natgillin/translations-raw huggingface dataset:
Even though SEAH had consistently recorded losses since 2000, it would be legitimate to assume that Airport Handling’s activity would in turn yield a sufficient return to render the equity injection profitable, notably in view of the actions laid down in the business plan for Airport Handling for 2014-2017.
Iako je SEAH od 2000. stalno bilježio gubitke, bilo bi legitimno pretpostaviti da bi, s druge strane, poslovanje društva Airport Handling dovelo do dostatnog povrata kako bi dokapitalizacija bila profitabilna, posebno s obzirom na mjere utvrđene u poslovnom planu društva Airport Handling za razdoblje 2014.–2017.
When deciding to invest in the capital of Airport Handling, SEA would therefore have acted as a prudent market investor.
Pri donošenja odluke o dokapitalizaciji društva Airport Handling SEA bi, stoga, djelovala kao razborit ulagač na tržištu.
For the purposes of the market economy investor principle assessment, it is necessary to determine whether, in similar circumstances as those surrounding the adoption of the measure under assessment, a hypothetical market economy investor, guided by profitability prospects, and not public policy objectives, would have behaved in a similar way.
Za potrebe ocjenjivanja načela ulagača u tržišnom gospodarstvu nužno je odrediti bi li se, u okolnostima koje su slične onima u kojima je donesena mjera koja se ocjenjuje, hipotetski ulagač u tržišnom gospodarstvu, vođen izgledima za profitabilnost, a ne ciljevima javnih politika, slično ponašao.
In order to examine whether or not the State has adopted the conduct of a prudent investor operating in a market economy, it is necessary to place oneself in the context of the period during which the financial support measures were taken in order to assess the economic rationality of the State’s conduct, and thus to refrain from any assessment based on a later situation.
Kako bi se ispitalo je li država usvojila ponašanje razboritog ulagača koji posluje u tržišnom gospodarstvu ili nije, nužno je razmotriti kontekst razdoblja tijekom kojeg su poduzete mjere financijske potpore radi procjene ekonomske opravdanosti ponašanja države te se, dakle, suzdržati od procjena na temelju kasnijih okolnosti.
Consequently, the market economy rationale of a public investment must be assessed having regard to the information available and developments foreseeable at the time when the investment was made.
Stoga se obrazloženje javnog ulaganja u okviru tržišnoga gospodarstva mora ocijeniti uzimajući u obzir dostupne informacije i predvidljive promjene u trenutku ulaganja.
In the course of the investigation Italy explained that the decision to invest in Airport Handling was based on the business plan of 6 August 2014.
Tijekom istražnog postupka Italija je objasnila da se odluka o ulaganju u Airport Handling temeljila na poslovnom planu od 6. kolovoza 2014.
However, the Commission observes that this business plan is dated only after the final decision to increase the capital of the company up to EUR 25 million was taken on 30 June 2014.
Međutim, Komisija primjećuje da je taj poslovni plan donesen tek nakon konačne odluke o povećanju kapitala društva do 25 milijuna EUR koja je donesena 30. lipnja 2014.
The Commission considers that the initial decision to set up Airport Handling and invest EUR 25 million must have been taken at the latest prior to establishing the company on 9 September 2013.
Komisija smatra da se početna odluka o osnivanju društva Airport Handling i ulaganju 25 milijuna EUR morala donijeti najkasnije prije osnivanja društva 9. rujna 2013.
The business plan available to the Commission which is closest to that date is the business plan of 14 November 2013.
Poslovni plan dostupan Komisiji koji je najbliži tom datumu jest poslovni plan od 14. studenoga 2013.
In the 2014 opening decision, the Commission expressed doubts that SEA acted as a market economy investor.
U odluci o pokretanju postupka iz 2014. Komisija je izrazila sumnju u to je li SEA djelovala kao ulagač u tržišnom gospodarstvu.
First, because SEA did not consider the risk of Airport Handling being liable to repay incompatible aid previously granted to SEAH following a finding of economic continuity by the Commission.
Prvo, jer SEA nije uzela u obzir rizik da bi Airport Handling mogao biti odgovoran za povrat potpore koja nije spojiva s unutarnjim tržištem i koja je prethodno odobrena SEAH-u nakon Komisijina nalaza o gospodarskom kontinuitetu.
Second, the Commission doubted whether the business plan, underpinning SEA’s decision to invest in Airport Handling relied on sufficiently plausible assumptions.
Drugo, Komisija je izrazila sumnju u to je li poslovni plan na kojem se temelji odluka društva SEA o ulaganju u Airport Handling zasnovan na uvjerljivim pretpostavkama.
Ultimately the Commission has to assess if the decision to invest in Airport Handling is taken on market terms.
Konačno, Komisija mora ocijeniti je li odluka o ulaganju u Airport Handling donesena u tržišnim uvjetima.
In other words, the Commission has to assess if the investor could have expected a reasonable return taking into account the foreseeable risks related to the investment.
Drugim riječima, Komisija mora ocijeniti bi li ulagač mogao očekivati razuman povrat uzimajući u obzir predvidljive rizike povezane s ulaganjem.
SEA was aware of such risk, as shown by the documents submitted to the Commission in the context of the pre-notification of November 2013.
SEA je bila svjesna tog rizika, kako je vidljivo iz dokumenata koji su Komisiji dostavljeni u okviru postupka prije podnošenja prijave iz studenoga 2013.
The risk that liability could be transferred to Airport Handling through economic continuity from SEAH was a legal risk.
Rizik da bi se zbog gospodarskoga kontinuiteta odgovornost mogla prenijeti sa SEAH-a na Airport Handling bio je pravni rizik.
Perception and weighing of the risk and adequate risk mitigation measures depend on legal assumptions made at the time of the investment.
Percepcija i ponderiranje rizika te odgovarajuće mjere ublažavanja rizika ovise o pravnim pretpostavkama iznesenima u trenutku ulaganja. (329) Iz dostupnih informacija vidljivo je da je SEA razmotrila sljedeće mjere ublažavanja rizika povezane s radnom snagom.
Available information shows that SEA had considered the following work force related risk mitigation measures: In the agreement between SEA and the Trade Unions, of 4 November 2013, SEA declared that ‘fundamental importance was attributed to the requirement for “discontinuity”, which must form part of any alternative solution to payment in money, as a guarantee that it is not possible for the obligation to recover the aid to be extended to any third party.’ In the course of negotiations on the partial transfer of the workforce from SEAH to Airport Handling, work structure and certain employment conditions were materially altered as explained in detail in recitals 232-234 above.
U sporazumu između društva SEA i sindikata od 4. studenoga 2013. SEA je izjavila da je „temeljna važnost pripisana uvjetu ‚diskontinuiteta’ koji mora biti dio svih alternativnih rješenja za plaćanje u novcu, kao jamstvo da se obveza povrata potpore ne može proširiti na treće strane.” Tijekom pregovora o djelomičnom prijenosu radne snage sa SEAH-a na Airport Handling struktura rada i određeni uvjeti zapošljavanja bitno su izmijenjeni kako je detaljno opisano u prethodnim uvodnim izjavama 232.
The applicable principles were set out in the above described Implementing Agreements with the Trade Unions, of 4 June 2014 and had already been announced in the agreement with the Trade Unions of 13 November 2013, and thus prior to implementing of the two major capital injections of 10 March and 30 June 2014 (recitals 45 and 46 above).
Primjenjiva načela utvrđena su u prethodno opisanom Provedbenom sporazumu sa sindikatima od 4. lipnja 2014. i već su najavljena u sindikalnom sporazumu od 13. studenoga 2013. te, stoga, prije provedbe dviju najvećih dokapitalizacija od 10. ožujka i 30. lipnja 2014. (prethodne uvodne izjave 45. i 46.).
SEA put in place the following risk mitigating measures to ensure discontinuity from the assets transfer of SEAH: First, the Trustee excluded Airport Handling from the public bidding procedure for the sale of the assets.
SEA je uspostavila sljedeće mjere ublažavanja rizika kako bi osigurala diskontinuitet od prijenosa imovine SEAH-a. Prvo, upravitelj je isključio Airport Handling iz postupka javnog natječaja za prodaju imovine.
Second, Airport Handling leased assets from SEAH against a market lease fee which was determined by two independent expert reports.
Drugo, Airport Handling unajmio je imovinu od SEAH-a uz tržišnu najamninu koja je određena u dvama izvješćima neovisnih stručnjaka.
SEA took measures to ensure discontinuity of Airport Handling from the SEAH also in view of the customer base.
SEA je poduzela mjere kako bi osigurala diskontinuitet društva Airport Handling od SEAH-a i u pogledu baze klijenata.
The customers of SEAH were informed in advance about the liquidation of the company.
Klijenti SEAH-a unaprijed su obaviješteni o likvidaciji društva.
New service contracts with new financial conditions were signed with the airlines which chose Airport Handling as their service provider.
Novi ugovori o pružanju usluga s novim financijskim uvjetima potpisani su sa zračnim prijevoznicima koji su Airport Handling odabrali kao svojeg pružatelja usluga.
As a further risk mitigation measure, SEA set up a Trust.
SEA je osnovala Trust kao dodatnu mjeru ublažavanja rizika.
As explained in Section 2.3 above the main purpose of the Trust was to act as sole shareholder of Airport Handling and ensure that Airport Handling operated in economic discontinuity with SEAH.
Kako je objašnjeno u prethodnom odjeljku 2.3., glavna je svrha Trusta djelovati u svojstvu jedinog dioničara društva Airport Handling te osigurati da Airport Handling posluje u uvjetima gospodarskog diskontinuiteta sa SEAH-om.
The Commission notes that the risk arising from a possible future liability to repay the aid is not mentioned in Airport Handling’s business plan of November 2013.
Komisija primjećuje da se rizik koji proizlazi iz moguće buduće obveze povrata potpore ne spominje u poslovnom planu društva Airport Handling iz studenoga 2013.
In that respect, the Commission observes that SEA made that business plan for its own purposes.
U tom pogledu Komisija napominje da je SEA taj poslovni plan izradila za vlastite potrebe.
Being the mother company of an established market player in ground handling and demonstrably being aware of the risks arising from various factors of continuity, SEA was in a position to take informed investment decisions without explicitly mentioning that risk in that business plan.
Kao matično društvo etabliranog sudionika na tržištu zemaljskih usluga i očito svjesna rizika koji proizlaze iz različitih čimbenika kontinuiteta, SEA je mogla donijeti informirane odluke o ulaganju bez izričitog spominjanja tog rizika u tom poslovnom planu.
Additionally, the final decision to raise the capital up to EUR 25 million was taken only after the risk mitigating measures were ensured.
Uz to, konačna odluka o povećanju kapitala do najviše 25 milijuna EUR donesena je tek nakon što su osigurane mjere ublažavanja rizika.
Moreover, the above described external evaluation of the November 2013 business plan (recital 114 above) confirms that a rational investor would have judged the probability of economic continuity, and thus the liability to repay the aid, to be less than […] [8] Business secret.
Nadalje, u prethodno opisanoj vanjskoj ocjeni poslovnog plana iz studenoga 2013. (prethodna uvodna izjava 114.) potvrđuje se da bi razuman ulagač ocijenio da je vjerojatnost gospodarskog kontinuiteta i, time, obveze povrata potpore manja od […] [8] Poslovna tajna.
%, and therefore would have found it economically rational to invest in AH.
% te bi, stoga, utvrdio da je ekonomski razumno ulagati u AH.
Airport Handling’s business plan
Poslovni plan društva Airport Handling
As regards the second doubt, namely whether the business plan underpinning SEA’s decision to invest in Airport Handling relies on sufficiently plausible assumptions, the Commission makes the following observations:
U pogledu druge sumnje, odnosno oslanja li se poslovni plan na kojem se temelji odluka društva SEA da uloži u Airport Handling na dovoljno uvjerljive pretpostavke, Komisija iznosi sljedeća opažanja.
Assumptions on traffic development STOP
Pretpostavke o razvoju prometa STOP
Air traffic forecasts at Milan airports, combined with Airport Handling’s market shares, are a determining factor in that company’s business plan.
Prognoze zračnog prometa u milanskim zračnim lukama, u kombinaciji s tržišnim udjelima društva Airport Handling, odlučujući su čimbenik u poslovnom planu tog društva.
As confirmed by external experts (BCG) who evaluated Airport Handling’s business plans, the company’s traffic forecasts are coherent with the forecasts issued by IATA and Eurocontrol.
Kako su potvrdili vanjski stručnjaci (BCG) koji su ocijenili poslovne planove društva Airport Handling, prognoze prometa tog društva u skladu su s prognozama koje su izdali IATA i Eurocontrol.
The Commission considers those bodies as reliable data sources to make traffic forecasts in the aviation sector.
Komisija ta tijela smatra pouzdanim izvorima podataka za izradu prognoza prometa u sektoru zrakoplovstva.
As regards the application of these forecasts to Malpensa airport, the Commission notes that according to the BCG report, Airport Handling’s intention to maintain a constant mix of carriers on that airport would not be in line with historical developments and that a new regulation could lead to the relocation of some carriers to Linate.
U pogledu primjene tih prognoza na zračnu luku Malpensa Komisija napominje da, u skladu s izvješćem BCG-a, namjera društva Airport Handling da zadrži stalnu kombinaciju prijevoznika u toj zračnoj luci ne bi bila u skladu s povijesnim razvojem i da bi nova uredba mogla dovesti do premještanja nekih prijevoznika u zračnu luku Linate.
Assumptions on personnel costs
Pretpostavke o troškovima osoblja
The Commission assessed the plausibility of the assumptions underlying that significant cost item.
Komisija je ocijenila uvjerljivost pretpostavki na kojima se temelji ta značajna troškovna stavka.
First, the Commission notes that in light of the Brattle report, the percentage of personnel costs over total operating costs forecasted by Airport Handling is broadly in line with the cost structure of the European ground handling industry, which shows an incidence of personnel costs over total operating costs amounting to 65 %-80 %.
Prvo, Komisija napominje da je u kontekstu izvješća grupe Brattle postotak troškova osoblja u ukupnim operativnim troškovima koje je prognozirao Airport Handling uglavnom u skladu sa strukturom troškova europskog sektora zemaljskih usluga u kojem troškovi osoblja u ukupnim operativnim troškovima čine 65 % – 80 %.
In that respect, the report refers to the figures mentioned in the Commission’s impact assessment accompanying its proposal for a new ground handling Regulation.
U tom se izvješću upućuje na podatke navedene u Komisijinoj procjeni učinaka uz njezin prijedlog nove uredbe o zemaljskim uslugama.
Second, on the basis of information provided by Italy, the Commission notes that Airport Handling’s average hourly personnel costs per FTE seems to be […] [8] Business secret.
Drugo, na temelju informacija koje je dostavila Italija Komisija napominje da se čini da prosječni troškovi osoblja društva Airport Handling po satu izraženi u EPRV-u iznose […] [8] Poslovna tajna.
The average hourly personnel cost in the business plan of November 2013 is EUR […] [8] Business secret.
Prosječni troškovi osoblja po satu u poslovnom planu iz studenoga 2013. iznose […] [8] Poslovna tajna.
, and EUR […] [8] Business secret.
EUR te […] [8] Poslovna tajna.
in the business plan of August 2014, which is respectively […] [8] Business secret.
EUR u poslovnom planu iz kolovoza 2014., što je […] [8] Poslovna tajna.
than the average hourly costs paid by SEAH in 2013 of about EUR[…] [8] Business secret.
od prosječnih troškova po satu koje je SEAH platio 2013. u iznosu od oko […] [8] Poslovna tajna.
The Brattle report confirms that Airport Handling achieved these labour costs in reality and therefore concludes that the business plan was not overly optimistic.
EUR. U izvješću grupe Brattle potvrđuje se da je Airport Handling u stvarnosti dosegao te troškove rada te se, stoga, zaključuje da poslovni plan nije bio preoptimističan.
The Commission finds that the assumed decrease in labour costs does not seem unrealistic in view of the typical cost structure in the industry.
Komisija zaključuje da se pretpostavljeno smanjenje troškova rada ne čini nerealnim s obzirom na uobičajenu strukturu troškova u tom sektoru.
Assumptions on market share
Pretpostavke o tržišnom udjelu
The Commission expressed concerns about the relatively high market share assumptions of Airport Handling’s business plan of November 2013.
Komisija je izrazila zabrinutost u pogledu pretpostavki o relativno velikom tržišnom udjelu iz poslovnog plana društva Airport Handling iz studenoga 2013.
The market share for ramp-services is foreseen at [60-70] [8] Business secret.
Tržišni udjel za usluge prihvata i otpreme zrakoplova predviđen je na [60 – 70] [8] Poslovna tajna.
% in 2014 and rises to [70-80] [8] Business secret.
% u 2014. i povećava se na [70 – 80] [8] Poslovna tajna.
The market share for passenger services is foreseen at [60-70] [8] Business secret.
Tržišni udjel za usluge prihvata i opreme putnika predviđen je na [60 – 70] [8] Poslovna tajna.
% in 2014 and rises to [60-70] [8] Business secret.
% u 2014. i povećava se na [60 – 70] [8] Poslovna tajna.
In 2013, SEAH’s overall market share was [70-80] [8] Business secret.
U 2013. ukupni tržišni udjel SEAH-a iznosio je [70 – 80] [8] Poslovna tajna.
The Commission observes that the anticipated market share of Airport Handling is below the market share of SEAH.
Komisija primjećuje da je očekivani tržišni udjel društva Airport Handling manji od tržišnog udjela SEAH-a.
Consequently, it was not expected that Airport Handling received all SEAH contracts.
Stoga se nije očekivalo da će Airport Handling preuzeti sve ugovore SEAH-a.
Certain losses in the market share of the new company are in fact taken into consideration.
Određeno smanjenje tržišnog udjela novog društva de facto je uzeto u obzir.
Airport Handling’s strategy is to offer a higher level of availability compared to other handlers at Linate and Malpensa.
Strategija društva Airport Handling uključuje ponudu više razine raspoloživosti u usporedbi s drugim pružateljima zemaljskih usluga u zračnim lukama Linate i Malpensa.
It guarantees a 24-hour service so that ground-handling services are provided even if a plane arrives late.
U njoj se jamči 24-satna usluga tako da se zemaljske usluge pružaju čak i ako zrakoplov kasni.
This is a competitive advantage which can be particularly valuable for air carriers with significant operations and high flight frequencies at Milan airports, such as Alitalia and EasyJet.
To je konkurentska prednost koja može biti posebno korisna za zračne prijevoznike sa znatnim operacija i čestim letovima u milanskim zračnim lukama, kao što su Alitalia i EasyJet.
These air carriers may be inclined to remain with the supplier who is able to provide these services.
Ti zračni prijevoznici obično radije zadržavaju dobavljača koji im može pružiti te usluge.
This can reasonably explain why Airport Handling could expect a relatively high market share from the launch of its operations.
Time se razumno može objasniti zašto je Airport Handling mogao očekivati relativno visok tržišni udjel od pokretanja svojeg poslovanja.
The Commission also observes that, as noted in the Brattle report, based on 2013 data, Airport Handling’s anticipated market share was lower as compared to that estimated for larger ground handling providers at other Italian airports: (i) Bergamo (78,23 %); (ii) Cagliari (75,61 %); (iii) Catania (77,18 %); (iv) Palermo (75,85 %); (v) Torino (68,8 %).
Komisija primjećuje i da je, kako se napominje u izvješću grupe Brattle, na temelju podataka iz 2013., očekivani tržišni udjel društva Airport Handling bio niži u usporedbi s udjelom procijenjenim za veće pružatelje zemaljskih usluga u drugim talijanskim zračnim lukama: i. Bergamo (78,23 %), ii. Cagliari (75,61 %), iii. Catania (77,18 %), iv.
Moreover, the Commission notes that the market share Airport Handling achieved in 2014 is in fact higher than the one predicted in the November 2013 business plan.
Palermo (75,85 %), v. Torino (68,8 %). (345) Nadalje, Komisija napominje da je tržišni udjel društva Airport Handling ostvaren 2014. de facto veći od udjela predviđenog u poslovnom planu iz studenoga 2013.
Such a high market share can mainly be explained by the fact that Airport Handling managed to sign contracts with […] [8] Business secret.
Taj se veliki tržišni udjel uglavnom može objasniti činjenicom da je Airport Handling uspio potpisati ugovore s […] [8] Poslovna tajna.
Together they account for a significant share of the traffic at the two airports, namely […] [8] Business secret.
Oni zajedno čine znatan udjel prometa u tim dvjema zračnim lukama, odnosno […] [8] Poslovna tajna.
% of Linate’s and […] [8] Business secret.
% zračnog prometa u luci Linate i […] [8] Poslovna tajna.
% of Malpensa’s air traffic.
% u luci Malpensa.
In conclusion, the Commission does not doubt the plausibility of Airport Handling’s market share assumptions: First, they are based on competitive advantages offered by Airport Handling.
Zaključno, Komisija ne sumnja u uvjerljivost pretpostavki društva Airport Handling o tržišnom udjelu. Prvo, temelje se na konkurentskim prednostima koje nudi Airport Handling.
Second, these assumptions seem to be conservative, compared to the market shares of a peer group of airport handling companies at the time when the business plan was drawn up.
Drugo, čini se da su pretpostavke konzervativne u usporedbi s tržišnim udjelima sličnih društava za zemaljske usluge u zračnim lukama u vrijeme sastavljanja poslovnog plana.
The Commission also notes that these assumptions materialised in practice.
Komisija napominje i da su se te pretpostavke ostvarile u praksi.
Assumptions on profitability
Pretpostavke o profitabilnosti
pre-tax profit as from the second year of operation.
dobit prije oporezivanja od druge godine poslovanja.
EBIT and after-tax profit […] [8] Business secret.
EBIT i dobit nakon oporezivanja […] [8] Poslovna tajna.
The business plan of November 2013 does not show the usual metrics of profitability such as for example internal rate of return (IRR) or net present value (NPV).
U poslovnom planu iz studenoga 2013. nisu prikazane uobičajene mjere profitabilnosti, kao što su, na primjer, unutarnja stopa povrata (IRR) i neto sadašnja vrijednost (NPV).
However, the Brattle report presents these calculations based on the numbers in the business plan.
Međutim, u izvješće grupe Brattle ti su izračuni prikazani na temelju podataka iz poslovnog plana.
In order to invest in Airport Handling a rational private investor must expect a return equal to, or greater, than its opportunity cost of capital which can be approximated by the weighted average cost of capital (WACC).
Kako bi uložio u Airport Handling razuman privatni ulagač mora očekivati povrat koji je jednak njegovu oportunitetnom trošku kapitala, ili veći od njega, a koji se može približno odrediti prema ponderiranom prosječnom trošku kapitala (WACC).
The Brattle report calculates the equity IRR of the investment in Airport Handling and checks if it is equal to or higher than its WACC.
U izvješću grupe Brattle izračunava se IRR vlasničkog kapitala od ulaganja u Airport Handling te provjerava je li jednak njegovu WACC-u ili veći od njega.
The report uses two alternative values of the WACC.
U izvješću se upotrebljavaju dvije alternativne vrijednosti WACC-a.
The first one is […] [8] Business secret.
Prva je […] [8] Poslovna tajna.
% which is according to the report the unlevered post-tax WACC used in the business plan.
%, koja je, prema izvješću, WACC bez efekta duga nakon oporezivanja, koji se upotrebljava u poslovnom planu.