natgillin/translations-raw huggingface dataset:
The EUR [2-5] Million loan is converted on 30.6.2005, and [bank] takes over as new creditor.
Samal päeval sõlmis Kleve maakond FN GmbHga lepingu, mis käsitles lennujaama kinnisvara omandamise kulude osaliseks katmiseks sildfinantseeringu andmist.
[1-5] % above base rate (1,14 %)
Sildfinantseering eraldati intressivaba laenu kujul, mis oli täielikult tagatud lennujaama kinnisvaraga (mistõttu oli selle väärtus laenu andmise kuupäeval [5–15] miljonit eurot).
Loan to EEL GmbH granted by the district of Kleve (‘Kassenkredite’)
[2–5] miljoni euro suurune teine osa tuli tagasi maksta viie aasta jooksul pärast lennundustegevusega alustamist lennujaamas, hiljemalt 31. detsembril 2007, välja arvatud juhul, kui on täidetud Kleve maakonna ja FN GmbH vahel sõlmitud lepingus sätestatud töökohtade loomise klausel (350 töökohta).
[3-8] % above base rate (1,13 %)
8. juulil 2004 otsustas Kleve maakond, et FN GmbH ei pea [2–5] miljoni euro suurust laenu teist osa tagasi maksma, sest loodud oli juba üle 350 töökoha.
First maturity 31.12.2007, rolled over for the first time to 31.12.2010, rolled over for the second time to 31.12.2016
meede: avaliku sektori toetus EEL GmbH-le
Pledge on ANH GmbH shares and FN GmbH shares
FN GmbH-le laenu andmiseks vajas EEL GmbH ka ise refinantseerimist.
Pledge of the enterprise of FN GmbH
EEL GmbH refinantseeris end järgmiste laenude abil:
Loan to EEL GmbH granted by the district of Kleve (‘Kassenkredite’).
2005. aasta juulis muutsid EEL GmbH aktsionärid EEL GmbH kapitali struktuuri, otsustades teha [5–15] miljoni euro suuruse kapitalisüsti ja konverteerida [1–4] miljoni euro suuruse võla omakapitaliks, mille tulemusel kahanes esimese laenuga seotud võlg [3–13] miljonile eurole.
The district of Kleve and municipality Weeze inject EUR [0,4-1] million of capital into EEL GmbH.
EEL GmbH maksis tagasi teise laenu, mille suurus oli [2–5] miljonit eurot.
First maturity 31.12.2010, rolled over to 31.12.2016
Kleve maakond paigutas EEL GmbHsse veel kapitali 2006. aastal ([1–5] miljonit eurot) ja 2007. aastal ([2–6] miljonit eurot).
Personal guarantee […] (selbstschuldnerische Bürgschaft) Pledge on ANH GmbH shares and FN GmbH shares
Samal ajal sai EEL GmbH 2. mail 2003 eraomanduses olevalt [pangalt] [2–5] miljoni euro suuruse laenu.
[24-40] (= [20-30] (sum of all four loans) plus accumulated interest of (= [4-10])
Laenu tähtajaks kehtestati 30. juuni 2005 ja intressimääraks [1–5] %.
Personal guarantee by […] (selbstschuldnerische Bürgschaft)
Weeze vald andis sellele laenule vastavalt EEL GmbH ja [panga] kasuks täies ulatuses riikliku tagatise.
Prolongation of all previous loans to EEL granted by the district of Kleve (‘Kassenkredite’) and the loan granted by [bank] possibly with a continued public guarantee of the municipality of Weeze.
30. juunil 2005 laen konverteeriti ja riigi omanduses olev [pank] ([panga] tütarettevõtja) asus võlausaldajana [panga] asemele.
FN GmbH was at the end of the first quarter 2011 again not in a position to pay the first interest payment as agreed in the prolongation of the loan agreements (Darlehensverlängerungsvetrag) of 29 November 2010.
Laenu tähtaega pikendati esimene kord kuni 30. detsembrini 2010, kehtestades intressimääraks [1–5] %, ja teist korda 2010. aastal kuni 31. detsembrini 2016 intressimääraga [1–5] %.
The district of Kleve accepted the offer of the shareholder of FN GmbH to receive shares of FN GmbH by in March 2011 in a debt-to-equity swap for the continued deferral of the payments of interest and principal [13].
AMETLIKU UURIMISMENETLUSE ALGATAMISE PÕHJUSED
However, this debt-to-equity swap was legally signed only at the end of 2012.
meede – EEL GmbH laenud FN GmbH-le
The district of Kleve currently owns 1,88 % of FN GmbH's share capital [14].
Komisjon kahtles menetluse algatamise otsuses, kas EEL GmbH oli andnud FN GmbH-le laene ja pikendanud neid turutingimustel.
Measure 2: Support from the Land Nordrhein Westfalen
Esiteks märkis komisjon, et Saksamaa ei olnud esitanud andmeid laenusaaja varasemate laenude ega reitingu kohta.
On 15 October 2002, FN GmbH was granted public support of EUR 3,525 million by the Land Nordrhein Westfalen for the financing of 50 % of the following costs: handling apron, fueling area, widening of taxiways and rehabilitation of existing apron areas, precision approach lighting system, edge lighting, start and runway lighting.
Peale selle ei saanud komisjon välistada, et FN GmbH oli rahalistes raskustes olev äriühing.
The legal basis for this support was the Land Nordrhein-Westfalen's Ministry for Transport, Energy and spatial planning's decree concerning public support for construction and renovation measures (infrastructure investments) for airports in Nordrhein-Westfalen (Richtlinien über die Gewährung von Zuwendungen für Ausbau- und Erneuerungsmaßnahmen auf Flugplätzen RdErl. — MBl.NRW.1993 S. 617) (‘the 1993 Decree’).
Komisjon juhtis tähelepanu ka sellele, et Saksamaa ei olnud esitanud ühtki selgitust konkreetsete laenude suhtes kohaldatud intressimäärade ega saadud tagatiste kohta.
By means of the 1993 Decree, the Land Nordrhein-Westfalen provided support up to 40 % of the eligible costs for the above mentioned airport infrastructure types.
Kuna ilmnes, et FN GmbH oli olnud kogu vaatlusalusel ajavahemikul raskustes olev äriühing, kellel ei olnud vähemalt 2010. aasta lõpuni võimalik kommertspankadelt rahalisi vahendeid saada, jõudis komisjon esialgsele seisukohale, et kogu abisummat, millele lisandub tasumisele kuuluv intress, tuleks käsitada riigiabina.
International airports and regional airports could receive support of up to 65 % of the eligible costs.
Et kõnealused meetmed jõustati ilma nendest komisjonile teatamata, järeldas komisjon esialgu, et tegemist oli ebaseadusliku riigiabiga.
Measure 3: Support granted from the district of Kleve directly to FN GmbH concerning the acquisition of the airport real estate
meede – Nordrhein-Westfaleni liidumaa toetus FN GmbH-le
On the same day, the district of Kleve entered into an agreement with FN GmbH with regard to the provision of bridge financing of part of the acquisition costs of the airport real estate.
Kuna toetus oli pärit avaliku sektori vahenditest ja sellega anti investeerimistoetuse kujul lennujaamale eelis, ei saa välistada, et toetus kujutab endast riigiabi.
The bridge financing was granted by means of an interest free loan, totally collateralised with the airport estate properties (therefore worth EUR [5-15] million on the date of the granting of the loan).
Et kõnealused meetmed jõustati ilma nendest komisjonile teatamata, järeldas komisjon esialgu, et tegemist oli ebaseadusliku riigiabiga.
It was agreed that an amount of EUR [4-10] million of the EUR [5-15] million would be pre-financed by the district of Kleve.
Lõpetuseks kahtles komisjon, kas vaatlusalune meede – kui see peaks liigituma riigiabiks – on kokkusobiv siseturuga, eriti kui arvestada päästmise ja ümberkorraldamise suunistes sätestatud eeskirju [18].
Airport Network B.V., the parent company of ANH GmbH, had to reimburse a first tranche amounting to EUR [2-5] million of this interest free loan to the district of Kleve by 30 December 2003 (which it did).
meede: Kleve maakonna otsetoetus FN GmbH-le
The second tranche of EUR [2-5] million was payable five years after the start date of the flight operations at the airport, at the latest on 31 December 2007, unless a job creation clause of the agreement (350 jobs) between the district of Kleve and the FN GmbH was fulfilled.
Kleve maakonnalt FN GmbH-le antud otsetoetuse puhul asus komisjon esialgsele seisukohale, et ükski turuinvestor ei oleks andnud sellist toetust midagi vastu saamata.
On 8 July 2004, the district of Kleve decided that FN GmbH would not have to reimburse the second tranche of EUR [2-5] million since more than 350 jobs had been already created.
Samuti kahtles komisjon, kas turumajanduse tingimustes tegutsev investor on valmis piirkonnas töökohtade loomise kaalutlusel loobuma osast tagasimaksmisele kuuluvast summast.
Measure 4: Public support to EEL GmbH
Lõpetuseks kahtles komisjon, kas vaatlusalune meede – kui see peaks liigituma riigiabiks – on kokkusobiv siseturuga, eriti kui arvestada päästmise ja ümberkorraldamise suunistes sätestatud eeskirju [18] Vt joonealune märkus 16.
In order to be able to grant loans to FN GmbH, EEL GmbH itself required refinancing.
meede – EEL GmbH kasuks tehtud kapitalisüstid ja antud laenud
EEL GmbH has refinanced itself through obtaining loans of:
Komisjon kahtles menetluse algatamise otsuses, kas EEL GmbH avalik-õiguslikud aktsionärid olid andnud EEL GmbH-le rahalisi vahendeid ja pikendanud nende tagasimaksmise tähtaega turutingimustel.
EUR [5-15] million and EUR [2-5] million at an interest rate of [1-5] % per annum set to mature on 30 June 2005.
Lõpetuseks kahtles komisjon, kas vaatlusalused meetmed – kui need peaksid liigituma riigiabiks – on kokkusobivad siseturuga.
These two loans were granted by the district of Kleve on 11 April 2003 and 16 June 2004 respectively.
SAKSAMAA MÄRKUSED
EUR [1-5 million] at an interest rate of [2-5] % per annum set to mature on 30 December 2007.
Üldised märkused
This loan were granted by the district of Kleve on 28 July 2004 [16].
Projekti tagapõhi
In July 2005, EEL GmbH's capital structure was transformed by its shareholders who decided a EUR [5-15] million capital injection and a EUR [1-4] million debt-to-equity swap, which reduced the first loan debt to EUR [3-13] million.
Saksamaa tuletab meelde projekti tagapõhja, mida on kirjeldatud eespool jagudes 2.1 ja 2.2.
EEL GmbH reimbursed the second loan amounting to EUR [2-5] million.
Projekti „Euroregionales Zentrum für Luftverkehr, Logistik und Gewerbe” nurgakivi oli erakätes oleva tsiviillennujaama arendamine endisel militaarlennuväljal.
Finally, the remaining loan contracts of EUR [3-13] million and EUR [2-5] million were extended until 31 December 2010.
Saksamaa väitel takistasid liikluse kasvu arendamist välised tegurid.
The interest rate was then set to [3-8] % on 1 July 2005 and [3-8] % as of 1 November 2005.
FN GmbH ei saanud enne lõpliku tegevusloa saamist 2009. aastal pooleliolevate kohtuvaidluste tõttu oma strateegiat ellu viia ning tegi valiku kohtuväliste vaidluste lahendamise kasuks.
On 29 November 2010, these two loans were again extended until 31 December 2016, at an interest rate of [3-8] %.
Rõõmustavatele tulemustele vaatamata tuli FN GmbH-l maksta nende menetluste pooltele hüvitist kogusummas [5–10] miljonit eurot.
The district of Kleve further injected capital into EEL GmbH in 2006 (EUR [1-5] million) and in 2007 (EUR: [2-6] million).
Kolmandaks häiris 2010. aastal lennujaamas liiklust lennuliikluse katkemine Islandi Eyjafjallajökulli vulkaani purskamise tõttu.
These amounts have been booked as a capital reserve in the society and are due for repayment together with the loan repayments at the end of 2016.
Neljandaks märgib Saksamaa, et 2010. aasta septembris kehtestas ta reisijatasu, mis kahjustas Niederrhein-Weeze konkurentsivõimet võrreldes teiste Euroopa lennujaamadega, kus sellist tasu ei kohaldatud.
Altogether, the two public shareholders have granted EEL GmbH EUR [24-40] million ([15-25] million in capital injections including the debt-to-equity swap measure and EUR [10-20] million in loans).
Saksamaa sõnul vähendas Ryanair selle tulemusel oma Niederrhein-Weezest lähtuvaid lende ja lennujaama reisijate arv kahanes nii 2011. kui ka 2012. aastal.
In parallel, EEL GmbH received on 2 May 2003 a loan of EUR [2-5] million from the privately owned [bank].
Saksamaa väidab, et hoolimata nendest ebasoodsatest sündmustest, mille üle FN GmbH-l, EEL GmbH-l ja nende sidusrühmadel puudus kontroll, näitab projekti edukust uuritaval ajavahemikul aset leidnud liikluse pidev kasv (vt põhjendus 18), mis kattus erinevate eksperdiuuringute liiklusprognoosidega või isegi ületas neid (v.a 2011. aastal).
The loan was set to mature on 30 June 2005 with an interest rate of [1-5] %.
Lisaks juhib Saksamaa tähelepanu asjaolule, et FN GmbH suutis suurendada ka lennundusega mitteseotud tulu ja parandada aja jooksul oma kasumlikkust.
The municipality of Weeze provided a 100 % public guarantee for this loan in favour of EEL GmbH and the [bank], respectively.
Lennujaama erasektoripoolse rahastamise loogika
On 30 June 2005, this loan was converted and the publicly owned [bank] (a subsidiary of [bank]) replaced [bank]as creditor.
Saksamaa juhib tähelepanu Niederrhein-Weeze lennujaama eduloole – tegemist ei ole mitte üksnes Nordrhein-Westfaleni liidumaa suuruselt kolmanda lennujaamaga, vaid ka harukordse näitega turuhinna eest müüdud erastatud taristust.
The maturity was extended a first time until 30 December 2010 with the interest rate set to [1-5] %, and a second time in 2010 until 31 December 2016 with an interest rate of [1-5] %.
Saksamaa lisab, et lennujaama tehtud investeeringute tase hoiti alati väga kõrge.
GROUNDS FOR OPENING THE FORMAL INVESTIGATION PROCEDURE
Ajavahemikus 2002–2011 investeeris FN GmbH kokku [60–90] miljonit eurot, millest [20–30] miljonit eurot kulus ärihoonete arendamisele, [10–20] miljonit eurot lennuseadmetele ja perroonidele ning [5–10] miljonit eurot idu- ja laiendamisprojektidele.
Measure 1: Loans granted by EEL GmbH to FN GmbH
Saksamaa väitel sai FN GmbH enda erastamisest tugineda nende oluliste investeeringute rahastamisel alates pidevalt erasektori vahenditele, nimelt: i) aktsionäride laenudele ja kapitalisüstidele, ii) kommertspankade laenudele ja iii) FN GmbH enda tegevuskasumile.
In the opening decision, the Commission expressed doubts as to whether the loans provided by EEL GmbH to FN GmbH had been granted and rolled over at market terms.
Seoses enamusaktsionäri toetusega leiab Saksamaa, et ANH GmbH ja selle aktsionärid on korduvalt toetanud oma tütarettevõtjat FN GmbHd, et katta selle esialgne tegevuskahjum ja investeerida lennujaama taristusse.
The Commission noted first that Germany had not provided a credit history or a rating of the loan recipient.
See toetus väljendus kapitalisüstides ja laenudes, mille puhul enamusaktsionär oli nõus alandama enda kui võlausaldaja nõude rahuldamisjärku (Rangrücktrittserklärung).
Moreover, the Commission could not exclude that FN GmbH was a company in financial difficulty.
Seda tehes muutis enamusaktsionär võlanõuded omakapitaliks, mis ei saanud enam olla pankrotivara osa.
The Commission also pointed out that Germany had not provided any explanation regarding the interest rates applied to the individual loans or the collateral received.
Saksamaa märgib siiski, et eraaktsionärid üksi ei oleks suutnud kanda kogu sellise kuluka investeeringuga kaasnevat finantskoormust.
The Commission also noted the absence of explanations as to why the publicly owned loan grantor had repeatedly agreed to roll over the loans, always extending their maturity and why the reimbursement of the loan principal and the interests due had so far never been enforced.
Nad vajasid uusi rahastamisallikaid, mida said turutingimustel pakkuda vaid avaliku sektori asutused.
On the basis of such considerations the Commission took the preliminary view that in granting and rolling over the loans to FN GmbH, EEL GmbH did not act as a market economy investor or a market creditor.
Seda välist abi oli arvesse võetud juba 2003. aasta äriplaanis (vt põhjendus 95).
Since these measures were put into effect without being notified to the Commission, the Commission provisionally concluded that they constituted illegal State aid.
Saksamaa sõnul tõestas juurdepääs pankadele erasektoripoolsel rahastamisel põhineva ärimudeli jätkusuutlikkust.
Finally, the Commission raised doubts as to the compatibility of the agreements at issue with the internal market, should they qualify as State aid, notably in view of the rules laid down in the Rescue and Restructuring Guidelines [17].
2009. aasta esimesel poolel kirjutas FN GmbH [0–10] miljoni euro suuruse investeerimislaenu saamiseks alla laenulepingule [pangaga].
Measure 2: Support from Land Nordrhein-Westfalen to FN GmbH
Selle laenu intressimäär oli [2–6] %, kuid tingimuseks seati EEL GmbH-lt FN GmbH-le antud laenudega seotud nõuete allutamine (ja seeläbi vajadus, et EEL GmbH alandaks enda kui võlausaldaja nõude rahuldamisjärku).
In the opening decision, the Commission noted that the support provided by the Nordrhein-Westfalen Land to FN GmbH was a selective measure since not all airports in the Land were eligible for such support.
FN GmbH maksis selle laenu ettenähtud kuupäeval [pangale] tervikuna tagasi.
Given that the support came from public funds and provided an advantage to the airport by granting investment support, it could not be excluded that the support constituted State aid.
Saksamaa lisab, et [pank] pakkus FN GmbH-le kaht laenu ([8–15] miljonit eurot ja [1–5] miljonit eurot) esialgse intressimääraga [1–5] % [20] ning et [pangaga] oleks võinud alla kirjutada ligikaudu [0–3] miljoni euro suurusele kapitalirendilepingule.
Since these measures had been put into effect without being notified to the Commission, the Commission provisionally concluded that they constituted unlawful State aid.
Omafinantseerimise küsimuses rõhutab Saksamaa, et tänu tegevusest tulenevale positiivsele rahavoole suutis FN GmbH oma investeeringuid üha rohkem rahastada.
Finally, the Commission raised doubts as to the compatibility of the measure at issue with the internal market, should it qualify as State aid, notably in view of the rules laid down in the Rescue and Restructuring Guidelines [18].
Esimene positiivne intressi-, maksu- ja amortisatsioonieelne kasum registreeriti 2006. aastal ja esimene puhaskasum 2007. aastal ehk vaid mõni aasta pärast tegevuse algust.
Measure 3: Direct support from the district of Kleve to FN GmbH
Lisaks heidab Saksamaa komisjonile ette seda, et menetluse algatamise otsuses on FN GmbH käivet ja kulusid käsitlevad näitajad esitatud vääralt ja eksitavalt.
As regards the direct support from the district of Kleve to FN GmbH, the Commission took the preliminary view that no market investor would have provided such a grant without any remuneration.
Sellega seoses esitas Saksamaa järgmise võrdleva teabe käibe ja kulude arengu kohta ajavahemikul 2003–2010.
Furthermore, the Commission expressed doubts as to the willingness of a market economy investor to waive part of the repayment of an outstanding grant on the basis of job creation considerations in the region.
Tabel 4
Finally, the Commission raised doubts as to the compatibility of the measure at issue with the internal market, should it qualify as State aid, notably in view of the rules laid down in the Rescue and Restructuring Guidelines [18] See footnote 16.
FN GmbH tulud ja kulud ajavahemikul 2003–2010
Measure 4: Capital injections and loans to the benefit to EEL GmbH
Käive (Umsatz)
In the opening decision, the Commission expressed doubts as to whether the financing provided to EEL GmbH by its public shareholders were granted and rolled over at market terms.
Muu tegevustulu (Sonstigebetriebliche Erträge)
Finally, the Commission raised doubts as to the compatibility of the measures at issue with the internal market, should they qualify as State aid.
sh maksudega seotud tehingud maaga (Grundstückstransaktion)
COMMENTS FROM GERMANY
Ostud (Materialaufwand)
General comments
Personalikulud (Personalaufwand)
Project Background
Muud tegevuskulud (Sonstiger betrieblicher Aufwand)
Germany recalls the background of the project as described in section 2.1 and 2.2 above.
Saksamaa väitel jättis komisjon eelkõige arvesse võtmata kõik avalike ülesannetega seotud kulud (mittemajandusliku tegevuse kulud), mis ei ole seostatavad lennujaama igapäevase tegevusega ja mis vähendavad kunstlikult lennujaama tegevuskasumit.
The cornerstone of the ‘Euroregionales Zentrum für Luftverkehr, Logistik und Gewerbe’ was the development of a privately-owned and run civilian airport on the former military airfield.
Saksamaa meelest kajastab FN GmbH tegevuse tegelikku kasumlikkust järgmine tabel.
Germany argues that the development of the traffic growth was hampered by external factors.
Tabel 5
First, the bankruptcy of V-bird in October 2004, which located its main operations base in Niederrhein-Weeze, caused a significant traffic loss, which could not be fully compensated by Ryanair and Hapagfly's additional flights until 2008, when the traffic reached its 2004 level.
FN GmbH kohandatud kulustruktuur (ilma avalike ülesannetega seotud kuludeta)
Before it could get the final operating licence in 2009, FN GmbH could not implement its strategy due to the ongoing litigations, and opted to settlement actions outside court.
Avalikud ülesanded
The successful outcome, however, required FN GmbH to pay compensations to the parties to these proceedings amounting to EUR [5-10] million.
julgeolek ja ohutus, millest:
Third, airport traffic was penalised in 2010 by air traffic disruption caused by the eruption of Iceland's Eyjafjallajokull volcano.
tulekaitse (personal)
Fourth, Germany notes that in September 2010, it introduced a passenger tax, which undermined the competitiveness of Niederrhein-Weeze vis-à-vis other European airports not subject to that tax.
investeerimiskulude amortisatsioon (tulekaitse)
According to Germany, this translated in Ryanair reducing its operations from Niederrhein-Weeze, which witnessed a passenger volume decrease in both 2011 and 2012.
amortisatsioonikulud (videovalve)
Germany claims that despite these adverse events beyond the control of FN GmbH, EEL GmbH or their shareholders, the success of the project is demonstrated by the steadily increasing traffic over the period under investigation (see Recital 18), which matched or even exceeded the traffic forecast by the various expert studies (except in 2011).
patrullimine
In addition, Germany points out that FN GmbH could also increase non-aviation revenues and improve its profitability over time.
turvatöötajad
The logic of private financing of the airport
reisijate ja lennukite kaitse
Germany points out that Niederrhein-Weeze is a ‘success story’ airport, since it is now not only the third largest airport in Nordrhein-Westfalen, but also a unique example of a privatised infrastructure sold at market price.
kontrolliseadmed (töötajad ja vahendid)
Germany adds that the investments into the airport was always maintained at a very high level.
lennujulgeolek (DFS TTC)
In the period 2002 to 2011, FN GmbH's overall investments amounted to EUR [60-90] million, of which EUR [20-30] million was applied to the development of commercial buildings, EUR [10-20] million in flight and apron facilities and EUR [5-10] million to start-up and expansion projects.
amortisatsioon (lennujuhtimisüksus)
Germany claims that since its privatisation FN GmbH could continuously rely on private resources to finance these significant investments, namely: (i) shareholder' loans and capital injections, (ii) commercial banks' loans and (iii) FN GmbH's own operational profits.
Kohandatud aastane kasum
As regards the majority shareholder's support, Germany considers that ANH GmbH and its own shareholders have repeatedly supported their subsidiary FN GmbH to cover its initial operating losses as well as its investments into the airport infrastructure.
Kohandatud intressi-, maksu- ja amortisatsioonieelne kasum
This support took the form of capital injections and loans, for which the majority shareholder accepted to step down in its creditor's rank (Rangrücktritterklärung).
Abi mõiste – lennujaama ehitamise käsitamine mittemajandusliku tegevusena
By doing so, the majority shareholder turned debt receivables into equity that could no longer be part of the insolvency mass.
Saksamaa leidis, et lennujaama ehitamine ei ole majandustegevus, mida erainvestorid oleksid valmis ise ette võtma, ning ühtki sellist näidet Euroopast ei leia (vt järgmine jagu).
However, Germany notes that the sole private shareholders could not have sustained the whole financial burden for such a costly investment, and needed additional sources of funding, which only public authorities could provide on market terms.
Saksamaa sõnul oleksid erainvestorid märksa enam huvitatud juba olemas oleva lennujaamataristu käitamisest, sest siis on riskid väiksemad ja juhitavad.