natgillin/translations-raw huggingface dataset:
The put option price of EUR […] (to be paid by Hansestadt Lübeck) mainly consists of payments for shareholder loans, investments, operating losses, and the costs for the planning approval process — costs which Hansestadt Lübeck would have had to cover without the privatisation of the airport.
Iako je FLG ostvarivao gubitke u godinama prije sklapanja ugovora, očekivalo se da će poslovanje prijevoznika Ryanair u zračnoj luci srednjoročno do dugoročno dovesti do umjerene dobiti.
Considering the different components of the price, the put option would be equivalent to undoing the agreement, reversing the original transaction.
Njemačka je dostavila podatke o ex ante očekivanom rastu broja putnika i o očekivanim dodatnim troškovima i prihodima, u najboljem i najgorem mogućem scenariju.
The Commission further notes that the takeover of operating losses is limited to EUR […].
Dodatni prihodi koje bi privatni ulagatelj razumno očekivao na temelju ugovora uključuju sljedeće:
However, it can be concluded from the losses of the airport in the years prior to the privatisation that Infratil must have been aware that the actual losses would exceed this limit by far, in the case where Lübeck airport would not grow as expected.
dodatne prihode od zrakoplovnih djelatnosti od putnika i naknada za slijetanje koje plaća Ryanair, i
Table 10
dodatne prihode od nezrakoplovnih djelatnosti od, na primjer, parkirališta za automobile, trgovina koje posluju u franšizama ili trgovina kojima se izravno upravlja.
FLG losses 1995-2010 in EUR (thousand)
Primjenjujući načelo „jedne blagajne”, Komisija smatra da bi trebalo uzeti u obzir prihode od zrakoplovnih i od nezrakoplovnih djelatnosti [71].
Year
Njemačka je navela da se na temelju naknada utvrđenih u Ugovoru iz 2000. očekivalo da će zračna luka imati prosječne prihode od zrakoplovnih djelatnosti u iznosu od […] EUR po putniku.
Losses of FLG in EUR (thousand)
FLG je procijenio da prihodi od nezrakoplovnog poslovanja čine […] % prihoda od zrakoplovnog poslovanja.
2006 (1 January-31 March)
Dodatni troškovi koje bi privatni ulagatelj razumno očekivao na temelju ugovora uključuju sljedeće:
When extrapolating the increase of the losses from the three years before the privatisation (2002-2004), losses of more than EUR […] could be expected for the period between 1 October 2005 and 31 December 2008.
dodatne operativne troškove izravno prouzročene ugovorom s prijevoznikom Ryanair,
Even if the losses from the year prior to the privatisation were assumed to remain constant, losses of EUR […] couldhave been expected.
troškove marketinških usluga,
Therefore, in the case of a resale of the shares, and taking into consideration that Hansestadt Lübeck would take over EUR […] of losses, Infratil could have reasonably known that it would have to carry additional losses of between EUR […] and EUR […].
troškove ulaganja povezane s ugovorom s prijevoznikom Ryanair.
This estimation is supported by ex post data, according to which the airport had accumulated losses amounting to EUR […] in the period in question.
Njemačka je navela da je bilo nužno povećati broj zaposlenika FLG-a kako bi se prilagodilo očekivanom broju putnika.
It is clear that a private seller would not have been able to negotiate a more favourable put option price.
FLG je očekivao dodatne operativne troškove i troškove osoblja u iznosu od […] EUR po putniku.
The Commission therefore concludes that Hansestadt Lübeck acted like a MEO when negotiating the put option and that no economic advantage was granted to Infratil.
Na temelju Ugovora iz 2000.
Purchase Price II (EUR […])
FLG je očekivao dodatne marketinške troškove za razdoblje 2000.–2012. u iznosu od […] EUR u najboljem scenariju i […] EUR u najgorem scenariju.
Purchase Price II of EUR […] had to be paid by Infratil only if certain conditions were met that ensured the profitability of the airport.
U pogledu troškova ulaganja Njemačka je navela da je infrastruktura zračne luke već postojala prije sklapanja ugovora s prijevoznikom Ryanair i da poslovanje prijevoznika Ryanair u zračnoj luci Lübeck koje se planiralo u početku nije zahtijevalo dodatna ulaganja u infrastrukturu.
The price corresponds to the sales price negotiated by the parties in March 2005 during the public procurement procedure.
Njemačka je dostavila sljedeće prihode i operativne troškove za najbolji scenarij (tablica 11.) i najgori scenarij (tablica 12.):
The existence of an economic advantage can be excluded, if the sale complies with the market conditions.
Tablica 11.
This can be assumed when a sale is carried out through a public tender and the following cumulative conditions are fulfilled [55]:
Troškovi i prihodi u najboljem scenariju
the shareholding is sold by a competitive tender that is open to all comers, transparent and non-discriminatory;
godina
no conditions are attached to the sale which are not customary in comparable transactions between private parties and which are capable of potentially reducing the sales price; the shareholding is sold to the highest bidder;
broj putnika
the bidders must be given enough time and information to carry out a proper evaluation of the assets upon which their bid is based.
prihodi od zrakoplovnih djelatnosti
(245) These conditions were met by the tender taking place in March 2005.
prihodi od nezrakoplovnih djelatnosti
As there were five different undertakings indicating their interest in buying the airport, it is not apparent that only Infratil was able to submit a credible bid.
operativni troškovi
Furthermore the public tender procedure was designed to ensure effective and non-discriminatory competition under German national law.
Tablica 12.
(246) The Commission observes that the sales price in the first purchase agreement of March 2005 amounted to EUR […].
Troškovi i prihodi u najgorem scenariju
However, the terms of the agreement were renegotiated in October 2005.
Tablica 13.
The resulting conditions for Purchase Price II, as well the agreed deductions mentioned in recital 83 were not an outcome of the original tender procedure.
Ex ante ocjena profitabilnosti
Therefore, in order to assess whether the agreed price meets the market requirements, the MEO principle needs to be applied.
ocjena profitabilnosti
(247) In order to establish whether Hansestadt Lübeck would have been able to negotiate a higher purchase price, the prevailing circumstances, in particular the level of risk from the exercise of the put option for Infratil and the potential losses resulting therefrom have to be taken into consideration.
marketinški troškovi
As outlined in recital 240, even taking into account the EUR […] of losses covered by the Hansestadt Lübeck, Infratil had to expect additional financial losses between EUR […] and EUR […] when exercising the put option.
Izračunano je da će operativni troškovi iznositi ukupno […] EUR u najboljem scenariju i […] EUR u najgorem scenariju.
From an ex ante perspective, Infratil was therefore faced with the situation of potentially realising profits in the case of a materialisation of the second scenario, while at the same time risking high losses in the case of the exercise of the put option.
Komisija smatra da je pristup Njemačke razborit.
Germany stated that from the perspective of 2005, Hansestadt Lübeck considered it very unlikely that the conditions for exercising the put option would materialise, namely that the planning approval would not be obtained and the passenger numbers would be below […].
Razumnom se čini i pretpostavka da će trebati povećati broj zaposlenika ako se poveća broj putnika.
However, as noted in recital 234, Hansestadt Lübeck had to expect Infratil to attribute a higher risk to the planning approval process.
Komisija navodi da ulaganja povezana s proširenjem zračne luke Lübeck nisu bila usmjerena konkretno na Ryanair, nego su ih potencijalno mogli iskoristiti i drugi zračni prijevoznici.
With regard to the passenger numbers, Germany argues that Ryanair announced to establish a base at Lübeck airport if existing runways would be enlarged and that the establishment of a base was expected to lead to passenger numbers of […] per year.
Iz toga proizlazi da troškovi ulaganja nisu trebali biti uključeni u dodatne troškove ugovora s prijevoznikom Ryanair.
The Commission notes that actual passenger numbers at Lübeck airport did not reach this threshold but rather decreased between 2005 and 2008 to 544339 in 2008 (see Table 1).
U tom pogledu Komisija napominje da je Njemačka naglasila kako je FLG stalno pokušavao privući druge zračne prijevoznike, što mu je i uspjelo (npr. privukao je Wizz Air).
However, the Commission notes in this context that circumstances, like the effects of the financial crisis, which could not have been anticipated in 2005, may explain a significant deviation between expected and actual passenger numbers.
Osim toga, Njemačka tvrdi da je zračna luka Lübeck neuspješno godinama pokušavala pokrenuti pregovore u pogledu ugovora s prijevoznikom Air Berlin.
The Ecorys study commissioned by the Commission as well as the expert report drawn up by Ernst & Young ordered by HL in 2005 expected the passenger numbers to rise to […] in 2008.
Njemačka je navela da je za uspješnu privatizaciju zračne luke Lübeck bilo potrebno znatno povećati broj putnika.
This figure was based on the assumption that a planning approval would be obtained in the first half of 2008 and that construction works at Lübeck airport would be postponed until the end of 2008.
Komisija prihvaća da su provedena ulaganja kako bi se zračna luka Lübeck pripremila za veći broj putnika [72].
Based on this numbers, it would have been rather reasonable for Hansestadt Lübeck to consider the possibility that passenger numbers would remain below the threshold of […].
Komisija nadalje napominje da se Ugovorom iz 2000. od FLG-a nije zahtijevalo da provodi ulaganja [73].
Since reaching the passenger number threshold was a pre-condition for the put option to lapse, and since the obtaining of the planning approval was uncertain, the exercise of the put option had to be considered as an option.
FLG je mogao ispuniti svoje obveze na temelju ugovora bez ulaganja u proširenje zračne luke.
Thus given the reasonable possibility of Infratil exercising the put option and the corresponding risk of high losses, the Commission assumes that a private shareholder would not have been able to negotiate a higher purchase price, as the deal would otherwise not have been profitable for a potential investor.
S obzirom na ta razmatranja Komisija zaključuje da je pristup Njemačke da ne pripisuje ulaganja provedena u zračnoj luci Lübeck ugovoru s prijevoznikom Ryanair razuman.
The Commission therefore regards Hansestadt Lübeck's decision to accept a sales price of EUR […] with the agreed deductions as specified in the 2005 Participation Agreement to be economically sound.
S obzirom na tu nužnu izmjenu Komisija je provela vlastitu analizu tako što je izravno upotrijebila analizu dodatne profitabilnosti koju je dostavila Njemačka i tu analizu prema potrebi izmijenila, kako je sažeto prikazano u tablicama 14., 15. i 16.:
This result corresponds to the findings of the Ernest & Young study, which estimates the revenues from the sale of the shares in FLG at about EUR […] and therefore concludes that the agreed price would have been accepted by a private investor in a comparable situation.
Tablica 14.
The Ecorys study estimates a much higher market value for the shares of about EUR […].
Tablica 15.
However, the study does not consider the high financial risks for Infratil when exercising the put option as outlined in recitals 247 and 248.
Tablica 16.
The varying numbers used for the calculation with regard to investments/CAPEX further contribute to a different risk assessment of both studies.
Komisija se umjesto toga oslonila na prihode i operativne troškove očekivane za razdoblje 2000.–2010., iz čega su proizašli prihodi i operativni troškovi prikazani u tablici 16.
In the light of these considerations, the Commission concludes that Purchase Price II as specified in the 2005 Participation Agreement complies with the market conditions and that no economic advantage has been granted to Infratil.
Zatim je prosječne marketinške troškove po putniku pomnožila s brojem putnika koji se mogao očekivati za razdoblje 2000.–2010., iz čega su proizašli očekivani marketinški troškovi u iznosu od […] EUR u najboljem scenariju i […] EUR u najgorem scenariju (vidjeti tablicu 16.).
Conclusion on the overall profitability of the deal
Konačno, iako u ex ante analizi koju je proveo FLG i dostavila Njemačka nije primijenjen popust na buduća plaćanja do datuma kada je sklopljen ugovor, iz dostavljenih slika jasno je da se očekivalo da će ugovor biti profitabilan.
It follows from the assessment of the measure set out above that Hansestadt Lübeck was faced with the decision to either close the airport, to continue its loss-making operation or to sell Lübeck airport.
Društvo Oxera izračunalo je broj putnika na temelju podataka o rezultatima do trenutka potpisivanja ugovora.
Hansestadt Lübeck chose the most economic option available when deciding to sell the airport.
Neto sadašnja vrijednost Ugovora s prijevoznikom Ryanair iz 2000. procijenjena je na […] EUR.
When assessing the concrete terms of the 2005 Participation Agreement, the interrelation of the two scenarios (i.e. Purchase Price I and the put option and Purchase Price II) needs to be taken into account.
Stoga se očekivalo da će ugovor biti profitabilan.
As it has been found that it was reasonable from an ex ante perspective to consider both the payment of Purchase Price II and the exercise of the put option as possible, the risks for both parties resulting from this have to be considered.
Komisija napominje da je društvo Oxera upotrijebilo dostupne ex ante podatke za izračun broja putnika, prihoda od zrakoplovnih djelatnosti i marketinških troškova, ali je svoju procjenu prihoda od nezrakoplovnih djelatnosti i operativnih troškova temeljilo na ex post podatcima.
Especially with regard to the potential financial losses of Infratil resulting from the exercise of the put option, the Commission considers it unlikely that a private seller in the stead of Hansestadt Lübeck would have been able to negotiate a more favourable agreement.
Društvo Oxera navelo je da nije imalo pristup ex ante predviđanjima u pogledu prihoda od nezrakoplovnih djelatnosti i operativnih troškova.
The Commission therefore concludes that Hansestadt Lübeck acted like a MEO when negotiating the 2005 Participation Agreement.
Komisija napominje da se samo prihodi i troškovi za koje je zračna luka očekivala da će nastati ex ante u vrijeme kad je sklapala ugovor s predmetnim zračnim prijevoznikom mogu uzeti u obzir za ocjenu toga je li takav ugovor bio u skladu s načelom subjekta u tržišnom gospodarstvu.
As a result, the measure did not grant Infratil any economic advantage and did not constitute State aid.
Međutim, ocjena koja se djelomično temelji na ex post podatcima može služiti kako bi se potvrdile pretpostavke na temelju kojih su određeni ex ante očekivani prihodi i troškovi.
The 2009 Additional Agreement and the renegotiation of the put option — Takeover of losses, investments and other costs of FLG in 2009
Činjenica je da se ex ante podatci koje je društvo Oxera rekonstruiralo s obzirom na prihode od zrakoplovnih djelatnosti ([…] EUR) nalaze između ex ante očekivanih prihoda FLG-a od zrakoplovnih djelatnosti u najboljem ([…] EUR) i najgorem ([…] EUR) mogućem scenariju koje je dostavila Njemačka.
As stated above, the 2009 Additional Agreement signed on 12 November 2008 did not modify the amounts payable for the put option under the 2005 Participation Agreement, but included the takeover of losses, agreed investments and other costs related to the operation of Lübeck airport in 2009, resulting in a total put option price of EUR […] (see recital 90).
Ex ante podatci koje je rekonstruiralo društvo Oxera u pogledu marketinških troškova ([…] EUR) još su niži od onih koje je dostavila Njemačka: FLG je očekivao ex ante marketinške troškove u iznosu od […] EUR u najboljem scenariju i […] EUR u najgorem scenariju.
In its 2012 Opening decision, the Commission had opened investigations into two separate measures:
Time se potvrđuje da su ex ante očekivanja FLG-a bila dovoljno konzervativna.
the takeover of losses, investments and other measures of FLG in 2009,
U skladu s tim, subjekt u tržišnom gospodarstvu sklopio bi ugovor jer se njime sa stajališta ex ante dodatno pridonijelo profitabilnosti zračne luke.
the difference between the put option price agreed in 2005 and the actual put option price paid.
Slično tomu, s obzirom na očito pozitivan doprinos, Ugovor iz 2000. može se smatrati i dijelom provedbe ukupne strategije koja će barem dugoročno dovesti do profitabilnosti.
However, on the basis of the information received, the Commission finds that these two issues concern the same measure, namely the 2009 Additional Agreement between Hansestadt Lübeck and Infratil.
Stoga Ugovorom iz 2000. koji su sklopili FLG i Ryanair nije nastala gospodarska prednost koju Ryanair ne bi dobio u uobičajenim tržišnim uvjetima.
To determine whether the put option price under the 2009 Agreement included an economic advantage for Infratil, the Commission needs to apply the MEO test.
On stoga ne čini državnu potporu u smislu članka 107. stavka 1.
In order to be able to determine whether Hansestadt Lübeck chose the financially most advantageous option available, the Commission has to place itself in the position of a private shareholder at the time when the agreement was signed [56].
Ugovora.
The Commission finds that after Infratil announced its intention to exercise its put option in 2009, Hansestadt Lübeck was faced with the following options:
Tim zaključkom ne dovodi se u pitanje ocjena toga jesu li Ugovori iz 2010. uključivali državnu potporu prijevozniku Ryanair.
close the airport;
NAKNADE ZA ODLEĐIVANJE ZRAKOPLOVÂ
search for a new private operator and meanwhile
Selektivnost
resume the operation of the airport; or
Da bi pripadala području primjene članka 107. stavka 1.
sign the 2009 Additional Agreement so that Infratil would continue the operation of the airport until a new operator was found.
UFEU-a, državnom mjerom moraju se „određen[i] poduzetni[ci] ili proizvodnj[a] određene robe” stavljati u povoljniji položaj.
The option of closing the airport (option a) would have required Hansestadt Lübeck to pay the put option price of EUR […] (see recital 238) immediately and to initiate the procedure for closing the airport, facing additional costs (see the Berenberg study, presented in Table 9).
Stoga su pojmom državnih potpora obuhvaćene samo one mjere kojima se poduzetnici na selektivan način stavljaju u povoljniji položaj.
In the first subscenario of option b (Hansestadt Lübeck resumes operation of the airport until a new private investor is found), Hansestadt Lübeck would have had to pay the put option price to Infratil laid down in the 2005 Participation Agreement and to cover all costs arising from the operation of the airport until a new investor would be found.
U skladu sa sudskom praksom europskih sudova potrebno je utvrditi stavlja li se nacionalnom mjerom u konkretnom pravnom sustavu („referentni sustav”) „određen[e] poduzetni[ke] ili proizvodnj[u] određene robe” u povoljniji položaj u odnosu na druge poduzetnike koji se s obzirom na cilj navedene mjere nalaze u usporedivoj pravnoj i činjeničnoj situaciji.
Deriving from the put option price paid in 2009 (see Table 3), the costs for operating losses, investment, the planning approval process and legal costs alone would have amounted to EUR […].
Mjera kojom se pravi razlika između poduzetnika u usporedivoj situaciji bila bi selektivna prima facie.
Therefore, already by October 2009, Hansestadt Lübeck would have faced costs of approximately EUR […] (put option price according to 2005 Participation Agreement plus operating costs for November 2008 to October 2009).
Ako je mjera koja je selektivna prima facie opravdana prirodom ili općom strukturom sustava, neće je se smatrati selektivnom i stoga neće biti obuhvaćena područjem primjene članka 107. stavka 1.
Germany submitted that a resale of FLG to a new private investor would have required a new Union wide tender procedure, which is estimated to take a minimum of 12 months.
UFEU-a [75].
The Commission notes that a private operator would indeed have taken into account the estimated duration of the tender procedure.
(333) Stoga Komisija mora provesti analizu u tri koraka: prvo se mora utvrditi referentni sustav.
In this scenario, assuming that Infratil would exercise its put option in October 2009, Hansestadt Lübeck would have had to pay the put option price under the 2009 Additional Agreement.
Ako takvo odstupanje postoji (što znači da je mjera selektivna prima facie), u trećem koraku testiranja potrebno je utvrditi je li odstupanje opravdano prirodom ili općom strukturom sustava.
As this price consists of the put option price of the 2005 Participation Agreement and additional costs relating to the operation of the airport in 2009, the potential costs for Hansestadt Lübeck are comparable to those of the second scenario.
U ovom predmetu Komisija je pokrenula službeni istražni postupak u pogledu naknada za odleđivanje zrakoplovâ.
The 2009 Additional Agreement had however an advantage for HL in so far as it provided Hansestadt Lübeck with the time to prepare a tender to find a new investor.
Prvo, Komisija mora utvrditi referentni sustav u okviru kojeg je potrebno ocijeniti naknade za odleđivanje.
Furthermore, the immediate departure of Infratil carried the risk of causing Ryanair to reduce its services at Lübeck airport, and thereby to potentially enlarge future operating losses.
U tom kontekstu Komisija napominje da su naknade za odleđivanje zrakoplovâ u zračnoj luci utvrđene u sustavu posebnih naknada.
In view of the comparison of the different options and the related costs, it can be concluded that the 2009 Additional Agreement was in line with the MEO principle, since it constituted the least financially burdensome and most economically forward looking option at the time.
Prilagođava se svakih nekoliko godina kako bi se uzele u obzir promjene troškova posebnih usluga.
This has proven to be true from an ex post perspective, since a new investor was only found in 2012.
U svojoj presudi u predmetu Lübeck Sud je smatrao da cjenik naknada zračne luke Lübeck iz 2006. treba smatrati referentnim sustavom [76].
Like the 2005 Participation Agreement, the 2009 Additional Agreement also contains a limit for the operating losses and investment costs to be paid by Hansestadt Lübeck.
Drugo, Komisija mora ocijeniti pravi li se u cjeniku posebnih naknada razlika između gospodarskih subjekata koji su u usporedivoj činjeničnoj i pravnoj situaciji.
On the basis of those considerations, the Commission concludes that there was no economic advantage granted to Infratil and thus the measure did not constitute State aid.
Komisija napominje da se sustav posebnih naknada primjenjuje na sve zračne prijevoznike koji se služe zračnom lukom Lübeck.
Economic advantage
Pri upotrebi usluga odleđivanja zrakoplovâ u sustavu posebnih naknada ne pravi se razlika između različitih zračnih prijevoznika.
Where an airport has public resources at its disposal, aid to an airline can, in principle, be excluded where the relationship between the airport and the airline satisfies the MEO test.
Činjenica je da svaki zrakoplov koji se odleđuje u zračnoj luci Lübeck podliježe istim naknadama koje ovise o težini zrakoplova pri uzlijetanju kao i o količini upotrijebljene tekućine za odleđivanje i vruće vode.