natgillin/translations-raw huggingface dataset:
The sensitivity analysis is adequate and shows that the impact on EBIT of the factors taken into consideration would be limited.
Latvian toimittamista tiedoista ilmenee, että […] heinäkuussa 2011 suorittama […] miljoonan Latvian latin ([…] miljoonan euron) ennakkomaksu airBalticin omaan pääomaan liittyy suoraan toimenpiteeseen 6, josta on jo edellä todettu, että siinä on kyse valtiontuesta.
Therefore, in view of the significant restructuring measures undertaken and the progress made to date, the Commission considers that the restructuring plan will enable airBaltic to restore its long-term viability within a reasonable timescale.
Näin ollen […] tekemää ennakkomaksua airBalticin omaan pääomaan ei voida lukea mukaan omaan rahoitusosuuteen, johon ei voi sisältyä tukea.
In addition, the evidence provided by Latvia shows that airBaltic is currently on track to meet most of the objectives fixed in the restructuring plan, which is an additional indicator of the reliability of the plan.
Latvian viranomaiset eivät ole toimittaneet komissiolle vuoden 2011 huhtikuun ja kesäkuun välisenä aikana […] myöntämän […] miljoonan Latvian latin ([…] miljoonan euron) likviditeettisopimuksen osalta sellaista näyttöä, jonka avulla komissio voisi kunnolla arvioida kyseistä toimenpidettä ja sen merkitystä tuensaajan elinkelpoisuuden palauttamisen uskottavuuden kannalta.
Avoidance of undue distortions of competition (compensatory measures)
Näin ollen komissio ei voi varmuudella päätellä, voidaanko sopimus hyväksyä omaan rahoitusosuuteen.
According to point 38 of the R&R Guidelines, compensatory measures must be taken in order to ensure that the adverse effects on trading conditions are reduced to an acceptable level.
Latvia ei ole myöskään toimittanut BAS:n airBalticille tavaramerkkien takaisinostoa varten myöntämän [5–15] miljoonan Latvian latin ([7,1–21,3] miljoonan euron) suuruisen toimittajan lainan osalta näyttöä siitä, että laina olisi tosiasiallisesti myönnetty.
These measures may comprise divestment of assets, reductions in capacity or market presence or reduction of entry barriers on the markets concerned (point (39).
Edellä esitetyn perusteella komissio ei hyväksy omaan rahoitusosuuteen […] heinäkuussa 2011 suorittamaa […] miljoonan Latvian latin ([…] miljoonan euron) ennakkomaksua airBalticin omaan pääomaan, […] huhtikuun ja kesäkuun 2011 välisenä aikana varaosien ostoon myöntämää […] miljoonan Latvian latin ([…] miljoonan euron) likviditeettisopimusta, BAS:n airBalticille tavaramerkkien takaisinostoon myöntämää [5–15] miljoonan Latvian latin ([7,1–21,3] miljoonan euron) toimittajan lainaa eikä […] miljoonan Latvian latin ([…] miljoonan euron) osittaista poistoa.
In this regard, closure of loss-making activities which would at any rate be necessary to restore viability will not be considered as a reduction of capacity or market presence for the purpose of the assessment of the compensatory measures (point (40).
Komissio myös epäilee, erityisesti asiasta annetun epävarman näytön perusteella (velkojen epäselvä luonne, mukaan lukien useat saamiset ja airBalticin tavaramerkit), voidaanko kahden pankin suorittama […] miljoonan Latvian latin ([…] miljoonan euron) osittainen velkojen poisto laskea mukaan omaan rahoitusosuuteen.
Latvia proposes as compensatory measures for airBaltic the cancellation of profitable routes, which leads to a reduction in capacity, and the surrender of slot pairs at coordinated airports.
Komissio panee joka tapauksessa merkille, että muut toimenpiteet, joita on ehdotettu omaksi rahoitukseksi, ovat P&R-suuntaviivojen 43 kohdan mukaisia ja oma rahoitusosuus on näin ollen hyväksyttävällä tasolla.
In addition to the abandon of unprofitable routes as required for a return to viability, the restructuring plan provides for the surrender of 14 profitable routes [41] in terms of the C1 contribution margin.
Niiden määrä on yhteenlaskettuna [75–85] miljoonaa Latvian latia ([107–120] miljoonaa euroa), mikä vastaa noin [48–50] prosenttia rakenneuudistuksen kustannuksista.
It is the Commission's practice, to consider routes as profitable if they had a positive C1 contribution margin in the year preceding their surrender [42].
AirBalticin kaltaisen suuren yrityksen kohdalla oman rahoitusosuuden tulisi tavallisesti kattaa 50 prosenttia.
The C1 contribution takes account of flight, passenger and distribution costs (i.e. variable costs) attributable to each individual route.
P&R-suuntaviivojen 56 kohdan mukaan komissio voi kuitenkin olla oman rahoitusosuuden osalta joustavampi tukialueilla, joihin Latvia lukeutui siihen aikaan, kun toimenpiteet toteutettiin (ks. edellä johdanto-osan 200 kappale).
Routes with a positive C1 contribution not only cover the variable costs of a route, but also contribute to the fixed costs of the company.
Tuen ainutkertaisuuden periaate
As regards capacity, the restructuring plan therefore provides that the total capacity of the company was [5 — 5,5] billion ASK in April 2011, while at the end of the restructuring period in April 2016, airBaltic's capacity is expected to be [4 — 4,5] billion ASK, i.e. an [17 — 20] % reduction.
Lopuksi tuen on noudatettava P&R-suuntaviivojen 72 kohdassa määriteltyä periaatetta, jonka mukaan yritys, joka on saanut pelastamis- tai rakenneuudistustukea viimeisten 10 vuoden aikana, ei voi saada uudelleen pelastamis- tai rakenneuudistustukea (tuen ainutlaatuisuuden periaate).
When only profitable routes are considered, the capacity reduction is of [7 — 10] %.
Lisäksi Latvian viranomaiset ovat vakuuttaneet, ettei airBaltic ole saanut mitään pelastus- tai rakenneuudistustukea viimeisten 10 vuoden aikana.
In addition, the Commission observes that airBaltic has cancelled a number of routes operating from the fully coordinated [43] airports of […].
Näin ollen komissio katsoo, että tuen ainutlaatuisuuden periaatetta on noudatettu.
As a result, […] slots pairs in fully coordinated airports have been released in 2011 and 2012, which creates new business opportunities for competing airlines to operate routes to and from these airports and to increase their presence in them.
PÄÄTELMÄT TOIMENPITEISTÄ 2, 3 6
When assessing whether the compensatory measures are appropriate, the Commission will take account of the market structure and the conditions of competition to ensure that any such measure does not lead to deterioration in the structure of the market (point 39 of the R&R Guidelines).
Edellä esitetyn perusteella komissio toteaa, että Latvia on laittomasti toteuttanut toimenpiteet 2, 3 ja 6 airBalticin hyväksi Euroopan unionin toiminnasta tehdyn sopimuksen 108 artiklan 3 kohdan vastaisesti.
The compensatory measures must be in proportion to the distortive effects of the aid and, in particular, to the size and the relative importance of the firm on its market or markets.
Komissio kuitenkin katsoo, että toimenpiteet ja rakenneuudistussuunnitelma täyttävät P&R-suuntaviivoissa asetetut edellytykset.
The degree of reduction must be established on a case-by-case basis (point 40 of the R&R Guidelines).
Näin ollen komissio pitää tukea sisämarkkinoille soveltuvana.
The Commission observes that airBaltic is a very small player in the European aviation market, representing 0,5 % of the output of the entire European airline industry.
Lopuksi komissio tuo esiin, että Latvia on hyväksynyt tämän päätöksen antamisen ja ilmoittamisen englannin kielellä.
In addition, the Commission comes to the view that the [7 — 10] % capacity reduction of airBaltic is not insignificant considering the relatively small size of airBaltic compared to the European airline industry's productive capacity and output in terms of passengers.
ON TEHNYT TÄMÄN PÄÄTÖKSEN:
For a relatively small carrier like airBaltic, further fleet and capacity reductions could endanger its return to long-term viability without providing any meaningful market opportunities for competitors.
1 artikla
Moreover, although airBaltic is the largest air carrier in Latvia, its market share in Riga will decrease from [65 — 70] % in 2011 to [55 — 60] % in 2016.
Latvian airBalticille myöntämä 16 miljoonan Latvian latin suuruinen ensimmäinen valtionlaina, valtion huhtikuussa 2010 toteuttama nollakorkoisten velkakirjojen osto airBalticilta ja Latvijas Krājbankan airBalticille marraskuussa 2011 suorittama 2,8 miljoonan euron maksu eivät ole Euroopan unionin toiminnasta tehdyn sopimuksen 107 artiklan 1 kohdassa tarkoitettua valtiontukea.
Furthermore, the Commission observes that Latvia is an assisted area for regional investment aid purposes under Article 107(3)(a) TFEU [44].
2 artikla
According to point 56 of the R&R Guidelines, ‘the conditions for authorising aid [in assisted areas] may be less stringent as regards the implementation of compensatory measures and the size of the beneficiary's contribution.
Latvian vuonna 2011 toteuttamat 67 miljoonan Latvian latin suuruinen toinen valtionlaina ja airBalticin pääoman kasvattaminen sekä Latvian vuonna 2012 toteuttama 5 miljoonan euron suuruisen saamisen luovuttaminen airBalticille ovat Euroopan unionin toiminnasta tehdyn sopimuksen 107 artiklan 1 kohdassa tarkoitettua valtiontukea.
If needs of regional development justify it, in cases in which a reduction of capacity or market presence appear to be the most appropriate measure to avoid undue distortions of competition, the required reduction will be smaller in assisted areas than in non-assisted areas’.
Tämä tuki soveltuu sisämarkkinoille Euroopan unionin toiminnasta tehdyn sopimuksen 107 artiklan 3 kohdan c alakohdan nojalla.
The Commission has also taken into account the particularities of the present case when assessing the appropriateness of the proposed compensatory measures, bearing in mind Latvia's peripheral geographical situation and its accessibility to the rest of the European Union.
3 artikla
In this respect, the Commission notes that the large majority of Latvia's railway system uses Russian gauge which is wider than the Standard gauge used in most of the EU, thereby creating interoperability problems with neighbouring EU countries Sea transport also appears to offer a limited degree of substitutability with air transport, in particular for passenger transport.
Tämä päätös on osoitettu Latvian tasavallalle.
Finally, the Commission observes that the closest international airports reachable by land transport are those of Vilnius and Tallinn, which are around 300 km away from Riga, thereby not constituting convenient alternatives hubs, in particular for business passengers.
Tehty Brysselissä 9 päivänä heinäkuuta 2014.
Therefore, the Commission is of the view that the compensatory measures adopted by airBaltic, i.e. the [7 — 10] % capacity reduction and the surrender of slots in coordinated airports, are acceptable in the circumstances of the present case.
Komission puolesta
The compensatory measures proposed by Latvia are therefore sufficient under the R&R Guidelines in order to ensure that the adverse effects on trading conditions resulting from the granting of restructuring aid to airBaltic are reduced to an acceptable level.
Varapuheenjohtaja
Aid limited to the minimum (own contribution)
EUVL C 69, 8.3.2013, s. 40.
According to point 43 of the R&R Guidelines, in order to limit the amount of aid to the strict minimum, a significant contribution to the restructuring costs from the beneficiary's own resources is necessary.
Vaihtokurssina on käytetty seuraavaa: 1 euro = 0,7063 Latvian latia.
This can include the sale of assets that are not essential to the firm's survival, or external financing at market conditions.
Euroopan keskuspankin keskimääräiset vaihtokurssit vuonna 2011, julkaistu osoitteessa http://sdw.ecb.europa.eu/reports.do?node=100000233
The own contribution must be real, i.e. actual, excluding all future profits such as cash flow (point 43 of the R&R Guidelines).
Ks. alaviite 1.
Inherently, the own contribution must not include any further state aid.
Lähde: Riga International Airport Yearbook 2011, saatavana osoitteessa http://www.riga-airport.com/en/main/about-company/gada-gramata
For large firms, the Commission usually considers a contribution of at least 50 % of the restructuring costs to be appropriate.
Ks. http://bnn-news.com/airbaltic-shareholders-structure-11608.
However, in exceptional circumstances and in cases of particular hardship, the Commission may accept a lower contribution (point 44 of the R&R Guidelines).
Lehdistössä on esitetty, että Tauruksen ja venäläisen liikemiehen Vladimir Antonovin välillä olisi kytköksiä.
The restructuring plan estimates the restructuring costs at LVL [150 — 170] million (EUR [214 — 242] million), based on the funds required for repayment of third-party loans (LVL [5 — 15] million (EUR [7,1 — 21,3] million)), compensation of losses resulting from the phase-out and disposal of certain aircraft (LVL [15 — 25] million (EUR [21,3 — 35,5] million)), provision for bad debts that the company would not be able to recover (LVL [5 — 10] million (EUR [7,1 — 15,3] million)), redundancy payments (LVL [1 — 4] million (EUR [1,4 — 5,6] million)), the purchase of new aircraft, in particular […] Bombardier Q400NG and […] Boeing 737-500 (for a total of LVL [50 — 60] million (EUR [71,1 — 85,3] million)), the repurchase of trademarks from BAS (LVL [5 — 15] million (EUR [7,1 — 21,3] million)), unforeseen off balance sheet liabilities resulting from a claim from […] (LVL [5 — 15] million (EUR [7,1 — 21,3] million)), and LVL [45 — 55] million (EUR [64 — 78,2] million) to buffer the expected losses until airBaltic returns to profitability.
Liettualaisen Snoras-pankin pääosakkaana ja johtajana oli aiemmin Vladimir Antonov.
In view of total restructuring costs of LVL [150 — 170] million (EUR [214 — 242] million), the proposed own contribution of airBaltic according to the restructuring plan amounts to LVL [100 — 110] million (EUR [141 — 155] million), i.e. [60 — 70] % of the total restructuring costs.
Liettuan keskuspankki selitti, että sen oli kansallistettava Snoras, koska Snoras ei täyttänyt lainsäädäntöön perustuvia vaatimuksia, se ei ollut toimittanut vaadittuja tietoja ja sen varojen tilanne oli huono.
The own contribution breaks down as follows:
Ks. http://en.rian.ru/ business/20120523/173624459.html ja http://www.bloomberg.com/news/2011-12-19/antonov-says-he-invested-50-million-euros-in-latvia-s-airbaltic.html
Private financial injections of LVL [20 — 30] million (EUR [28,4 — 42,6] million) granted by BAS and the private investors THC and […] in the period April-September 2011.
Ks. http://www.lkb.lv/en/about_bank/news/archyve?item=2022&page=6
This amount includes LVL […] million (EUR […] million) in the form of a liquidity facility granted by […] in March and May 2011 for the purchase of spare parts from airBaltic; LVL […] million (EUR […] million) and LVL […] million (EUR […] million) of advance payments into the equity of airBaltic respectively made by […] and […]; and LVL [6 — 8] million (EUR [8,5 — 12,3] million) from Transatlantic Holdings deriving from a share purchase agreement. (ii) Private loans of LVL [20 — 30] million (EUR [28,4 — 42,6] million) granted by BAS after the Agreement, namely the BAS loan (LVL 14 million (EUR 19,82 million)) and a vendor loan of LVL [5 — 15] million (EUR [7,1 — 21,3] million) for the repurchase of trademarks.
Ks. http://www.fktk.lv/en/publications/other_publications/2012-02-07_jsc_latvijas_krajbanka_c/
Lease agreements for new aircraft valued at LVL [45 — 55] million (EUR [64 — 78] million).
Liikenneministeri selitti, että hankinnalla oli tarkoitus suojella Latvijas Krājbankan tallettajia.
LVL […] million (EUR […] million) from a partial debt write-off resulting from the restructuring of the debt of airBaltic agreed with Latvijas Krājbanka and Snoras in March 2014.
BAS:n taloudellisten vaikeuksien pelättiin estävän valtiota sijoittamasta airBalticin pääomaan, ja siksi hallitus päätti ryhtyä toimiin etujensa suojelemiseksi ja ottaa airBalticin hallintaansa.
Regarding the private financial injections mentioned in point (i) above, Latvia has demonstrated that BAS made advance payments into the equity of the company of LVL [7 — 9] million (EUR [10 — 13] million) between June and July 2011.
Ks. http://www.bloomberg.com/news/2011-12-01/latvia-buys-out-minority-shareholder-in-airbaltic-ministry-says.html ja http://www.sam.gov.lv/?cat=8& art_id=2598
The Commission is of the view that these payments constitute an own contribution within the meaning of point 43 of the R&R Guidelines, since BAS was a private market operator and the Commission has no reasons to consider that it was not acting in accordance with market logic.
Ks. http://www.baltic-course.com/eng/transport/?doc=54423.
The same conclusion applies to the LVL [6 — 8] million (EUR [8,5 — 12,3] million) provided by Transatlantic Holdings in exchange for […] outstanding unpaid shares in airBaltic, which took place in September 2011.
Lehtien mukaan BAS oli Latvijas Krājbankalle velkaa 14 miljoonaa Latvian latia (ks. esim. http://www.baltic-course.com/eng/transport/?doc=53861).
As regards point (ii) above, the Commission is of the view that the loan of LVL 14 million (EUR 19,82 million) granted by BAS, i.e. the BAS loan, constitutes external financing at market terms which can be accepted as own contribution from a private investor that was shareholder of the company at the time.
Latvian mukaan BAS:ää ei ollut asetettu konkurssiin elokuussa 2013 lukuisien velkojien yrityksistä huolimatta.
As regards the lease agreements for new aircraft in the amount of LVL [45 — 55] million (EUR [64 — 78] million) (point (iii) above), the restructuring plan explains that in March 2013 airBaltic concluded new lease agreements for aircraft with private counterparties as part of its fleet reduction and optimisation programme.
Lisäksi vaikuttaa siltä, että airBalticin suurimmat osakkaat – Latvian valtio ja BAS – olivat ainakin vuodesta 2010 lähtien olleet riidoissa: lehdissä on kerrottu useista oikeustoimista Latvian valtion ja BAS:n välillä (ks. esim. http://atwonline.com/airline-finance-data/news/airbaltic-files-bankruptcy-0921).
The agreements relate to the net-lease of […] Bombardier Dash 8 Q400NG aircraft for a period of 10 years for a total amount of approximately USD […] million (EUR […] million), i.e. a monthly rent of approximately USD […] (EUR […]).
Ks. http://centreforaviation.com/analysis/airbaltics-restructuring-plan-is-in-full-swing-but-competition-from-estonian-air-is-rising-74754
According to the restructuring plan, the lease was granted at market conditions by […].
Ks. http://www.eurofound.europa.eu/emcc/erm/factsheets/18371/Air%20Baltic%20Corporation?
The monthly rent is intended to cover the amortisation of the purchase price minus residual value at the end of year 10 of the relevant aircraft (plus a certain mark-up to cover […] financing and operating costs as well as a profit margin), thereby effectively equalling the purchase price of the new aircraft.
Template=searchfactsheets&kSel=1 ja http://www.baltic-course.com/eng/transport/?doc=42089
The Commission notes that lease arrangements as such are a standard form of financing in the airline industry and may be equated to loans provided to a company undergoing restructuring.
Ks. https://www.airbaltic.com/en/bottom_menu/press-room/press_releases/2011/airbaltic-files-for-legal-protection-airbaltic-to-continue-operations
The fact that there is collateral covering a significant part of the loan does not preclude that the loan be considered as ‘own contribution’.
Latvian liikenneministeri julkaisi 27 päivänä elokuuta 2012 Financial Times -lehden eurooppalaisessa ja brittiläisessä painoksessa ilmoituksen, jolla se pyysi ilmaisemaan sitomattomasti kiinnostuksesta osallistua airBalticin liikkeeseen laskemien osakkeiden myyntiin.
In addition, Latvia has confirmed that the lease arrangements are subject to standard collateralisation (i.e. the ability to seize the plane in case of a default and a cash security deposit).
Ks. http://prudentia.lv/upload_file/27082012-ABC%20ad%20EN.pdf.
Therefore, the lessor runs a certain degree of creditor risk given that it would suffer considerable losses in the event of a default by airBaltic, i.e. the immediate loss of income from rent, which continues until the aircraft can be re-leased to a new customer, as well as the costs incurred to reconfigure the aircraft for the next operator.
Liikesalaisuus.
[45]
Latvian valtio ilmeisesti käytti tätä oikeutta 8 päivänä kesäkuuta 2012 (ks. edellä johdanto-osan 23 kappale).
On the basis of the above, the Commission notes that the lease agreements show that airBaltic was able to obtain external financing at market conditions.
Toisin kuin menettelyn aloittamista koskevan päätöksen johdanto-osan 80 kappaleessa esitetään, komissio totesi muodollisen tutkintamenettelyn aikana, ettei BAS:llä ollut sopimuksen nojalla velvollisuutta myöntää vaihtovelkakirjalainaa samoilla ehdoilla kuin toinen valtionlaina oli myönnetty.
Therefore, the lease agreements can be regarded as proof that the market believes in the long term viability of airBaltic, given that the agreements are only secured by the standard type of collateral and the financier still runs a certain degree of risk.
AirBaltic teki 10 päivänä heinäkuuta 2012 Bombardierin kanssa aiesopimuksen 10 CS300-ilma-aluksen hankinnasta ja osto-oikeuksien saamisesta vielä 10 CS300-reittisuihkukoneeseen.
This is in line with point 43 of the R&R Guidelines, which states that the own contribution should originate from external financing at market conditions and is a sign that the market believes in the feasibility of the envisaged return to viability.
liikennelentokoneen listahinnan perusteella sitovan tilauksen arvo olisi noin 764 miljoonaa Yhdysvaltain dollaria (621,74 miljoonaa euroa), ja hankintojen arvo voisi nousta jopa 1,57 miljardiin Yhdysvaltain dollariin (1,28 miljardiin euroon), jos osto-oikeudet muutettaisiin sitoviksi tilauksiksi.
The Commission hence considers the LVL [45 — 55] million (EUR [64 — 78] million) leases as part of the own contribution.
Ks. http://www.airbaltic.com/public/49780.html.
This is moreover in line with past practice of the Commission, in, for example, the Czech Airlines case.
Vaihtokurssina on käytetty seuraavaa: 1 euro = 1,2288 Yhdysvaltain dollaria.
[46]
Euroopan keskuspankin keskimääräiset vaihtokurssit vuonna 2012, julkaistu osoitteessa http://sdw.ecb.europa.eu/reports.do?node=100000233
However, the Commission has doubts as regards some of the types of own contribution proposed in the restructuring plan, as explained below.
Ensimmäinen 16 miljoonan Latvian latin suuruinen valtionlaina ja toinen 67 miljoonan Latvian latin suuruinen valtionlaina (mukaan lukien 25,4 miljoonan Latvian latin suuruinen toinen erä, joka liiketoiminnan uudistussuunnitelman mukaisesti myönnettiin yhtiölle vuoden 2012 jälkimmäisellä vuosipuoliskolla).
As regards the advance payment into the equity of airBaltic of LVL […] million (EUR […] million) made by […] in July 2011, it appears from the information submitted by Latvia that this is directly related to measure 6, which, it has been concluded, entails state aid.
EUVL C 244, 1.10.2004, s. 2.
Therefore, the advance payment into equity of airBaltic made by […] cannot be considered as own contribution, which must necessarily be free of aid.
Määrä […] miljoonaa euroa on Latvian esittämä, mutta se ei pohjaudu sopimukseen.
In relation to the liquidity facility of LVL […] million (EUR […] million) granted by […] between April and June 2011 for the purchase of spare parts, the Latvian authorities have not provided evidence allowing the Commission to have a clear understanding of this measure and its significance in terms of belief in a return to viability of the beneficiary.
Komission tiedonanto viite- ja diskonttokorkojen määrittämisessä sovellettavan menetelmän tarkistamisesta (EUVL C 14, 19.1.2008, s. 6).
The Commission is therefore unable to conclude with certainty that this facility is acceptable as own contribution.
Tarjotuilla istuinkilometreillä tarkoitetaan lennoilla olevien istumapaikkojen määrää kerrottuna lennettyjen kilometrien määrällä.