natgillin/translations-raw huggingface dataset:
A firm is in principle considered as newly created for the first three years following the start of operations in the relevant field of activity.
Samotný vlastný príspevok nesmie predstavovať žiadnu ďalšiu štátnu pomoc.
Adria was founded in 1961 and cannot be regarded as a newly created firm.
V prípade veľkých firiem Komisia zvyčajne považuje za primeraný príspevok vo výške najmenej 50 % nákladov na reštrukturalizáciu.
Also, Adria does not belong to a business group in the sense of point 13 of the R&R Guidelines
Za výnimočných okolností a v prípadoch s osobitnými ťažkosťami môže Komisia akceptovať nižší príspevok (bod 44 usmernení na záchranu a reštrukturalizáciu).
Restoration of long-term viability
Vlastný príspevok v súlade s plánom reštrukturalizácie tvoria:
According to point 34 of the R&R Guidelines, the grant of restructuring aid must be conditional on implementation of a restructuring plan which must be endorsed by the Commission in all cases of individual aid.
celková suma z predaja spoločnosti AAT (t. j.
Point 35 explains that the restructuring plan, the duration of which must be as short as possible, must restore the long-term viability of the firm within a reasonable timescale and on the basis of realistic assumptions as to future operating conditions.
14,7 milióna EUR);
The plan must provide for a turnaround that will enable the company, after completing its restructuring, to cover all its costs including depreciation and financial charges.
Pokiaľ ide o bod i) odôvodnenia 154, Komisia sa domnieva, že tieto opatrenia sú prijateľné a sú opodstatnené ako vlastný príspevok.
The expected return on capital must be high enough to enable the restructured firm to compete in the marketplace on its own merits (point 37 of the R&R Guidelines).
Väčšina aktív sa v skutočnosti predala, a preto výnos z predaja možno jednoznačne považovať za vlastný príspevok.
As indicated in the opening decision, the Commission had doubts as to whether the restructuring plan was sufficiently solid in order to restore the long-term viability of Adria, as some of its predictions appeared to be based on non-quantified, uncertain or unclear assumptions.
Okrem toho Slovinsko predložilo dôkazy o tom, že zvyšné aktíva sú v súčasnosti v procese predaja a ich hodnota bola stanovená v súlade s externými oceneniami vrátane ocenenia spoločnosťou AVAC v prípade lietadiel (pozri odôvodnenie 97).
In addition, the Commission was uncertain whether the company would reach viability by the end of 2013, as indicated in the original restructuring plan.
Pokiaľ ide o bod ii) odôvodnenia 154, keďže Komisia dospela v odôvodnení 118 k záveru, že opatrenie 5 nepredstavuje štátnu pomoc, je zrejme rozumné vyvodiť záver, že výnos z predaja spoločnosti AAT by sa mal považovať za zložku vlastného príspevku.
According to the updated plan, Adria will return to viability in 2014 or 2015.
V tejto súvislosti Komisia zastáva názor, že konverzia nezabezpečeného dlhu by za normálnych okolností nepreukázala dôveru trhu v spoločnosť, pretože nezabezpečení veritelia nepreberajú nové riziká súvisiace s vykonávaním plánu reštrukturalizácie.
The duration of the restructuring is thus of a maximum of 5 years, in line with previous case-practice in the passenger air transport sector [44].
V prípade spoločnosti Adria však Slovinsko preukázalo, že dlh konvertovaný na vlastný kapitál bol do značnej miery plne zabezpečený, t. j.
The Commission furthermore observes that especially in the air transport sector in the current economic circumstances, the stabilisation of operational and services performance has to be achieved in order to ensure a long-term viability as a solid base for future growth and not only a short-term turnaround, which by nature takes several years.
[10 – 20] miliónov EUR z celkovej sumy 19,7 milióna EUR (pozri odôvodnenie 97).
The restructuring plan highlights that the main goal of restructuring process of Adria is a long-term viability, whose primary aim is to adopt a clear strategy and market orientation with several key objectives: increased financial strength and no losses from 2013 onwards, reduction of complexity costs and achieving a clear, competitive and sustainable unique selling proposition.
V prípade likvidácie spoločnosti Adria by teda banky boli schopné vymôcť plne zabezpečenú sumu.
According to the plan, by achieving these objectives, the company […].
Z toho vyplýva, že banky sa vzdali plne zabezpečenej pohľadávky, ktorú by boli schopné v plnej miere vymôcť, a nahradili ju kapitálom spoločnosti Adria rovnakej hodnoty.
The restructuring plan also describes the circumstances that led to Adria's difficulties, which were mainly caused by the global financial crisis, the small size of Adria's primary market (Slovenia and neighbouring countries), the low capacity of its fleet (mainly CRJ200 aircraft), […].
Banky teda konverziou dlhu na kapitál prevzali nové riziko prinajmenšom za sumu [10 – 20] miliónov EUR, pretože nemajú istotu, že ich investícia do spoločnosti Adria bude zisková.
Moreover, the restructuring plan includes best-case, worst-case and base-case scenarios as well as an analysis of the risks that could have an impact on the restructuring of Adria, like for instance changes in the price of fuel, risk deriving from changes on the currency exchange rate or potential risks regarding the fleet.
Na tomto základe sa Komisia domnieva, že konverzia plne zabezpečených úverov na kapitál, t. j.
In all cases Adria is expected to return to viability by the end of the restructuring period.
[10 – 20] miliónov EUR, je prijateľná ako vlastný príspevok.
Under the base-case scenario, Adria is expected to reach a net profit margin of […] % in 2014 and of […] % in 2015, a debt-to-equity ratio of […] in 2014 and of […] in 2015; and a return-on-equity ratio of […] % in 2014 and of […] % in 2015.
Pri zohľadnení uvedených skutočností dosahuje úroveň vlastného príspevku spoločnosti Adria výšku […] EUR alebo [46 – 48] % nákladov na reštrukturalizáciu.
In the worst-case scenario, the net profit margins would decrease to […] % in 2014 and to […] % in 2015, the debt-to-equity ratio would go up to […] in 2014 and to […] in 2015, while the return-on-equity ratio would be of […] % in 2014 and of […] % in 2015.
V prípade veľkej firmy, akou je spoločnosť Adria, by výška vlastného príspevku mala zvyčajne byť 50 %.
The main focus of the plan is to restructure and reduce Adria's network, which was loss-making due to overcapacity in fleet, flying personnel and other staff.
Podľa bodu 56 usmernení na záchranu a reštrukturalizáciu však Komisia môže byť menej prísna, pokiaľ ide o výšku vlastného príspevku v dotovaných oblastiach, ako to bolo v prípade Slovinska v čase, keď sa opatrenia poskytli (pozri odôvodnenie 150).
In order to do so, the restructuring plan foresees a significant reduction of routes and frequencies, as well as a reduced and more fuel-efficient fleet consisting of […] aircraft by 2015 ([…]), mostly […].
V predchádzajúcich prípadoch, napríklad v prípade spoločnosti Air Malta, Komisia schválila vlastný príspevok na úrovni približne 45 %.
The restructuring plan foresees the closure of […] routes and additional reduction of frequencies.
Komisia sa preto domnieva, že boli splnené požiadavky bodu 43 usmernení na záchranu a reštrukturalizáciu.
Overall, during the restructuring period, Adria would have reduced its capacity by [11-14] % in terms of ASK.
Pomoc musí byť v súlade s bodom 72 usmernení na záchranu a reštrukturalizáciu, v ktorom sa stanovuje, že spoločnosť, ktorá dostala pomoc na záchranu a reštrukturalizáciu za posledných desať rokoch, nie je oprávnená na pomoc na záchranu alebo reštrukturalizáciu (zásada „jedenkrát a naposledy“).
[45]
Keďže opatrenia 1, 2, 3 a 5 nepredstavujú štátnu pomoc a keďže spoločnosť Adria podľa všetkého nebola príjemcom žiadnej pomoci na záchranu a reštrukturalizáciu za posledných 10 rokov, Komisia dospela k záveru, že v prípade opatrenia 4 sa dodržala zásada „jedenkrát a naposledy“.
The restructuring measures foreseen in the plan as regards cost reductions (e.g. […], etc.) and revenue increases (e.g. […] etc.) are an additional step in the right direction to reach a more sustainable viability.
Záver týkajúci sa opatrenia 4
In addition, the additional restructuring measures (see recital 31) foresee increased revenues and reduced costs with a total positive effect of EUR […] in 2014 and EUR […] in 2015, thus strengthening Adria's return to viability.
Vzhľadom na uvedené skutočnosti Komisia konštatuje, že Slovinsko v roku 2011 nezákonne realizovalo kapitálovú injekciu v prospech spoločnosti Adria, a to v rozpore s článkom 108 ods. 3 Zmluvy o fungovaní Európskej únie.
The Commission is therefore of the view that the initiatives on cost reductions and revenue increases are capable to enable Adria to achieve the return to long-time viability by 2015.
Komisia sa však domnieva, že opatrenie a plán reštrukturalizácie spĺňajú podmienky stanovené v usmerneniach na záchranu a reštrukturalizáciu.
In addition, the evidence provided by Slovenia shows that Adria currently is on track to meet most of the objectives fixed in the restructuring plan, which is an additional indicator of the reliability of the plan.
Komisia preto považuje pomoc za zlučiteľnú s vnútorným trhom.
As regards return to viability, on the basis of the updates to the restructuring plan submitted by Slovenia, the Commission concludes that the impact of the different restructuring measures is duly quantified and viability is foreseen at adequate levels under all scenarios for the entire restructuring period until 2014 and 2015.
PRIJALA TOTO ROZHODNUTIE:
Therefore, in view of the significant restructuring measures undertaken and the progress made to date, the Commission considers that the restructuring plan will enable Adria to restore its long-term viability within a reasonable timescale.
Článok 1
Avoidance of undue distortions of competition (compensatory measures)
Navýšenie kapitálu spoločnosti Adria Airways d.d. v rokoch 2007, 2009 a 2010, ktoré Slovinská republika realizovala v prospech spoločnosti Adria Airways d.d., nepredstavujú pomoc v zmysle článku 107 ods. 1 Zmluvy o fungovaní Európskej únie.
According to point 38 of the R&R Guidelines, compensatory measures must be taken in order to ensure that the adverse effects on trading conditions are minimised as much as possible.
Nadobudnutie spoločnosti Adria Airways Tehnika d.d. spoločnosťami PDP a Aerodrom Ljubljana d.d. v rokoch 2010 a 2011 nepredstavuje pomoc v zmysle článku 107 ods. 1 Zmluvy o fungovaní Európskej únie.
These measures may comprise divestment of assets, reductions in capacity or market presence and reduction of entry barriers on the markets concerned (point 39 of the R&R Guidelines).
Článok 2
In this regard, closure of loss-making activities which would at any rate be necessary to restore viability will not be considered as a reduction of capacity or market presence for the purpose of the assessment of the compensatory measures (point 40 of the R&R Guidelines).
Kapitálová injekcia vo výške 50 miliónov EUR v prospech spoločnosti Adria Airways d.d., ktorú Slovinská republika realizovala v roku 2011, predstavuje pomoc v zmysle článku 107 ods. 1 Zmluvy o fungovaní Európskej únie.
Slovenia proposes the following compensatory measures for Adria: (a) […] scheduled routes; (b) surrender of slots at several airports, including coordinated airports; (c) reduction of fleet; and (d) the sale of AAT.
Táto pomoc je zlučiteľná s vnútorným trhom v zmysle článku 107 ods. 3 písm. c) Zmluvy o fungovaní Európskej únie.
Slovenia has provided evidence which demonstrates that the routes cancelled under the restructuring plan were profitable on the basis of the C1 contribution margin, following the Commission's practice in previous cases [46].
Článok 3
Indeed, the C1 contribution margin takes account of flight, passenger and distribution costs (i.e. variable costs) attributable to each individual route.
Toto rozhodnutie je určené Slovinskej republike.
Therefore, all routes which have a positive C1 contribution generate sufficient revenues to not only cover the variable costs of a route but also to contribute to the fixed costs of the company.
V Bruseli 9. júla 2014
From the Commission's point of view, the C1 contribution margin appears to be the appropriate figure for assessing whether a particular route contributes to the profitability of the airline.
Za Komisiu
As regards capacity, the restructuring plan provides that the total capacity of the company was […] ASK in 2011, while at the end of the restructuring period in 2015, Adria's capacity is expected to be around […] ASK, i.e. a reduction of approximately [11-14] %.
podpredseda
When routes with a negative C1 contribution are excluded, this figure goes down to [6-8] %.
Štátna pomoc – Slovinsko – Štátna pomoc SA.32715 (2012/C) (ex 2012/NN) – Údajná pomoc poskytnutá spoločnosti Adria Airways – Výzva na predloženie pripomienok v súlade s článkom 108 ods. 2 Zmluvy o fungovaní Európskej únie (Ú. v. EÚ C 69, 8.3.2013, s. 53).
The Commission moreover observes that as a result of the alterations to the route network, Adria has released several airport slots, some of which are coordinated [47] airports like for instance Dublin and Copenhagen.
(ďalej len „KAD“), Slovenska Odskodninska družba d.d.
These slots allow competing airlines to operate certain routes and to increase their capacity.
(ďalej len „SOD“) a Družba za svetovanje in upravljanje d.o.o.
Finally, as regards the reduction of fleet, the Commission notes that Adria has reduced its fleet from […] aircraft in 2011 to […] aircraft, which according to the restructuring plan should remain unchanged until the end of the restructuring period in 2015.
(ďalej len „DSU“).
In relation to the sale of AAT, the Commission considers that this measure is acceptable as a compensatory measure, in particular bearing in mind the conclusion reached in recital 118 that it does not entail State aid.
Pozri poznámku pod čiarou č. 1.
When assessing whether the compensatory measures are appropriate, the Commission will take account of the market structure and the conditions of competition to ensure that any such measure does not lead to deterioration in the structure of the market (point 39 of the R&R Guidelines).
Výročná správa spoločnosti Aerodrom Ljubljana d.d. za rok 2013, k dispozícii na webovej lokalite: http://www.lju-airport.si/pripone/1966/Letno%20porocilo%20AL%202013%20ang.pdf.
The compensatory measures must be in proportion to the distortive effects of the aid and, in particular, to the size and the relative importance of the firm on its market or markets.
Tamže.
The degree of reduction must be established on a case-by-case basis (point 40 of the R&R Guidelines).
Pozri http://www.dutb.eu/en/about-us.
The Commission first notes that Adria has a market share of the entire Union airline industry's productive capacity and output (in terms of passengers) of only 0,15 % (1,17 million passengers in 2011).
K 31. decembru 2010 Slovinsko vlastnilo (priamo alebo nepriamo) 48,8 % banky NLB.
For a small carrier like Adria, further fleet and capacity reductions might have a negative effect on its viability, without providing any meaningful market opportunities for competitors.
Po záchrannej rekapitalizácii banky NLB schválenej rozhodnutím Komisie zo 7. marca 2011 (SA.32261) však Slovinsko vlastnilo (priamo alebo nepriamo) približne 55,7 % banky NLB.
As to the most important part of the compensatory measures, the capacity reduction, the Commission considers a reduction on profitable routes of approximately [6-8] % between 2011 and 2015 to be sufficient, in particular when compared to other airline restructuring cases [48].
Pozri http://www.sdh.si/sl-si/Novica/294.
This capacity reduction on profitable routes is higher than in the Air Malta case.
NFD 1 delniški investicijski sklad d.d. je 48,5 % dcérska spoločnosť spoločnosti NFD Holding (pozri poznámku pod čiarou).
Moreover, the overall capacity reduction of [11-14] % is similar to the 15 % reduction accepted in the Austrian Airlines case [49].
Zvyšnými vlastníkmi boli podľa všetkého najmä súkromné spoločnosti – pozri ročnú účtovnú závierku (iba v slovinčine) na webovej lokalite: http://www.nfd.si/dokumenti?lang=en.
Finally, the Commission observes that Slovenia is an assisted area for regional investment aid purposes under Article 107(3)(a) TFEU [50].
Spoločnosť NFD Holding d.d. je verejne obchodovateľná akciová spoločnosť, ktorej hlavnou činnosťou je riadenie finančných investícií.
According to point 56 of the R&R Guidelines, ‘the conditions for authorising aid [in assisted areas] may be less stringent as regards the implementation of compensatory measures and the size of the beneficiary's contribution.
Podľa všetkého je v súkromnom vlastníctve – pozri ročnú účtovnú závierku (iba v slovinčine) na webovej lokalite: http://www.nfdholding.si/dokumenti.php.
If needs of regional development justify it, in cases in which a reduction of capacity or market presence appear to be the most appropriate measure to avoid undue distortions of competition, the required reduction will be smaller in assisted areas than in non-assisted areas’.
Infond d.o.o. je slovinská spoločnosť správy investičných fondov.
Against this background, the Commission considers the compensatory measures proposed by Slovenia to be sufficient and proportionate under the R&R Guidelines in order to ensure that the adverse effects on trading conditions resulting from the granting of restructuring aid to Adria are minimised as much as possible.
Je v 72 % vlastníctve spoločnosti Nova KBM, banky, v ktorej v tom čase Slovinsko vlastnilo 42,3 % podiel, spoločnosť KAD 4,8 % podiel a spoločnosť SOD 4,8 % podiel.
Aid limited to the minimum (own contribution)
Pozri http://www.nkbm.si/financial-reports-and-documents.
According to point 43 of the R&R Guidelines, in order to limit the amount of aid to the strict minimum of the restructuring costs necessary, a significant contribution to the restructuring from the beneficiary's own resources is necessary.
Obchodné tajomstvo.
This can include the sale of assets that are not essential to the firm's survival, or external financing at market conditions.
Slovinský štátny fond.
The own contribution must be real, i.e. actual, excluding all future profits such as cash flow (point 43 of the R&R Guidelines).
Na základe dostupných informácií sa zdá, že v určitom okamihu pred navýšením kapitálu v roku 2007 získala spoločnosť NLB podiel v spoločnosti NFD 1 delniška investicijski sklad d.d. a spoločnosti NFD Holding d.d.
Inherently, the own contribution must not include any further State aid.
Vec C-482/99, Francúzsko/Komisia (Stardust Marine), Zb.
For large firms, the Commission usually considers a contribution of at least 50 % of the restructuring costs to be appropriate.
2002, s.
However, in exceptional circumstances and in cases of particular hardship, the Commission may accept a lower contribution (point 44 of the R&R Guidelines).
I-4397.
In view of total restructuring costs of EUR […], the proposed own contribution of Adria is composed of EUR […], i.e. approximately [50-54] % of the total restructuring costs.
Pozri veci T-358/94, Compagnie nationale Air France/Komisia, Zb.
The own contribution breaks down as follows in accordance with the restructuring plan:
1996, s.
the totality of the sale of AAT (i.e. EUR 14,7 million);
II-2109, body 148 a 149, a T-296/97, Alitalia – Linee aeree italiane SpA/Komisia, Zb.
the totality of the debt-to-equity conversion carried out by the banks under measure 4 (EUR 19,7 million).
2000, s.
As regards point (a) of recital 154, the Commission considers that these measures are acceptable and appear justified as own contribution.
II-3871, bod 81.
Most of the assets have actually been sold and therefore the proceedings resulting for the sale clearly can be counted as own contribution.
Ú. v. EÚ C 244, 1.10.2004, s. 2.
In addition, Slovenia has provided evidence that the rests of assets are currently in the process of being sold and their value has been determined in accordance with external valuations, including the AVAC valuation in the case of aircraft (see recital 97).
Pozri v tomto zmysle rozsudok Súdu EZVO v spojených veciach E-10/11 a E-11/11, Hurtigruten ASA, Nórsko/Dozorný úrad EZVO, zatiaľ neuverejnený, body 228 a 234 – 240.
In relation to point (b) of recital 154, since the Commission has concluded in recital 118 that measure 5 does not entail State aid, it appears reasonable to consider that the proceeds from the sale of AAT should be considered as an element of own contribution.
Rozhodnutie Komisie 2012/661/EÚ z 27. júna 2012 o štátnej pomoci SA.33015 (2012/C), ktorú Malta zamýšľa poskytnúť spoločnosti Air Malta plc.
Finally, as regards the debt-to-equity conversion referred to in point (c) of recital 154), Slovenia considers that the totality of the debt-to-equity conversion carried out by the banks under measure 4 should count as own contribution.
(Ú. v. EÚ L 301, 30.10.2012, s. 29).
In this respect, the Commission is of the view that the conversion of unsecured debt would normally not demonstrate the confidence of the market into the company, as the unsecured creditors do not assume new risks related to the implementation of the restructuring plan.
Správa spoločnosti AVAC je správa, ktorú pravidelne zverejňuje spoločnosť Aircraft Value Analysis Company, ktorá stanovuje hodnoty lietadiel všetkých značiek a modelov.
However, in Adria's case, Slovenia has shown that the debt converted into equity was fully collateralised to a significant extent, i.e. EUR [10-20] million out of the total of EUR 19,7 million (see recital 97).
Spoločnosť Ryanair odkázala na vec C-405/11 P, Buczek Automotive, zatiaľ neuverejnenú, body 55 – 57.
Thus, had Adria been liquidated, the banks would have been able to recover the fully-collateralised amount.
Čistý zisk pred zdanením.
It follows that the banks gave up a fully-collateralised claim, which they would have been able to fully recover, and replaced it with equity of Adria of equal value.
Údaje z decembra 2011.
Therefore, the banks assumed new risk by converting the debt into equity for at least EUR [10-20] million, since they have no certainty that their investment in Adria will be profitable.
Pozri finančnú správu spoločnosti Adria za rok 2011, k dispozícii je na webovej lokalite: http://www.adria.si/assets/Uploads/Annual-Report-2011-part-two-Financial-Report.pdf.
On this basis, the Commission considers that the debt-to-equity conversion of the fully-collateralised loans, i.e. EUR [10-20] million, is acceptable as own contribution.
Pozri finančnú správu spoločnosti Adria za rok 2012, k dispozícii je na webovej lokalite: https://www.adria.si/assets/Letna-porocila/SLO/AA-Letno-porocilo-2012-V1.pdf.
Taking the above into account, the level of own contribution of Adria would reach EUR […] or [46-48] % of the restructuring costs.
Pozri napríklad http://atwonline.com/finance-amp-data/adria-airways-narrows-net-loss-2013.
However, according to point 56 of the R&R Guidelines, the Commission may be less stringent as regards the size of the own contribution in assisted areas, as was the case for Slovenia at the time the measures were provided (see recital 150).
Spojené veci T-102/07, Freistaat Sachsen/Komisia, a T-120/07, MB Immobilien a MB System/Komisia, Zb.
In previous cases like Air Malta, the Commission has accepted a level of own contribution around 45 %.
2010, s.
Therefore, the Commission considers that requirements of point 43 of the R&R Guidelines have been fulfilled.
II-585, body 95 – 106.
The ‘one time, last time’ principle
Pozri http://www.rtvslo.si/gospodarstvo/adria-airways-v-prostovoljno-poravnavo/246290 (v slovinčine) alebo http://www.bloomberg.com/news/2010-12-15/slovenia-s-adria-airways-may-file-for-bankruptcy-tvs-reports.html (v angličtine).
Finally, the aid must respect point 72 of the R&R Guidelines, which provides that a company that has received rescue and restructuring aid in the past 10 years is not eligible for rescue or restructuring aid (the ‘one time, last time’ principle).
Očakávaný voľný peňažný tok je hotovosť, ktorá zostane po zaplatení všetkých nákladov spoločnosti, t. j. hotovosť, ktorá zostane k dispozícii akcionárom spoločnosti.