natgillin/translations-raw huggingface dataset:
‘… Decisions shall be taken by the Board of Directors by a simple majority of votes, except for decisions concerning the following matters, which shall also require the agreement of all category C directors:
Alternatívny scenár k rozhodnutiu prijať obchodný rámec z roku 2004 je neexistencia zmluvy so spoločnosťou Ryanair, a teda vzdať sa prírastkových príjmov a nákladov spojených s prepravou so spoločnosťou Ryanair.
any amendment to the Business Plan;
Spoločnosť BSCA 22. januára 2004 pred uzatvorením predbežného obchodného rámca na rok 2004 aktualizovala svoj obchodný plán.
the adoption of new business plans on the expiry of the Business Plan 2009-2012 and any amendment to such plans;
Podľa Belgicka bol obchodný plán z 22. januára 2004 pripravený v zmysle rozhodnutia z roku 2004 s cieľom schváliť nový návrh, ktorý sa mal vypracovať v spoločnosti Ryanair [203].
any decision deviating from the current business plan without formally amending it;
Jedna časť tohto obchodného plánu sa však týka nielen prijatých príjmov vďaka preprave spoločnosti Ryanair, ale aj príjmov prijatých vďaka preprave iných leteckých dopravcov.
the adoption of the Company's annual budget (particularly with regard to developments, investments, projects, studies, equipment, indirect and staff costs) and any amendment to the budget exceeding EUR 100000;
Na druhej strane sa tým vymedzili len príjmy a náklady spoločnosti BSCA, zatiaľ čo s cieľom uplatniť kritérium hospodárskeho subjektu v trhovom hospodárstve je vhodné zvážiť, že subjekt, ktorý uzatvoril predbežný obchodný rámec z roku 2004 so spoločnosťou Ryanair, je subjekt región – SOWAER – BSCA.
the proposal to amend the dividend policy, to be submitted to the general meeting;
O investíciách podľa dohovoru SOWAER/BSCA z roku 2002, ako aj investíciách z roku 2003 sa už rozhodlo a práce sa už začali.
the approval of any contract or agreement between the Company and the Walloon Region or any company directly or indirectly controlled by the latter;
Okrem toho, ako sa uvádza v odôvodnení 533, investičný program začlenený k dohovoru SOWAER/BSCA z roku 2002 by sa bol pravdepodobne prijal, a to aj pri neexistencii zmlúv so spoločnosťou Ryanair.
the relationship between the Company and Ryanair;
To platí aj pri revízii investičného programu z roku 2003, ktorá sa riadila tou istou logikou rozvoja letiska s takou diverzifikovanou klientelou, pokiaľ ide o leteckých dopravcov.
the appointment and removal of the Chief Executive Officer;
Komisia z toho usudzuje, že nie je vhodné pripisovať prírastkové investičné náklady predbežnému obchodnému rámcu z roku 2004.
any company decision concerning or involving facts stated in a complaint submitted by Belgian Airports to SOWAER in accordance with the Share Sale Agreement;
Na základe týchto hypotéz Komisia zistila, že náležité peňažné toky na analýzu ziskovosti obchodného rámca z roku 2004 sú takéto:
any decision concerning the relationship between BSCA and BSCA Security in terms of security; and
Tabuľka 23
the conclusion, amendment of terms, termination or abandonment of any joint venture or strategic collaboration other than with the Shareholders of Save or associated companies’.
Očakávané peňažné toky opatrenia z roku 2004
The Commission concludes that, at the time when the 2010 amendment was concluded, no major decision on the management of BSCA's affairs could have been taken without the approval of Belgian Airports.
[0,05 – 0,15]
BSCA was therefore under the joint control of its private and public shareholders and, as a result, was not under the dominant influence of the public shareholders alone.
Obchodné koncesie
In this respect, it should be noted that Belgian Airports' right of veto covered the relationship between BSCA and Ryanair (see point (iv) of recital 495).
[5 – 9]
Without the approval of Belgian Airports, BSCA was therefore unable to implement any instructions from the public authorities on the conclusion of the 2010 amendment.
[14 – 20]
Moreover, an examination of the minutes of the Board of Directors' meetings on the conclusion of the 2010 amendment, particularly the minutes of the meetings of 25 February and 29 April 2010, does not reveal the existence of any such instructions.
[9,5 – 11,5]
During its meeting on 25 February 2010, BSCA's Board of Directors unanimously approved the proposed agreement with Ryanair.
Poplatky za zriadenie
The Commission therefore concludes that BSCA's decision to conclude the 2010 amendment to the contract with Ryanair is not imputable to the State.
[3 – 9]
In order to determine whether a State measure constitutes aid, it is necessary to establish whether the recipient undertaking receives an economic advantage that it would not have obtained under normal market conditions [190].
[3 – 11]
In order to determine whether (i) the 2001 agreements, (ii) the Ministerial Order of 11 June 2004 and the BSCA letter of 24 June 2004, (iii) the 2005 amendment and (iv) the sale by BSCA of its shares in Promocy have given an advantage to Ryanair, the Commission has examined whether, in adopting these measures, the entity having granted them acted as a market economy operator.
Z týchto tokov vyplýva pozitívny prírastkový príspevok pre spoločnosť Ryanair za všetky príslušné roky.
Determination of the entity having granted the measures
Obchodný rámec má nevyhnutne pozitívnu čistú súčasnú hodnotu, a to bez ohľadu na priemerné vážené náklady na vybratý kapitál.
In paragraph 102 of its judgment of 17 December 2008 on the 2004 decision, the General Court concluded that ‘the Commission's refusal to examine together the advantages granted by the Walloon Region and by BSCA and to apply the private investor principle to the measures adopted by the Walloon Region in spite of the economic links binding those two entities is vitiated by an error in law’.
Na výpočet čistej súčasnej hodnoty opatrenia z roku 2004 na ilustráciu však Komisia stanovila diskontnú sadzbu, ktorá sa má použiť.
In order to apply the market economy operator test to (i) the 2001 agreements, (ii) the Ministerial Order of 11 June 2004 and the BSCA letter of 24 June 2004, (iii) the 2005 amendment and (iv) the sale by BSCA of its shares in Promocy, the Commission will therefore consider, given the economic and functional links between the Region/SOWAER and BSCA at the time when these measures were granted [191], that the entity having granted the measures is the group consisting of the Region, SOWAER and BSCA (hereinafter ‘Region-SOWAER-BSCA’).
Touto sadzbou sú priemerné vážené náklady na kapitál subjektu, ktorý poskytuje pomoc, a to v momente, keď ju poskytol.
Consequently, the two 2001 contracts must be regarded as a single measure (hereinafter ‘the 2001 contracts’).
Ako sa spresnilo v odôvodnení 538, Komisia zvážila priemerné vážené náklady na kapitál BSCA.
Likewise, the Ministerial Order of 11 June 2004 and the BSCA letter of 24 June 2004 (hereinafter ‘the 2004 provisional commercial framework’) must be regarded as a single measure.
Na základe uvedených hypotéz sa Komisia domnievala, že tieto náklady sú vo výške 9,7 %:
Furthermore, in order to apply the market economy operator test, the cash flows between the three entities will be ignored and their accounts will be consolidated.
riziková prirážka 5,72 % [204],
In order to determine whether the measures defined in Section 3.2 pass the market economy operator test, the Commission has examined, in accordance with point 53 of the aviation guidelines [192], if:
náklady na kapitál pred zdanením bez rizika medzi 4,2 % a 4,4 %.
the price charged for the airport services corresponds to the market price; or
V nasledujúcej tabuľke sú zobrazené výsledky výpočtu čistej súčasnej hodnoty obchodného rámca z roku 2004 založeného na diskontnej sadzbe 9,7 %.
it can be demonstrated through an ex ante analysis that the agreements with Ryanair were intended to lead to a positive incremental profit contribution for the group consisting of the Region-SOWAER-BSCA.
Tabuľka 24
Comparison of the prices charged for airport services at Charleroi with the market price
Čistá súčasná hodnota opatrenia z roku 2004
The Commission has strong doubts that, at the present time, an appropriate benchmark can be identified to establish a true ‘market price’ for services provided by airport managers.
Diskontná sadzba 9,7 %
The application of the market economy operator test using an average price observed in other similar markets may prove conclusive where a market price can be reasonably identified or deduced from other market indicators.
Táto pozitívna čistá súčasná hodnota potvrdzuje, že bolo možné očakávať, že obchodným rámcom z roku 2004 sa zvýši ziskovosť subjektu región – SOWAER – BSCA.
However, this method may not be as relevant in the case of airport services.
V bode 66 usmernení v oblasti letectva sa stanovuje, že posudzované dohody možno považovať za súčasť vykonávania celkovej stratégie letiska zameranej na dosiahnutie aspoň dlhodobej ziskovosti.
The revenue and cost structure tends to differ significantly from airport to airport.
„Celkovou analýzou sa takisto musí v každom smere potvrdiť, že trvalosť a budúcnosť letiska nie sú v nijakom prípade ohrozené a že BSCA má z dlhodobého hľadiska dostatočný priestor na pokračovanie v jeho rozvoji.“ Počas nasledujúceho zasadnutia 6. mája 2004 „správna rada konštatovala, že návrhy, o ktorých sa nedávno diskutovalo v Dubline so zástupcami spoločnosti Ryanair, by mohli vzhľadom na očakávateľný rozvoj letiska zabezpečiť letisku Charleroi zachovanie operácií spoločnosti Ryanair podľa pôvodného obchodného plánu (…).“ Pôvodný obchodný plán bol súčasťou dlhodobej stratégie rozvoja a Komisia z toho usudzuje, že obchodný rámec z roku 2004 bol súčasťou rovnakej stratégie.
These costs and revenues depend on the airport's state of development, number of airlines operating from/to the airport, available capacity in terms of passenger traffic, state of the infrastructure, the regulatory burden, which may vary from Member State to Member State, and historical debts and obligations of the airport [193].
Pri splnení kritéria súkromného hospodárskeho subjektu v trhovom hospodárstve nepredstavuje obchodný rámec z roku 2004 štátnu pomoc.
Moreover, the liberalisation of the air transport market complicates any comparative analysis.
Zmluva z roku 2005
As the present case amply demonstrates, commercial arrangements between airports and airlines are not necessarily based on a list of public prices for individual services.
S cieľom určiť, či z hľadiska ex ante zmluva z roku 2005 prispela k ziskovosti subjektu, ktorý poskytol pomoc v súlade s bodom 63 usmernení v oblasti letectva, Komisia určila, či čistá súčasná hodnota zmluvy z roku 2005 bola pozitívna pre celý subjekt región – SOWAER – BSCA.
These commercial relationships vary widely.
Alternatívnym scenárom je zrušenie dohody so spoločnosťou Ryanair po uplynutí platnosti listu BSCA spoločnosti Ryanair z 24. júna 2004 v marci 2006.
They include the sharing of risks in terms of traffic and of correlative commercial and financial responsibilities, the generalised use of incentive mechanisms (for example, in the form of discounts connected with the number of links or passengers carried), and variations in the distribution of risk over the term of contracts.
Komisia následne uplatnila rovnakú metodiku, ktorú použila pri zmluvách z roku 2001 a ktorá je opísaná v odôvodnení 524.
As a result, it is difficult to compare transactions based on a price per rotation or per passenger.
O investíciách podľa dohovoru SOWAER/BSCA z roku 2002, ako aj investíciách z roku 2003 sa už rozhodlo a práce sa začali.
Ryanair argues that the market economy operator principle can be applied based on a comparison with the commercial arrangements of other European airports.
Okrem toho, ako sa uvádza v odôvodnení 533, investičný program začlenený k dohovoru SOWAER/BSCA z roku 2002 by sa bol pravdepodobne prijal, a to aj pri neexistencii zmlúv so spoločnosťou Ryanair.
Ryanair cites a study by Oxera from 2 October 2011, which proposes Glasgow Prestwick and Liverpool John Lennon airports as comparators.
Komisia z toho usudzuje, že nie je vhodné pripisovať prírastkové investičné náklady zmluve z roku 2005.
However, the Commission has strong doubts that these two benchmarks are relevant for assessing the situation of Charleroi airport, given that the revenue structure of Glasgow Prestwick airport is heavily based on cargo, which does not exist at Charleroi.
Na základe týchto hypotéz Komisia zistila, že náležité peňažné toky na analýzu ziskovosti opatrenia z roku 2005 sú takéto:
Moreover, both airports have apparently received public funding in recent years.
Tabuľka 25
In addition, as indicated above, the transactions to be analysed consist of several ‘prices’, i.e. in particular the various airport charges, the price of ground handling services and, for certain measures, the contributions to Promocy for marketing activities.
Očakávané peňažné toky opatrenia z roku 2005
Each of these transactions therefore leads to a complex set of cash flows between the airport manager and the airline and its subsidiaries.
[6 – 10]
Accordingly, a comparison between just the airport charges invoiced by BSCA to Ryanair and the airport charges invoiced at the comparison airports would not provide any useful indication as to compliance with the market economy operator principle.
[3 – 6]
At the very least, in order to validly compare the transactions covered by this assessment, it would be necessary to identify, for the airports in the comparison sample, a set of comparable transactions, which must particularly include equivalent marketing services and equivalent ground handling services.
Poplatok za využívanie infraštruktúry
Identifying such a sample of comparable transactions would prove impossible, given that the transactions covered by this assessment are so complex and specific, and all the more so as the prices of ground handling services and marketing services are rarely made public and would be difficult to obtain in order to form a basis for comparison.
[12 – 17]
Lastly, assuming that it could be established, based on a valid comparative analysis, that the ‘prices’ applied in the various transactions covered by this assessment were equivalent to or higher than the ‘market prices’ established using the sample of comparison transactions, the Commission could not, however, conclude that those transactions corresponded to the market price if it proved that, on their conclusion, the airport manager may have expected them to lead to incremental costs higher than the incremental revenues.
[5,5 – 7,5]
A market economy operator would not in fact be interested in offering goods or services at the ‘market price’ if this led to an incremental loss.
Fixné náklady na cestujúceho
The Commission considers it appropriate to reiterate in the context of this analysis that, following the adoption of the aviation guidelines, both Belgium and the interested parties were invited to submit comments on the application of those guidelines to the present case.
[0 – 0,1]
In the event, neither Belgium nor the interested parties, except for Ryanair, disputed in substance the Commission's approach according to which, where an appropriate benchmark cannot be identified to establish a true market price for the services provided by airports to airlines, the most relevant criterion for assessing the arrangements concluded between these two parties is an ex ante incremental profitability analysis.
Celkové náklady na odlietajúcich cestujúcich
Ex ante analysis of the profitability of measures
Celkový prírastkový príspevok na cestujúceho odlietajúceho spoločnosťou Ryanair pred uskutočnením investícií (v EUR)
In the light of the above, the Commission considers that the approach generally recommended in the aviation guidelines for applying the market economy operator test to relationships between airports and airlines, namely the ex ante incremental profitability analysis, must be applied to the present case.
[5 – 10]
This approach is justified by the fact that an airport manager may have an objective interest in concluding a transaction with an airline where it may reasonably expect this transaction to improve its profits (or reduce its losses) compared to a counterfactual situation in which this transaction is not concluded [194], regardless of any comparison with the conditions offered to airlines by other airport managers, or even with the conditions offered by the same airport manager to other airlines.
Celkový prírastkový príspevok spoločnosti Ryanair pred investíciami (v miliónoch EUR)
As stated by point 63 of the aviation guidelines, ‘The Commission considers that arrangements concluded between airlines and an airport can be deemed to satisfy the MEO test when they incrementally contribute, from an ex ante standpoint, to the profitability of the airport.
[6 – 17]
The airport should demonstrate that, when setting up an arrangement with an airline …, it is capable of covering all costs stemming from the arrangement, over the duration of the arrangement, with a reasonable profit margin on the basis of sound medium-term prospects’ [195].
Zmluva z roku 2005 má nevyhnutne pozitívnu čistú súčasnú hodnotu, a to bez ohľadu na priemerné vážené náklady na vybratý kapitál.
The Commission stresses that the criterion indicated in point 63 of the aviation guidelines reflects the logic of the market economy operator test, but that this criterion, which refers to the arrangements concluded between specific airports and airlines rather than to a general business plan as is usually the case when applying the market economy operator test, has only recently been introduced.
(558) Na výpočet čistej súčasnej hodnoty opatrenia z roku 2005 na ilustráciu však Komisia stanovila diskontnú sadzbu, ktorá sa má použiť.
Consequently, the Commission admits that it may be difficult for Member States and the operators concerned to provide documents dating from the moment when the measure was granted and precisely meeting the requirements in point 63 of the aviation guidelines, where these arrangements were concluded some years previously.
Na základe uvedených hypotéz sa Komisia domnievala, že tieto náklady sú vo výške 9,3 %
The Commission will take these considerations into account when applying the market economy operator test to the agreements with Ryanair.
riziková prirážka 5,74 % [206],
According to point 64 of the aviation guidelines, ‘In order to assess whether an arrangement concluded by an airport with an airline satisfies the MEO test, expected non-aeronautical revenues stemming from the airline's activity should be taken into consideration together with airport charges, net of any rebates, marketing support or incentive schemes.
náklady na kapitál pred zdanením bez rizika medzi 3,5 % a 3,9 %.
Similarly, all expected costs incrementally incurred by the airport in relation to the airline's activity at the airport should be taken into account … In contrast, costs which the airport would have to incur anyway independently from the arrangement with the airline should not be taken into account in the MEO test’ (the footnotes have not been reproduced).
BSCA pripomína, že tarify používané pri pozemnej obsluhe („manipulačné poplatky“) „musia umožniť pokrytie nákladov a dosiahnutie primeraného ziskového rozpätia“.
Furthermore, according to point 66 of said guidelines, ‘When assessing airport/airline arrangements, the Commission will also take into account the extent to which the arrangements under assessment can be considered part of the implementation of an overall strategy of the airport expected to lead to profitability at least in the long term’ [196].
Pri splnení kritéria súkromného hospodárskeho subjektu v trhovom hospodárstve nepredstavuje zmluva z roku 2005 štátnu pomoc.
The Commission has therefore applied the market economy operator test to the following measures, in line with the principles set out above:
Odstúpenie podielu BSCA v Promocy spoločnosti Ryanair
2001 contracts
BSCA odstúpila 31. marca 2010 spoločnosti Ryanair svoju 50 % účasť v spoločnosti Promocy.
In order to determine whether the 2001 contracts contributed, from an ex ante point of view, to the profitability of the entity having granted the aid, in accordance with point 63 of the aviation guidelines, the Commission has assessed whether the net present value (hereinafter ‘NPV’) of the 2001 contracts was positive for the entity Region-SOWAER-BSCA.
BSCA predala svoje akcie za účtovnú hodnotu (t. j.
Prior to the 2001 agreements, BSCA drew up a business plan.
Počas tohto odstúpenia bola výška peňažných prostriedkov spoločnosti Promocy 261073 EUR (zostatok aktív po odpočítaní kapitálu a zákonnej rezervy) [207].
However, on the one hand, this business plan covered not only the revenue received from the traffic generated by Ryanair, but also the revenue received from the traffic generated by other airlines.
Spoločnosť BSCA teda odstúpila spoločnosti Ryanair svoj podiel v Promocy za sumu 99436 EUR, ktorá bola nižšia ako polovica peňažných prostriedkov spoločnosti Promocy v čase odstúpenia.
On the other hand, it identified the revenue and costs of BSCA only, whereas, in order to apply the market economy operator test, it should be considered that the entity that concluded the 2001 contracts with Ryanair was the entity Region-SOWAER-BSCA.
Belgicko však zdôrazňuje, že v čase odstúpenia existoval daňový spor.
This business plan can therefore be used as a source of information, but must be reworked so that it can be used to apply the market economy operator test.
Spoločnosť BSCA mala znášať polovicu, keby si ponechala svoj podiel v Promocy.
The Commission has therefore recreated what would have been a business plan produced by the entity Region-SOWAER-BSCA in order to assess the expected profitability of these contracts, with only the revenue and costs of the incremental economic activities associated with these contracts being included.
Práve preto sa podľa Belgicka spoločnosť BSCA rozhodla predať svoj podiel za jeho účtovnú hodnotu.
To this end, the Commission started with BSCA's general business plan (i.e. covering all the airport's activities and not just the specific effect of the 2001 contracts), as available prior to the conclusion of the 2001 contracts.
Belgicko zaslalo 24. februára 2010 správu finančného riaditeľa BSCA správnej rade BSCA, v ktorej odporúčal schváliť odstúpenie podielu BSCA v Promocy za jeho účtovnú hodnotu.
Using this general business plan, the Commission constructed an incremental business plan including only the incremental economic activities (i.e. taking into account only the revenue and costs associated with Ryanair's traffic), by isolating the incremental traffic, costs and revenue to be expected from the contracts with Ryanair on their conclusion [197].
V tejto správe sa pripomenulo, že Promocy od uzatvorenia novej zmluvy v roku 2005 so spoločnosťou Ryanair už nepokračovalo v činnosti.
The Commission then created a business plan for the entity Region-SOWAER-BSCA by adding the incremental costs and revenue of the Region and SOWAER associated with these contracts and by neutralising the internal flows within the entity Region-SOWAER-BSCA.
Po začatí prešetrovania a následne súdneho konania v danom spore sa rozhodlo, že spoločnosť Promocy sa ponechá v nedotknutom stave.
Expected incremental costs
Vzhľadom na slabé napredovanie tohto súdneho prípadu sa BSCA a spoločnosť Ryanair nakoniec rozhodli vyhlásiť bankrot spoločnosti Promocy.
Expected incremental investment costs
Podľa správy spoločnosť BSCA teda ponúkla spoločnosti Ryanair rozdelenie čistých aktív, ktorých výška bola približne 350000 EUR.
In order to determine whether part of the investment costs should be taken into account in the expected incremental investment costs due to the 2001 contracts, the Commission examined, in accordance with point 64 of the aviation guidelines, whether the investment programme for Charleroi airport was decided in connection with the 2001 contracts or independently from those agreements.
Spoločnosť Ryanair naznačila, že uprednostňuje „vyprázdniť“ tieto čisté aktíva prostredníctvom definitívnych marketingových operácií.