natgillin/translations-raw huggingface dataset:
While the Authority expressed some reservations in its opening decision regarding the scope of the report prepared by CITI, Norway has clarified that its 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.
Näib, et uue laenulimiidi tingimuste ühine eesmärk oli maandada peamisi tuvastatud äririske.
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.
Nagu on märgitud punktis 82, tuli näiteks uue laenulimiidi rakendamise peamise eeltingimusena sõlmida lennumeeskondadega uued kollektiivlepingud.
This analysis was conducted over successive reports with reference to the historical performance of SAS and to other industry benchmarks.
Lisaks oli instrumendi B suhtes kohaldatavate krediidi väljavõtmise tingimuste tõttu väga ebatõenäoline, et see enne 2015. aasta märtsi ammendatakse [35].
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.
Lisaks ülalloetletud tähelepanekutele on ametile laekunud lisateavet uue laenulimiidi aluseks oleva tagatise adekvaatsuse kohta.
In analysing the 4XNG plan, the external advisers identified and paid particular attention to key areas of possible risk, including cost savings targets, disposals and RASK pressure.
2012. aasta maikuises aruandes esitas […] sõltumatu hinnangu Widerøe ja teatavate materiaalsete varade (sealhulgas varumootorid, asjaomane õhusõiduk, teatav hulk väiksemaid kinnistuid ja mõned seadmed) kohta, mida kasutati hiljem uue laenulimiidi tagatisena.
This risk assessment resulted, inter alia, in the following considerations: Cost-savings targets
Ehkki põhirõhk oli Widerøel kui tagatispaketi kõige olulisemal varal ning muude varade hindamine põhines piiratumal teabel, näitas üldine hinnang, et varade koguväärtus on umbes [1–4]–[3–6] miljardit Rootsi krooni.
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.
Tagatisvarade hinnanguline koguväärtus ületas seega instrumendi A mahu.
(increased from the original target of SEK [1-4] billion p.a.).
Norra sõnul peeti seda uue laenulimiidi kreeditoride jaoks piisavaks kinnituseks, sest nagu eespool märgitud, peeti tõenäosust, et SAS kunagi instrumendi B vahendeid kasutab, väga väikeseks.
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.
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.
This resulted in direct cost savings of just under SEK […] which, at the request of the States, had to be successfully executed before the new RCF could enter into effect.
Niisuguste ettemakse- ja tühistamistingimuste eesmärk oli vähendada ajapikku võimalikku kahju.
Disposals
Widerøe müügi tulemusena ja vastavalt kokkuleppele, mis jõustus 2013. aasta septembris toimunud müügi järel (vt punkt 29), vähendati uue laenulimiidi mahtu 3,5 miljardilt Rootsi kroonilt 2 miljardile kroonile.
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 [34].
Seepärast näib, et võetud on laiaulatuslikke ja järjekindlaid meetmeid, millega püüti eeskätt tagada SASi jätkuv elujõulisus ajavahemikul 2012–2015 ning piirata uue laenulimiidiga seotud peamisi finantsriske.
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.
Peale selle tunnistab amet vajadust hinnata, kas asjaomaste riikidega sarnastes turutingimustes (st SASi olemasoleva aktsionärina) tegutsenud samaväärne erainvestor oleks võinud pakkuda abisaajale asjaomast meedet.
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.
Seepärast on kasulik kaaluda ka pakutava meetme puudumisel tekkivaid võimalikke võrdlusolukordi.
RASK pressure 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.
Lisaks vaeti edasisest võimalikust kapitalikasumist loobumise väljavaadet, kui 4XNG plaani rakendamine õnnestub.
These assumptions were therefore not considered to pose a significant downside risk to the execution of the 4XNG plan.
Võrdluseks leiab Norra oma märkustes, et kui SAS oleks uue laenulimiidi raames oma kohustused täitmata jätnud, oleks asjaomaste riikide ühisosalusest ja laenulimiiti tehtud sissemaksetest tulenev võimalik kogukahju olnud kõige halvemal juhul ligikaudu [1000–3000] miljonit Rootsi krooni [37].
In relation to the Authority'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 Norway and the SAS Group during the formal investigation indicates that these estimates took particular account of the main markets in which SAS is active.
Seega näib, et SASi pankroti korral oleks asjaomaste riikide uues laenulimiidis osalemisega kaasnev võimalik lisakahju (st ligikaudu 447,5 miljonit Rootsi krooni Norra illustratiivse näite alusel) suhteliselt väike võrreldes kahjuga, mis oleks asjaomaste riikide osalusega seoses sellegipoolest tekkinud.
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.
Võrreldes asjaomaste riikide halvimas (pankroti)stsenaariumis ilmnevat suhteliselt piiratud muutust võimaliku kasuga, mida need riigid 4XNG plaani eduka elluviimise tulemusel oleksid saanud, tundub asjaomaste riikide otsus uues laenulimiidis osaleda veelgi õigustatum.
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.
Kõige optimistlikuma põhistsenaariumi korral on asjaomaste riikide võimalik kapitalikasum CITI aruande antud hinnangu kohaselt kokku [7000–12000] miljonit Rootsi krooni.
As regards the lack of sensitivity testing on the IRR analysis presented in the CITI report (see paragraph 33 above), as well as the Authority's initial concerns regarding the potential impact of less optimistic scenarios, the Authority has received additional information from Norway in its submission on the opening decision concerning the extent of sensitivity analysis undertaken.
Menetluse algatamise otsuses väljendas amet küll mõningast kahtlust teatavate kasvuprognooside optimistlikkuse suhtes, kuid tunnistas võimalust, et isegi kõige konservatiivsemates tingimustes oleks võimalik kapitalikasum positiivse stsenaariumi korral ületanud siiski märkimisväärselt halvima stsenaariumi kohast võimalikku kahjumit.
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.
Seepärast võtab amet teadmiseks eespool esitatud riski ja tasuvuse hinnangu, 4XNG plaani ulatusliku läbivaatamise ja kontrollimise, alustagatise lisakontrollimise, [38] tühistamis- ja ettemaksutingimused, millega vähendati ajapikku võimalikku kahju [39] ning mitu muud uue laenulimiidi tingimustesse lisatud riskimaandamismeedet [40].
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.
Eelnevat arvesse võttes näib, et asjaomaste riikide otsus uues laenulimiidis osaleda on kooskõlas eraettevõtja tegevusega, mille eesmärk on saada turutingimustele vastavat tulu, võttes arvesse ettevõtja tolleaegset konkreetset olukorda.
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.
JÄRELDUS RIIGIABI OLEMASOLU KOHTA
The Authority thus notes the successive financial reviews conducted on the 4XNG plan (including extensive analysis and testing of various iterations of the plan).
Ülalnimetatut arvesse võttes järeldab amet, et Norra osalemine uues laenulimiidis ei ole riigiabi EMP lepingu artikli 61 lõike 1 tähenduses,
The Authority also notes the States' resulting demands to lower the implementation risks and achieve a consolidated restructuring plan in advance of entering into the new RCF.
SASi rahastamine uue korduvkasutusega laenulimiidi kaudu, mida Norra rakendas 2012. aasta detsembris, ei ole riigiabi EMP lepingu artikli 61 lõike 1 tähenduses.
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.
Käesolev otsus on adresseeritud Norra Kuningriigile.
Norway 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.
Artikkel 3
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.
Ainult otsuse ingliskeelne tekst on autentne.
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.
Brüssel, 9. juuli 2014
Indeed, it appears that the terms and conditions of the new RCF were collectively aimed at mitigating the main commercial risks identified.
EFTA järelevalveameti nimel
For example, as noted in paragraph 82 above, a key condition precedent to the implementation of the new RCF was the successful execution of new collective agreements with flight crews.
Oda Helen Sletnes
Furthermore, the drawdown conditions applicable to Facility B appeared to render it very unlikely that it could have been drawn before March 2015 [35].
Helga Jónsdóttir
The financial covenants attached to the new RCF were also structured in such a way that, unless SAS was able to execute the key financial projections contained in the 4XNG plan, it would not have had access to the RCF or it would have had to repay any amount drawn on the RCF at the time [36].
ELT C 290, 5.10.2013, lk 9 (parandus).
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.
Pakutav istekohtkilomeeter on ühik, millega mõõdetakse lennuettevõtja reisijateveo mahtu lennu kohta.
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.
See võrdub pakutavate istekohtade arvu ja lennatud kilomeetrite arvu korrutisega.
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.
Vt joonealune märkus 11 ja põhjendus 29, milles käsitletakse Widerøe aktsiate müüki 80 % ulatuses.
Such prepayment and cancellation provisions had the effect of reducing the potential loss over time.
Allikas: http://www.sasgroup.net/SASGroup/default.asp.
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 29 above), the overall size of the new RCF was reduced from SEK 3,5 billion to SEK 2 billion.
Standard and Poor'si viimased krediidireitingud SASi kohta on esitatud joonealuses märkuses 24.
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.
Allikas: ajavahemikku 2008–2012 käsitlevad SASi aastaaruanded, mis on kättesaadavad aadressil http://www.sasgroup.net/SASGroup/default.asp.
Furthermore, the Authority 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.
2009. ja 2010. aasta eelisostuemissioone on käsitletud komisjoni otsuses menetluse SA.
To this end, it is also useful to consider possible counterfactual situations arising in the absence of the measure being provided.
29785 kohta (kättesaadav aadressil http://ec.europa.eu/competition/state_aid/cases/249053/249053_1461974_61_2.pdf), mille puhul komisjon järeldas, et need ei hõlma riigiabi.
In this respect, Norway 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.
Vt seoses sellega SASi tegevjuhi väljaütlemist, mida Reuters tsiteeris 12. novembril 2012: „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, kui SAS tulevikus üldse eksisteerib,” sõnas tegevjuht […] pärast uue päästekava algatamist lennuettevõtja […] jaoks, kes ei ole saanud aastakasumit alates 2007. aastast), kättesaadav aadressil http://www.reuters.com/article/2012/11/12/uk-sas-idUSLNE8AB01O20121112.
According to Norway, this would have corresponded to a combined loss of SEK 1044,6 million for the States, i.e. the value of their aggregate shareholding.
Vt ka artikkel „SAS tops European airline critical list” ( SAS on üks suurimates 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.
A further consideration also related to the prospect of forgoing future possible capital gains if the 4XNG plan was successfully implemented.
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).
By comparison, Norway estimates in its submission 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 [37].
Norra ametiasutuste esitatud teabe kohaselt eemaldati kavandatud võõrandamise lõppnimekirjast […] müük, sest valitses suur ebakindlus müügi ajastuse ja tuluteenimise suhtes.
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 Norway's illustrative example) appears relatively contained compared to the loss which would have nonetheless accrued in respect of the States' shareholding.
20. mail 2013 teatas SAS, et on sõlminud kokkuleppe, millega ta müüb 80 % oma Widerøe aktsiatest ühele investorite rühmale.
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.
Tehingujärgne mõju likviidsusele on umbes 1,7 miljardit Rootsi krooni.
In the most optimistic ‘base case’ scenario, the CITI report estimated potential capital gains for the States of SEK [7000-12000] million in total.
Need meetmed on enamjaolt juba ellu viidud ja nendega hoitakse kokku umbes 1 miljard Rootsi krooni.
However, while the Authority 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.
[…], üks eelmise laenulimiidi kreeditore, andis teada, et ei ole valmis uues laenulimiidis osalema.
The Authority 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 [38], the cancellation and prepayment provisions which reduced the potential loss over time [39] and the various other risk-mitigating measures incorporated within the terms of the new RCF [40].
Seepärast suurendasid […] ja […] vastavalt oma osa uues laenulimiidis.
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.
Vt joonealune märkus 33.
Further to the above, the Authority 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.
Vt http://www.reuters.com/finance/stocks/SAS.ST/key-developments/article/2662973.
This participation thus did not entail any advantage to SAS within the meaning of Article 61(1) of the EEA Agreement.
Instrumendiga A seotud kohustust vähendati 31. oktoobril 2013. aastal 0,8 miljardilt Rootsi kroonilt 0,6 miljardile Rootsi kroonile, sest SAS müüs osaluse SASi maapealse teenindamise üksuses Swissportile.
CONCLUSION ON THE PRESENCE OF STATE AID
ELT L 97, 15.4.2005, lk 41, ja EMP kaasanne nr 18, 14.4.2005, lk 1.
In view of the above, the Authority concludes that the participation of Norway in the new RCF does not constitute State aid within the meaning of Article 61(1) of the EEA Agreement.
Alternatiiv oleks olnud lasta eelmisel laenulimiidil lihtsalt 20. juunil 2013 kehtetuks muutuda, takistades samal ajal asjaomasel ajavahemikul instrumendi kasutamist seni, kuni SAS ei täida krediidi väljavõtmise tingimusi.
HAS ADOPTED THIS DECISION: Article 1
Norra ametiasutused esitasid teabe, mis käsitles mõne panga muid SASiga seotud riske kahepoolsete instrumentide, mitmesuguste riskimaandamismeetmete, krediitkaartide, õhusõidukite rahastamisvahendite, arvelduskrediitide ja kinnisvaratehingute vormis.
The financing of SAS through the new Revolving Credit Facility which Norway implemented in December 2012 does not constitute State aid pursuant to Article 61(1) of the EEA Agreement.
Norra ametiasutused kinnitavad, et pankadel ei olnud mingeid SASiga seotud olulisi tagamata riske (v.a võimalik erand […], mis oli seotud krediitkaardimaksetega).
Article 2
Need erinevad riskid olid kas mahu poolest piiratud või tagatud, mistõttu oli neil ilmselt tähtsusetu roll, kui pangad otsustasid uues laenulimiidis osaleda.
This Decision is addressed to the Kingdom of Norway.
Tulu pakutava istekohtkilomeetri kohta (Revenue per Available Seat Kilometre, RASK) on üldkasutatav mõõtühik lennuettevõtjate tulu arvestamiseks.
Article 3
Sellega seoses rõhutavad Norra ametiasutused ja SAS veel, et 5. augustil 2013 tõstis S&P SASi krediidireitingu tasemelt CCC+ stabiilse väljavaatega tasemele B–.
For the EFTA Surveillance Authority
Need määrused olid lisatud EMP lepingule, kuni need tunnistati kehtetuks Euroopa Parlamendi ja nõukogu 24. septembri 2008. aasta määrusega (EÜ) nr 1008/2008 ühenduses lennuteenuste osutamist käsitlevate ühiseeskirjade kohta (uuesti sõnastatud), nagu see on lisatud EMP lepingu XIII lisasse.
President
Liidetud kohtuasjad T-228/99 ja T-233/99, Westdeutsche Landesbank Girozentrale ja Land Nordrhein-Westfalen vs. komisjon, EKL 2003, lk II-435, punkt 255.
College Member
Kohtuasi T-296/97, Alitalia, EKL 2000, lk II-3871, punkt 81.
OJ C 290, 5.10.2013, p. 9 (corrigendum).
Lisaks eelmisele laenulimiidile olid kolmel pangal 30. septembri 2012. aasta seisuga riskid eelmise laenulimiidiga seotud kahepoolsete instrumentide vormis, mida ei saanud kasutada enne eelmise laenulimiidi täielikku ammendamist.
FAM is the company responsible for the management of the assets of the Knut and Alice Wallenberg Foundation.
Eraldi võttes moodustasid kahepoolsed instrumendid […] puhul [400–800] miljonit eurot, […] puhul [200–400] miljonit eurot ja […] puhul [400–800] miljonit eurot.
Available Seat Kilometre (ASK) is a measure of an airline flight's passenger carrying capacity.
Kohtuasi C-305/89: Itaalia vs. komisjon, EKL 1991, lk I-1603, punkt 20.
It is equal to the number of seats available multiplied by the number of kilometres flown.
Näiteks eemaldati […] kavandatud võõrandamiste lõppnimekirjast […].
Source: http://www.airlineleader.com/regional-focus/nordic-region-heats-up-as-all-major-players-overhaul-their-strategies
Näiteks instrumendi B puhul oli üks krediidi väljavõtmise tingimusi SASi EBITDAR, mis oleks pidanud olema 12 kuu vältel jooksvalt vähemalt [5–9] miljardit Rootsi krooni.
See footnote 11 and paragraph 29 below, concerning the sale of 80 % of the shares of Widerøe.
Kuna see ületas ajavahemiku 2012–2015 iga aasta kohta prognoositud EBITDARi, peeti ebatõenäoliseks, et SASil avaneb võimalus uue laenulimiidi tähtaja jooksul instrumenti B kasutada.
Source: http://www.sasgroup.net/SASGroup/default.asp
[…] seotud finantstingimused.
More recent developments in S&P's credit rating for SAS are discussed in footnote 24 below.
Viimast kaht finantstingimust kohandati kvartalipõhiselt 4XNG plaani aluseks oleva finantsmudeli järgi, mis tähendab, et SAS oli kohustatud täitma omaenda finantseesmärgid.
Source: annual reports of SAS for the period 2008-12, available at: http://www.sasgroup.net/SASGroup/default.asp
Norra hindas näitlikustamise eesmärgil asjaomaste riikide kogukahju seoses uue laenulimiidiga, eeldades, et instrument A (millest [700–1200] miljoni Rootsi krooni suuruse summa katsid asjaomased riigid) ammendatakse täies mahus, et tagatis kattis üksnes 50 % instrumendi A kohustusest ja et kohustistasu esimene osamakse oli asjaomastele riikidele juba laekunud.
The rights issues of 2009 and 2010 were the subject of a Commission Decision in case SA.
See oleks tähendanud uuest laenulimiidist tulenevat hinnangulist kahju [400–800] miljonit Rootsi krooni ning ühisosalusest tulenevat hinnangulist kahju [700–1200] miljonit Rootsi krooni, st kokku [1100–2000] miljonit Rootsi krooni.
29785 (available at http://ec.europa.eu/competition/state_aid/cases/249053/249053_1461974_61_2.pdf), where the Commission concluded that they did not involve State aid.
Vt punkt 88.