikaajalises perspektiivis piisav manööverdamisruum oma arengu tagamiseks“.
Identifying such a sample of comparable transactions would prove impossible, given that the transactions covered by this assessment are so complex and specific, and all the more so as the prices of ground handling services and marketing services are rarely made public and would be difficult to obtain in order to form a basis for comparison.
Järgmisel, 6. mai 2004. aasta istungil märgiti, et „haldusnõukogu leiab, et hiljuti Dublinis Ryanairi esindajatega arutatud ettepanekud lubavad lennujaama prognoositud arengut silmas pidades võimaldada Charleroi lennujaamal säilitada Ryanairi tegevus esialgses äriplaanis sätestatud tingimuste alusel (…)“.
Lastly, assuming that it could be established, based on a valid comparative analysis, that the ‘prices’ applied in the various transactions covered by this assessment were equivalent to or higher than the ‘market prices’ established using the sample of comparison transactions, the Commission could not, however, conclude that those transactions corresponded to the market price if it proved that, on their conclusion, the airport manager may have expected them to lead to incremental costs higher than the incremental revenues.
Kuivõrd esialgne äriplaan tugineb pikaajalisel arengustrateegial, leiab komisjon, et 2004. aasta äriraamistik põhineb samal strateegial.
A market economy operator would not in fact be interested in offering goods or services at the ‘market price’ if this led to an incremental loss.
Kuivõrd 2004. aasta äriraamistik vastab turumajanduse tingimustes tegutseva eraettevõtja kriteeriumile, ei ole selle näol tegemist riigiabiga.
The Commission considers it appropriate to reiterate in the context of this analysis that, following the adoption of the aviation guidelines, both Belgium and the interested parties were invited to submit comments on the application of those guidelines to the present case.
2005. aasta leping
In the event, neither Belgium nor the interested parties, except for Ryanair, disputed in substance the Commission's approach according to which, where an appropriate benchmark cannot be identified to establish a true market price for the services provided by airports to airlines, the most relevant criterion for assessing the arrangements concluded between these two parties is an ex ante incremental profitability analysis.
Selleks et määrata kindlaks, kas 2005. aasta lepinguga aidati eelanalüüsi põhjal kaasa meetme võtnud üksuse kasumlikkuse suurenemisele vastavalt lennundussuuniste punktile 63, määras komisjon kindlaks, kas 2005. aasta äriraamistiku NPV oli piirkonna-SOWAERi-BSCA jaoks positiivne.
Ex ante analysis of the profitability of measures
Alternatiivne stsenaarium hõlmab olukorda, kus Ryanairiga pärast BSCA poolt Ryanairile saadetud 24. juuni 2004. aasta kirja kehtivuse lõppu 2006. aasta märtsis enam lepingut ei sõlmita.
In the light of the above, the Commission considers that the approach generally recommended in the aviation guidelines for applying the market economy operator test to relationships between airports and airlines, namely the ex ante incremental profitability analysis, must be applied to the present case.
Komisjon kasutas sama metoodikat kui 2001. aasta lepingute puhul, mida on kirjeldatud põhjenduses 525.
This approach is justified by the fact that an airport manager may have an objective interest in concluding a transaction with an airline where it may reasonably expect this transaction to improve its profits (or reduce its losses) compared to a counterfactual situation in which this transaction is not concluded [194], regardless of any comparison with the conditions offered to airlines by other airport managers, or even with the conditions offered by the same airport manager to other airlines.
Otsused SOWAERI ja BSCA 2002. aasta lepingust tulenevate investeeringute ja 2003. aasta investeeringu kohta olid juba tehtud ja tööd olid alanud.
As stated by point 63 of the aviation guidelines, ‘The Commission considers that arrangements concluded between airlines and an airport can be deemed to satisfy the MEO test when they incrementally contribute, from an ex ante standpoint, to the profitability of the airport.
Lisaks sellele, nagu on näidatud põhjenduses 533, oleks SOWAERi ja BSCA 2002. aasta lepingule lisatud investeerimiskava võetud vastu ka ilma Ryanairiga sõlmitud lepinguteta.
The airport should demonstrate that, when setting up an arrangement with an airline …, it is capable of covering all costs stemming from the arrangement, over the duration of the arrangement, with a reasonable profit margin on the basis of sound medium-term prospects’ [195].
Komisjon ei pea seetõttu asjakohaseks seostada investeerimise lisakulusid 2005. aasta lepinguga.
The Commission stresses that the criterion indicated in point 63 of the aviation guidelines reflects the logic of the market economy operator test, but that this criterion, which refers to the arrangements concluded between specific airports and airlines rather than to a general business plan as is usually the case when applying the market economy operator test, has only recently been introduced.
Neist eeldustest lähtudes määras komisjon kindlaks, et asjassepuutuvad rahavood 2005. aasta lepingu kasumlikkuse analüüsimiseks on järgmised:
Consequently, the Commission admits that it may be difficult for Member States and the operators concerned to provide documents dating from the moment when the measure was granted and precisely meeting the requirements in point 63 of the aviation guidelines, where these arrangements were concluded some years previously.
Tabel 25
The Commission will take these considerations into account when applying the market economy operator test to the agreements with Ryanair.
2005. aasta meetmest tingitud eeldatavad rahavood
According to point 64 of the aviation guidelines, ‘In order to assess whether an arrangement concluded by an airport with an airline satisfies the MEO test, expected non-aeronautical revenues stemming from the airline's activity should be taken into consideration together with airport charges, net of any rebates, marketing support or incentive schemes.
[6–10]
Similarly, all expected costs incrementally incurred by the airport in relation to the airline's activity at the airport should be taken into account … In contrast, costs which the airport would have to incur anyway independently from the arrangement with the airline should not be taken into account in the MEO test’ (the footnotes have not been reproduced).
[3–6]
Furthermore, according to point 66 of said guidelines, ‘When assessing airport/airline arrangements, the Commission will also take into account the extent to which the arrangements under assessment can be considered part of the implementation of an overall strategy of the airport expected to lead to profitability at least in the long term’ [196].
Taristule juurdepääsu tasu
The Commission has therefore applied the market economy operator test to the following measures, in line with the principles set out above:
[12–17]
2001 contracts
[5,5–7,5]
In order to determine whether the 2001 contracts contributed, from an ex ante point of view, to the profitability of the entity having granted the aid, in accordance with point 63 of the aviation guidelines, the Commission has assessed whether the net present value (hereinafter ‘NPV’) of the 2001 contracts was positive for the entity Region-SOWAER-BSCA.
Püsikulud reisija kohta
Prior to the 2001 agreements, BSCA drew up a business plan.
Lisatasu kogusumma Ryanairi lahkuva reisija kohta enne investeeringuid (eurodes)
However, on the one hand, this business plan covered not only the revenue received from the traffic generated by Ryanair, but also the revenue received from the traffic generated by other airlines.
[5–10]
On the other hand, it identified the revenue and costs of BSCA only, whereas, in order to apply the market economy operator test, it should be considered that the entity that concluded the 2001 contracts with Ryanair was the entity Region-SOWAER-BSCA.
Ryanairi lisatasu kogusumma enne investeeringuid (miljonites eurodes)
This business plan can therefore be used as a source of information, but must be reworked so that it can be used to apply the market economy operator test.
[6–17]
The Commission has therefore recreated what would have been a business plan produced by the entity Region-SOWAER-BSCA in order to assess the expected profitability of these contracts, with only the revenue and costs of the incremental economic activities associated with these contracts being included.
Seega on 2005. aasta lepingul igal juhul positiivne nüüdispuhasväärtus, sõltumata keskmise kaalutud kapitalikulus suurusest.
To this end, the Commission started with BSCA's general business plan (i.e. covering all the airport's activities and not just the specific effect of the 2001 contracts), as available prior to the conclusion of the 2001 contracts.
Näitlikkuse huvides otsustas komisjon 2005. aasta meetme NPV arvutamiseks siiski määrata kindlaks kasutatava diskontomäära.