natgillin/translations-raw huggingface dataset:
Thus, for example, according to the study of 17 January 2014, ‘future incremental profits beyond the scheduled expiry of the airport services agreement are inherently uncertain’.
Studijom od 31. siječnja 2014. prikazano je dakle da bi pristup „novčanog toka” doveo samo do vrlo nesigurnih i nepouzdanih rezultata, kao i metoda „kapitalizacije”.
Moreover, that study suggests two methods for evaluating the positive effects of marketing service agreements: a ‘cash flow’ approach and a ‘capitalisation’ approach.
Osim toga, terminalna vrijednost izračunana prema metodi koju je predložio Ryanair pozitivna je (pa dakle dovodi do povećanja profitabilnosti sporazuma o uslugama zračne luke i sporazuma o marketinškim uslugama) samo ako je očekivana dodatna dobit od tih sporazuma u posljednjoj godini primjene sporazuma o uslugama zračne luke pozitivna.
The ‘cash flow’ approach involves evaluating the benefits of marketing services agreements and airport services agreements by assessing the future revenues which may be generated by the airport operator through marketing services and the airport services agreement, minus corresponding costs.
Ako je negativna, uzimanjem terminalne vrijednosti u obzir obično će se smanjiti profitabilnost sporazuma.
In the ‘capitalisation’ approach, improvement of the brand image of the airport through marketing services is treated as an intangible asset, acquired for the price laid down in the marketing services agreement.
U nastavku teksta pokazano je da su sporazumi iz 2002. doveli do negativnih dodatnih novčanih tokova.
However, the study highlights the major difficulties presented by the ‘capitalisation’ approach and shows that the results produced by this method may be unreliable; it suggests that the ‘cash flow’ approach would be better.
Uz to, kako je prethodno navedeno, marketinške usluge usmjerene su na liniju obuhvaćenu sporazumom o marketinškim uslugama.
In particular, the study finds:
Ako se ta linija ne obnovi nakon isteka sporazuma o uslugama zračne luke, malo je vjerojatno da će marketinške usluge i dalje imati pozitivan učinak na putnički promet u zračnoj luci nakon datuma isteka.
‘The capitalisation approach should only take into account the proportion of marketing expenditure that is attributable to the intangible asset base of an airport.
Upravitelju zračne luke teško je procijeniti vjerojatnost hoće li zračni prijevoznik nastaviti obavljati usluge prijevoza na određenoj liniji nakon isteka razdoblja na koje se obvezao u sporazumu o uslugama zračne luke.
However, it may be difficult to identify the proportion of marketing expenditure that is targeted towards generating expected future revenues for the airport (i.e. an investment in the intangible asset base of the airport) as opposed to generating current revenues for the airport.’
Niskotarifni zračni prijevoznici posebno su pokazali da, kada je riječ o otvaranju i zatvaranju linija, reagiraju na tržišne uvjete koji se često mijenjaju.
It also stresses that:
Prema tome, kod sklapanja transakcije kao što je ona koja se razmatra u ovom slučaju, razumni subjekt u tržišnom gospodarstvu ne bi se oslonio na to da će zračni prijevoznik produljiti obavljanje usluga prijevoza na predmetnoj liniji nakon isteka ugovora.
‘In order to implement the capitalisation-based approach, it is necessary to estimate the average length of time that an airport would be able to retain a customer due to the AMS marketing campaign.
Zaključno, s obzirom na prethodno navedene argumente, jedina korist koju bi razumni subjekt u tržišnom gospodarstvu očekivao od sporazuma o marketinškim uslugama, i koju bi kvantificirao pri donošenju odluke o sklapanju takvog sporazuma zajedno sa sporazumom o uslugama zračne luke, bila bi da bi marketinške usluge imale pozitivan učinak na broj putnika koji se koriste linijama obuhvaćenima predmetnim sporazumima za vrijeme postojanja tih linija, kako je utvrđeno u sporazumima.
In practice, it would be very difficult to estimate the average period of customer retention following an AMS campaign due to insufficient data.’
Komisija smatra da su sve ostale moguće koristi previše nesigurne da bi se mogle izmjeriti i uzeti u obzir te da takve koristi nisu konkretno dokazane u ovom predmetu.
The study of 31 January 2014 proposes a practical application of the ‘cash flow’ approach.
Izvedivost uspoređivanja zračne luke Klagenfurt s ostalim europskim zračnim lukama
Under this approach, the benefits of marketing services agreements and airport services agreements which last even after the marketing services agreement has expired are expressed as a ‘terminal value’ that is calculated on the agreement's expiry date.
Kad je riječ o izvedivosti usporedbe u odnosu na ex ante analizu dodatne profitabilnosti sporazuma iz 2002., upućuje se na procjenu u uvodnim izjavama od 262. do 278.
This terminal value is calculated based on the incremental profits expected from the airport services agreement and marketing services agreement in the final year of application of the airport services agreement.
U toj studiji nisu uzeti u obzir posebni sporazumi o marketinškim uslugama s KLU-om u odnosu na one koji se možda nude u drugim zračnim lukama.
Moreover, this method takes into account a discount rate which reflects capital costs.
Uz to, u studiji društva Oxera od 4. srpnja 2011. nije utvrđena pouzdana referentna vrijednost za tržišne cijene usluga zračne luke.
The study suggests a probability factor of 30 %, which it considers prudent.
Iako se u studiji zračne luke koje su odabrane kao usporedive opisuje kao „u većinskom privatnom vlasništvu i privatno financirane ili koje na drugi način rade kao ulagači u tržišnom gospodarstvu”, zračna luka […] u vlasništvu je grupe Manchester Airports Group, koja je pak u većinskom vlasništvu države, dok se u studiji društva Oxera od 4. srpnja 2011. ne tvrdi da se zračnom lukom […] upravlja u skladu s tržišnim gospodarstvom.
However, this very theoretical study does not provide any serious evidence for this factor, either quantitatively or qualitatively.
Kad je riječ o zračnoj luci […], u studiji se navodi da je zračna luka stalno bila u privatnom vlasništvu, ali izostavlja se činjenica da je zračna luka […] bilježila gubitke prije nego što je prodana 2013., zbog čega se postavlja pitanje jesu li niske naknade zračne luke na koje se poziva kao na referentne vrijednosti bile održive za subjekt u tržišnom gospodarstvu.
It does not base itself on any facts relating to Ryanair's activities, air transport markets or airport services to substantiate this rate of 30 %.
Zaključak o uvjetima primjene testa subjekta u tržišnom gospodarstvu
It does not establish any link between this rate and the factors that it mentions in passing (prominence, strong brand, network externalities and repeat passengers) and that are supposed to extend the benefits of the airport services agreement and market service agreement after their expiry dates.
Iz prethodno navedenog proizlazi da za primjenu testa subjekta u tržišnom gospodarstvu na predmetne sporazume Komisija mora svaki sporazum o marketinškim uslugama analizirati zajedno s odgovarajućim sporazumom o uslugama zračne luke te mora procijeniti bi li pretpostavljeni subjekt u tržišnom gospodarstvu motiviran izgledima za profitabilnost te koji KLU-om upravlja umjesto KFBG-a, zaključio te transakcije.
Finally, it does not in any way base itself on the specific content of marketing services provided for in the various contracts with AMS when analysing to what extent those services could influence those factors.
U tu svrhu, Komisija mora odrediti dodatnu profitabilnost sporazumâ, kao što bi je procijenio subjekt u tržišnom gospodarstvu u vrijeme sklapanja sporazuma, procjenjujući, za cijelo trajanje njihove primjene, sljedeće:
Moreover, it does not prove that there is any likelihood that, on expiry of the airport services agreement and the marketing services agreements, the profits generated by these agreements for the airport operator in the final year of their application will continue in the future.
budući dodatni promet koji se očekuje od provedbe tih sporazuma, eventualno uzimajući u obzir učinke marketinških usluga na faktore opterećenja linija obuhvaćenih sporazumom,
Likewise, it provides no evidence that the growth rate of the air transport market in Europe is a useful indicator for measuring the impact of an airport services agreement and marketing services agreements for a given airport.
buduće dodatne prihode koji se očekuju od provedbe tih sporazuma, uključujući prihode od naknada zračne luke i od zemaljskih usluga koji proizlaze iz zračnih linija iz tih sporazuma te prihode od nezrakoplovnih usluga od dodatnog prometa nastalog provedbom tih sporazuma,
A ‘terminal value’ calculated using the method suggested by Ryanair would therefore be highly unlikely to be taken into account by a prudent MEO when deciding whether to enter into an agreement.
buduće dodatne troškove koji se oočekuju od provedbe tih sporazuma, uključujući operativne troškove i eventualne dodatne troškove za ulaganja koja proizlaze iz zračnih linija iz tih sporazuma te troškove marketinških usluga.
The study of 31 January 2014 therefore shows that a ‘cash flow’ approach would only lead to very uncertain and unreliable results, as would the ‘capitalisation’ method.
Iz tih izračuna trebaju proizaći budući godišnji tokovi koji odgovaraju razlici između dodatnih prihoda i troškova, koje treba diskontirati, ako je potrebno, po stopi koja odražava cijenu kapitala za upravitelja zračne luke.
Moreover, neither Austria nor any interested third party has provided any evidence that the method put forward by Ryanair in the study of 31 January 2014, or any other method aiming to quantify the profits after expiry of airport services agreements and marketing services agreements, has been successfully implemented by regional airport operators comparable to Klagenfurt's operator.
Pozitivna neto sadašnja vrijednost načelno ukazuje na to da predmetni sporazumi ne daju gospodarsku prednost, dok negativna neto sadašnja vrijednost ukazuje na to da takva prednost postoji.
Austria has not made any comments on the studies of 17 and 31 January 2014.
Kada odlučuje hoće li sklopiti sporazum o uslugama zračne luke i/ili sporazum o marketinškim uslugama, subjekt u tržišnom gospodarstvu odabrat će vremenski okvir za svoju procjenu na temelju trajanja predmetnih sporazuma ili trajanja utvrđenog u svakom pojedinačnom sporazumu.
Moreover, a terminal value calculated using the method put forward by Ryanair is only positive (and, therefore, only tends to increase the profitability of the airport services agreement and marketing services agreements) if the incremental profit expected from these agreements in the final year of application of the airport services agreement is positive.
Drugim riječima, procijenit će dodatne troškove i prihode tijekom razdoblja primjene sporazuma.
If it is negative, taking the terminal value into account will usually reduce the profitability of the agreements.
Ne čini se opravdanim uzeti u obzir dulje razdoblje.
It will be demonstrated below that the 2002 agreements resulted in negative incremental cash flows.
Razuman subjekt u tržišnom gospodarstvu na datum sklapanja sporazuma neće računati na produljenje sporazuma po njihovu isteku, pod istim ili novim uvjetima.
Moreover, as stated above, the marketing services target the route covered by the marketing services agreement.
Nadalje, uobičajeno razuman upravitelj znao bi da su niskotarifni zračni prijevoznici kao što je Ryanair oduvijek poznati po tome da se vrlo brzo prilagođavaju promjenama na tržištu, i pri otvaranju i pri zatvaranju zračnih linija kao i pri povećavanju ili smanjivanju broja letova.
If this route is not renewed on expiry of the airport services agreement, it is unlikely that marketing services will continue to have a positive effect on passenger traffic at the airport after the expiry date.
Razuman subjekt u tržišnom gospodarstvu ne bi uzeo u obzir mogućnost produljenja sporazuma koja je predviđena u oba sporazuma.
It is very difficult for an airport operator to assess the likelihood of an airline continuing to run a route on expiry of the term to which it has committed itself in the airport services agreement.
Automatsko produljenje sporazuma bilo je predviđeno uz uvjet da Ryanair u potpunosti ispuni svoje obveze kako su utvrđene u sporazumu.
Low-cost airlines, in particular, have shown that, when it comes to opening and closing routes, they are very responsive to market conditions which, more often than not, change very quickly.
Produljenje je stoga ovisilo o budućem ponašanju Ryanaira i zbog toga razuman subjekt u tržišnom gospodarstvu u istoj situaciji kao KFBG na dan potpisivanja ne bi mogao očekivati da će sigurno doći do tog automatskog produljenja.
Therefore, when entering into a transaction such as the one being examined in this case, a prudent MEO would not rely on an airline company extending the operation of the route in question on expiry of the agreement.
To shvaćanje potvrđuje činjenica da su sva četiri sporazuma između KFBG-a, DMG-a, Ryanaira, LV-a i AMS-a istekla prijevremeno, 29. listopada 2005., kada je Ryanair iz ekonomskih razloga prestao pružati usluge zračnog prijevoza putnika između KLU-a i STN-a.
The Commission considers that any other possible benefits are too uncertain to be quantified and taken into account and that no such benefits have been concretely demonstrated in the present case.
Procjena tih produljenja pod istim uvjetima kao i za prvih pet godina dovela bi do istih rezultata, tj. do negativnih dodatnih novčanih tokova.
Regarding the comparison of KLU with other airports, Ryanair submitted the Oxera study of 4 July 2011.
Prema mišljenju društva Ryanair, nepostojanje poslovnog plana u trenutku sklapanja sporazuma kao što su sporazumi obuhvaćeni službenim istražnim postupkom ne može se upotrijebiti kao dokaz nepoštovanja načela subjekta u tržišnom gospodarstvu.
This study was limited to a comparison between charges paid by Ryanair at […] and […] and airports, and the charges paid by Ryanair under the airport services agreements at KLU.
Nepostojanje poslovnog plana ukazuje na to da sporazumi sklopljeni s društvima Ryanair, LV i AMS ne zadovoljavaju test subjekta u tržišnom gospodarstvu, tim više što u pogledu tih sporazuma ni Austrija ni KFBG nisu bili u stanju dostaviti ikakav, pa makar i nepotpun, izračun profitabilnosti proveden prije sklapanja sporazuma.
That study did not factor in the specific marketing services agreements at KLU in comparison to those possibly offered in other airports.
Komisija je stoga tijekom postupka pozvala Austriju da provede rekonstrukciju analize profitabilnosti koju bi subjekt u tržišnom gospodarstvu proveo prije sklapanja sporazuma s društvima Ryanair, LV i AMS iz 2002., i to na temelju objektivnih informacija poznatih KFBG/DMG-u u trenutku sklapanja sporazuma i na temelju u to vrijeme predvidivih promjena.
However, for each route covered by the agreements at issue the relevant marketing services agreement had to be assessed jointly with the corresponding airport services agreement.
Na zahtjev Komisije Austrija je pripremila pregled dodatnih troškova i prihoda koji su se mogli očekivati u vrijeme sklapanja odgovarajućih sporazuma.
As such, the elements invoked in the Oxery study of 4 July 2011 did not fulfil the most basic requirement for benchmarking, namely a ‘sufficiently precise definition of the economic activities concerned’ so that comparable market operators could be identified.
Austrija je te podatke pripremila za svaki sklopljeni sporazum, kako je sažeto prikazano u tablici 9.
In addition, the Oxera study of 4 July 2011 did not establish a dependable point of reference for market prices of airport services.
Tablica 9.
Although the study describes the chosen comparator airports as ‘majority privately owned and funded, or otherwise operating as market economy investors’, […] airport is owned by Manchester Airports Group, which itself has majority State ownership, while the Oxera study of 4 July 2011 does not claim that […] airport is operated on a market economy basis.
Inkrementalna profitabilnost ugovora s Ryanairom, LV-om i AMS-om iz 2002., pripremila Austrija
As for […] Airport, the study states that the airport has consistently been privately owned, but omits to mention that […] airport was loss-making before it was sold in 2013, a factor which would call into question whether the low airport charges invoked as a point of reference in this case were sustainable for a MEO.
5 godina
Conclusion on the terms for applying the market economy operator test
Kamatna stopa kapitala:
It is clear from all the above that, in order to apply the MEO test to the agreements in question, the Commission must analyse each marketing services agreement together with the corresponding airport services agreement, and must assess whether a hypothetical MEO, motivated by the prospect of profits and operating KLU in place of KFBG, would have entered into these transactions.
Poticaj za putnike:
To this end, the Commission must determine the incremental profitability of the agreements as it would have been assessed by the MEO at the time of their conclusion, by estimating, for the entire period of application of the agreements:
Dnevne veze:
the future incremental traffic expected from the implementation of these agreements, possibly taking into account the effects of the marketing services on the load factors of the routes covered by the agreements,
Povratni letovi godišnje
the future incremental revenues expected from the implementation of these agreements, including revenue from airport charges and ground handling services, generated by the routes covered by these agreements, as well as non-aeronautical revenue from the additional traffic generated by the implementation of these agreements,
Sjedala
the future incremental costs expected from the implementation of these agreements, including operating costs and any incremental investment costs generated by the routes covered by these agreements, as well as marketing service costs.
Model izračuna
These calculations will provide the future annual flows corresponding to the difference between incremental revenues and costs, which are to be discounted, if necessary, by a rate reflecting the cost of capital for the airport operator.
Empirijske vrijednosti prema sporazumima
A positive net present value indicates in principle that the agreements in question do not confer an economic advantage, whereas a negative net present value reveals the presence of such an advantage.
Povratni let
When deciding on whether to enter into an airport services agreement and/or a marketing services agreement, a MEO will choose a time frame for its assessment based on the term of the agreements in question or the term set in each individual agreement.
Opterećenje
In other words, it will assess the incremental costs and revenues for the term of application of the agreements.
Odlazni putnici
There does not seem to be any justification for choosing a longer period.
Razdoblje od 5 godina
On the date of signature of the agreements, a prudent MEO will not count on the agreements being renewed once they have expired, whether under the same or new terms.
po povratnom letu
Moreover, a generally prudent operator would be aware that low-cost airlines such as Ryanair have always been and are known for being very responsive to market developments, both when starting up or shutting down routes and when increasing or decreasing the number of flights.
po odlaznom putniku
As a time frame for an assessment of the agreements in question a MEO would have chosen as a starting point the date of the simultaneous signature of all four agreements, i.e. the 22 January 2002.
po odlaznom putniku – pristojba za zaštitu
As an end date a MEO would have taken the end date as stipulated in each agreement.
po odlaznom putniku – pristojba za zaštitu
This was after a period of 5 years, i.e. 26 June 2007 in case of the airport services agreement between Ryanair and KFBG and of the first marketing agreement between DMG and LV.
Porezna uprava u Beču
In case of the second marketing agreement between DMG and AMS the agreement entered into force for a 5-year initial term, i.e. until 21 January 2007.
Višak od nezrakoplovnih usluga po putniku
The third marketing agreement between DMG and LV indicated no precise duration, but had as main purpose the one-off payment of EUR […] by DMG to LV on 1 May 2002.
Višak od zrakoplovnih usluga
Therefore 1 May 2002 would mark the end of the application of the agreement.
doprinos Koruške troškovima za oglašavanje
The possibility to extend the agreements as foreseen in two of the agreements would not be taken into consideration by a prudent MEO.
doprinos grada Klagenfurta troškovima
The extension of the agreements was automatic under the condition that Ryanair fully complied with its obligations as set out in the agreement.
doprinos pokrajine Koruške troškovima
The extension was thus dependant on Ryanair's future behaviour and for that reason, on the date of signature a prudent MEO in the same situation as KFBG would not have been in a position to expect that this automatic extension would necessarily take place.
Prihodi projekta
This view seems to be confirmed by the fact that all four agreements between KFBG, DMG, Ryanair, LV and AMS ended ahead of time on 29 October 2005, when Ryanair stopped to operate the passenger air services between KLU and STN due to economic reasons.
Tržišni sporazum s društvom Leading Verge
Even when taking into account a prolongation of the agreements for 5 further years, this would not lead to another result of an ex ante assessment.
DMG 23.5.2002.
When assessing such prolongation under the same terms as for the first 5 years, it would lead to the same results, i.e. negative incremental cash flows.
Troškovi projekta na osnovi graničnih troškova
For the purpose of assessing the agreements in question and given the above findings, it should be noted that both the existence and the amount of aid in these agreements have to be assessed in the light of the situation prevailing at the time they were signed and, more specifically, in the light of the information available and developments foreseeable at that time.
Treće strane koje upravljaju prometom 51 %
Austria asserts that KFBG/DMG did not prepare any ex ante market study, business plan or profitability calculation before concluding individual airport services agreements with various airlines, nor did it prepare any ex ante market study, business plan or profitability calculation before concluding individual marketing services agreements.
Austro Control – sigurnost zračnog prometa
According to Ryanair, the lack of a business plan when agreements such as those covered by the formal investigation procedure are signed cannot be used as evidence that the MEO test is not satisfied.
Troškovi projekta (2002.)
The lack of a business plan indicates that the agreements signed with Ryanair, LV and AMS do not satisfy the MEO test, particularly as neither Austria nor KFBG have been able to provide, in respect of these agreements, any profitability calculation, even incomplete, that was carried out before the agreements were signed.
ovisno o letovima
The Commission therefore invited Austria during the procedure to reconstruct the profitability analysis that an MEO would have carried out before signing the agreements with Ryanair, LV and AMS in 2002, based on the objective information known to KFBG/DMG when these agreements were signed and on the foreseeable developments.
ovisno o putnicima
Upon the Commission's request, Austria prepared an overview of the incremental costs and revenues that could have been expected at the time the relevant agreements were concluded.
Troškovi projekta/izdaci
Austria prepared that data for each of the agreements concluded, as summarised in Table 9.
Višak
Table 9
diskontni faktor
Incremental profitability of contracts with Ryanair, LV and AMS of 2002 prepared by Austria
Analiza troškova i koristi pokazuje diskontirani pozitivni rezultat u iznosu od (u eurima)
Capital interest rate:
sveobuhvatna pristojba po putniku
Passenger incentive:
pristojba za zaštitu po odlaznom putniku
Daily connections
(utvrdila austrijska vlada)
Rotations per year
Upravljanje prometom 2002.