natgillin/translations-raw huggingface dataset:
However, the Commission notes that Air Malta already arrived at the conclusion of a bridging finance in December 2011 amounting to EUR [25 to 30] million for a three years maturity, secured without any assistance of the Maltese authorities.
Vendar pa Komisija ugotavlja, da je Air Malta že decembra 2011 sprejela odločitev o premostitvenih finančnih sredstvih v vrednosti [25 do 30] milijonov EUR z dobo zapadlosti tri leta, zavarovanih brez pomoči malteških organov.
The purpose of this loan is a bridging financing of the restructuring of Air Malta until 2014 when the proceeds from the land sale are expected to materialize.
To posojilo je namenjeno premostitvenemu financiranju prestrukturiranja družbe Air Malta do leta 2014, ko naj bi se realizirali prihodki od prodaje.
The loan will be provided by […].
Posojilo bo zagotovljeno s strani […].
Air Malta has to pay an interest rate of currently [4 to 6] % p.a. (i.e. [150 to 350] basis point above the […] base rate as reference rate which currently amounts to 2,5 %) plus fees amounting to [1 to 1,5] % p.a.
Air Malta mora plačevati obrestno mero v višini [4 do 6] % letno (tj. [150 do 350] bazičnih točk nad […] osnovno stopnjo kot referenčno stopnjo, ki trenutno znaša 2,5 %) plus provizije, ki znašajo [1 do 1,5] % letno.
The loan is secured by a mortgage of EUR [25 to 30] million.
Posojilo je zavarovano s hipoteko v vrednosti [25 do 30] milijonov EUR.
The Commission notes that this loan agreement of December 2011 demonstrates that Air Malta was already able to obtain external financing at market conditions without any assistance of the Maltese authorities.
Komisija ugotavlja, da ta posojilna pogodba iz decembra 2011 dokazuje, da je bila Air Malta že sposobna pridobiti zunanje financiranje po tržnih pogojih brez kakršne koli pomoči malteških organov.
Such financing shows that the market believes in the feasibility of the envisaged return to viability.
Takšno financiranje kaže, da trg verjame v izvedljivost predvidene obnove rentabilnosti.
The Commission hence considers the EUR [25 to 30] million loan as part of the own contribution.
Komisija zato posojilo v vrednosti [25 do 30] milijonov EUR obravnava kot del lastnega prispevka.
Appropriateness of the proposed own contribution
Ustreznost predlaganega lastnega prispevka
In view of the above, the Commission considers as appropriate and acceptable own contribution the proceeds from the sale of land (EUR 66,2 million); the sale of engines (EUR [9 to 12] million) and the bank loan concluded in December 2011 (EUR 30 million).
Glede na navedeno Komisija obravnava kot ustrezen in sprejemljiv lastni prispevek prihodke od prodaje zemljišča (66,2 milijona EUR), prodajo letal ([9 do 12] milijonov EUR) in bančno posojilo, odobreno decembra 2011 (30 milijonov EUR).
The total own contribution hence amounts to EUR 107 million which constitutes 45 % of the total restructuring costs.
Skupni lastni prispevek tako znaša 107 milijonov EUR, kar predstavlja 45 % skupnih stroškov prestrukturiranja.
Furthermore, the Commission notes that if the expected proceeds from the sale of subsidiaries materialize, then the level of the own contribution will raise by EUR [10 to 12] million and the total own contribution would thus amount to 49,5 % of the total restructuring costs.
Poleg tega Komisija ugotavlja, da se bo raven lastnega prispevka v primeru realizacije pričakovanih prihodkov od prodaje hčerinskih družb povečala za [10 do 12] milijonov EUR, s čimer bi znesek skupnega lastnega prispevka znašal 49,5 % skupnih stroškov prestrukturiranja.
Malta is an area eligible for assistance under Article 107 (3)(a) TFEU.
Malta se nahaja na območju, ki je upravičeno do pomoči na podlagi člena 107(3)(a) PDEU.
In assisted areas the conditions for authorising aid may be less stringent as regards the size of the beneficiary's contribution (point 56 of the R&R Guidelines).
Na območjih, upravičenih do pomoči, so lahko pogoji za odobritev pomoči manj strogi glede višine prispevka upravičenca (točka 56 smernic za reševanje in prestrukturiranje).
Furthermore, Malta's peripheral geographical situation causes problems with respect to accessibility to the rest of the EU and as a result the country is extensively dependent on air transport (see paragraph (126) above) which has to be taken into account.
Poleg tega obrobna geografska lega Malte povzroča težave v zvezi z dostopnostjo do drugih držav EU, zato je država močno odvisna od zračnega prometa (glej odstavek (126) zgoraj), kar je treba upoštevati.
Due to the particularities of the present case, an own contribution slightly lower than 50 % appears acceptable.
Zaradi posebnosti zadevnega primera se zdi lastni prispevek, ki je nekoliko nižji od 50 %, sprejemljiv.
Since the RP, especially the submitted financial plan, demonstrates that the amount of aid is such as to avoid providing Air Malta with surplus cash which could be used for aggressive, market-distorting activities not linked to the restructuring process and that the aid does not finance new investment that is not essential for restoring the firm's viability as stipulated in point 45 of the R&R Guidelines, the Commission concludes that an own contribution of at least 45 % is appropriate in the present case.
Ker načrt za prestrukturiranje, zlasti predloženi finančni načrt, kaže, da je znesek pomoči takšen, da Air Malta ne dobi presežka denarnih sredstev, ki bi se lahko uporabil za agresivne, tržno izkrivljajoče dejavnosti, ki niso povezane s postopkom prestrukturiranja, in da pomoč ni namenjena financiranju novih naložb, ki niso bistvenega pomena za obnovo sposobnosti podjetja za preživetje, kot je določeno v točki 45 smernic za reševanje in prestrukturiranje, je Komisija sklenila, da je v zadevnem primeru lastni prispevek v višini najmanj 45 % ustrezen.
Finally, the aid must respect the condition that it is ‘one time, last time’.
Pomoč mora izpolnjevati pogoj o enkratni pomoči („enkrat in zadnjič“).
Point 72 of the R&R Guidelines provides that a company that has received rescue and restructuring aid in the past ten years is not eligible for rescue or restructuring aid.
Točka 72 smernic za reševanje in prestrukturiranje določa, da podjetje, ki je v zadnjih desetih letih prejelo pomoč za reševanje in prestrukturiranje, ni več upravičeno do take pomoči.
In April 2004, before accession to the EU, Malta carried out a capital increase of EUR 57 million. The transaction in question was made in kind and involved the transfer of real property (land and buildings) in return for obtaining additional shares in Air Malta.
(162) Aprila 2004, pred pristopom k EU, je Malta izvedla dokapitalizacijo v višini 57 milijonov EUR. Zadevna transakcija je bila izvedena v naravi in je vključevala prenos nepremičnine (zemljišča in objektov) v zameno za pridobitev dodatnih delnic v družbi Air Malta.
This measure was not considered as rescue or restructuring aid by the Maltese authorities who considered the capital increase to be compatible with the market economy investor principle.
Malteški organi tega ukrepa niso obravnavali kot pomoč za reševanje ali prestrukturiranje. Menili so, da je dokapitalizacija združljiva z načelom vlagatelja v tržnem gospodarstvu.
The Commission was informed about this measure at the time in the context of pre-accession cooperation.
Komisija je bila tedaj obveščena o tem ukrepu v okviru predpristopnega sodelovanja.
In order to determine whether an economic advantage in favour of Air Malta is present in the 2004 injection and therefore this measure involves state aid, the Commission must assess whether the undertaking received 'an economic advantage, which it would not have obtained under normal market conditions [28]'.
Da bi Komisija ugotovila, ali kapitalska injekcija iz leta 2004 pomeni gospodarsko prednost za družbo Air Malta in ali zato ta ukrep vključuje državno pomoč, mora oceniti, ali je družba prejela „gospodarsko prednost, ki je v običajnih tržnih razmerah ne bi pridobila [28]“.
To examine this question the Commission applies the market economy investor principle (MEIP).
To vprašanje Komisija presoja na podlagi načela vlagatelja v tržnem gospodarstvu.
According to this test, where, in similar circumstances, a private investor operating in normal market conditions of a market economy of a comparable size to that of the bodies operating in the public sector could have been prompted to make the capital contribution in question, no State Aid would be involved.
V skladu s tem načelom v primeru, da bi se zasebni vlagatelj v običajnih tržnih razmerah, ki bi se po velikosti lahko primerjal z organi, ki upravljajo javni sektor, v podobnih okoliščinah odločil za zadevne kapitalske vložke, to ne bi pomenilo državne pomoči.
The Commission must therefore assess whether a private investor would have entered into the transaction in question on the same terms [29].
Komisija mora zato presoditi, ali bi zasebni vlagatelj v enakih pogojih [29] izvedel transakcijo.
The attitude of the hypothetical private investor is that of a prudent investor [30] whose goal of profit maximisation is tempered with caution about the level of risk acceptable for a given rate of return [31].
Hipotetični zasebni vlagatelj deluje kot preudaren vlagatelj [30], ki želi svoje dobičke povečati, ne da bi pri tem prevzel prevelika tveganja za svoj dobiček [31]
Moreover, '… [T]he comparison between the conduct of public and private investors must be made by reference to the attitude which a private investor would have had at the time of the transaction in question, having regard to the available information and foreseeable developments at that time [32]'.
Poleg tega „… [j]e treba glede na to, kako bi ob upoštevanju takrat razpoložljivih podatkov in predvidljivega razvoja v zvezi z zadevno transakcijo ravnal zasebni vlagatelj, primerjati ravnanje javnega in zasebnega vlagatelja [32]“.
The Commission's analysis and assessment must include all factors that are relevant to the transaction at issue and its context.
Analiza in ocena Komisije morata vključevati vse upoštevne elemente sporne transakcije in njenih okoliščin.
This will include the financial situation of the beneficiary undertaking at the relevant market, while ex-post developments or results are irrelevant unless they were foreseen at the time of the investment [33].
To bo vključevalo finančno stanje upravičenega podjetja na zadevnem trgu, medtem ko naknadni razvoj dogodkov ali rezultati niso pomembni, razen če so bili predvideni v času naložbe [33].
The transaction in question involved the transfer by the Government of real property (land and buildings) to Air Malta in return for obtaining additional shares in Air Malta.
Zadevna transakcija je vključevala prenos nepremičnine (zemljišča in objektov) s strani vlade na družbo Air Malta v zameno za pridobitev dodatnih delnic v družbi Air Malta.
The use of the property in question had long vested with Air Malta.
Air Malta je imela dolgo časa pravico do uporabe zadevne nepremičnine.
The real estate in question had been formerly held by Air Malta under a lease agreement since 1979 for an indefinite period.
Zadevna nepremičnina je bila prej v rokah družbe Air Malta na podlagi zakupne pogodbe, sklenjene leta 1979 za nedoločen čas.
Air Malta had over the years enhanced the value of the property at its own cost and on the basis of an expectation that the property would be transferred.
Air Malta je z leti povečal vrednost nepremičnine na lastne stroške in na podlagi pričakovanja, da bo nepremičnina prenesena.
The Commission notes that this transaction was discussed and prepared over a number of years.
Komisija ugotavlja, da se je ta transakcija obravnavala in pripravljala več let.
The plan to transfer the land was already made in the 1990's.
Načrt za prenos zemljišča je bil pripravljen v 90. letih prejšnjega stoletja.
The transaction was made in view of a Corporate Strategy and Business Plan 2004-2007 (November 2003) and a 3-year financial projection.
Transakcija je bila izvedena ob upoštevanju poslovne strategije in poslovnega načrta za obdobje 2004–2007 (z novembra 2003) ter 3-letnega finančnega načrta.
Given positive outlooks for the market environment such as expected market growth for the Maltese air transport market, increasing seat capacity and earning margins in the European aviation sector as well as encouraging results, the business plan expected a substantial increase in passengers and yield in the following years achieving profitability by FY2007.
Glede na pozitivne obete za tržno okolje, kot so pričakovana rast trga za malteški trg zračnega prometa, povečanje sedežne zmogljivosti in ravni zaslužka v evropskem letalskem sektorju, pa tudi spodbudni rezultati, je bilo v poslovnem načrtu pričakovano znatno povečanje števila potnikov in prihodka v naslednjih letih, s čimer naj bi bila dobičkonosnost dosežena do finančnega leta 2007.
The relevant forecasts reflected the general opinion in the airline industry at the time predicting strong growth in the air transport sector.
Zadevne napovedi so odražale splošno mnenje v letalski industriji v tistem času in predvidevale močno rast sektorja zračnega prometa.
Furthermore, the positive results were based on additional expected growth opportunities due to the EU accession of Malta.
Poleg tega so pozitivni rezultati temeljili na pričakovanih dodatnih možnostih za rast zaradi pristopa Malte k EU.
Besides the improvement of the capital structure, the business plan proposed a number of reasonable initiatives such as the introduction of a standardised, modern and fuel efficient fleet of Airbus A319/A320 as well as rationalisation of maintenance.
Poleg izboljšanja strukture kapitala so bile v poslovnem načrtu predlagane številne utemeljene pobude, kot sta uvedba enotne, sodobne flote letal Airbus A319/A320 z nizko porabo goriva in racionalizacija vzdrževanja.
The Commission notes that in 2004 LCCs were not seen as a threat for Air Malta on its core market as the lengths of the routes to/from Malta were regarded as too long to make the LCC business model work.
Komisija ugotavlja, da nizkocenovni prevozniki leta 2004 niso ogrožali družbe Air Malta na njenem glavnem trgu, saj se je dolžina prog na Malto in z nje štela za predolgo, da bi bil model nizkocenovnih prevoznikov lahko uspešen.
Although the expectations turned out to be too optimistic and the challenges on the market to be underestimated from an ex post perspective, given the information available in 2004 and the general opinion in the airline industry, the Commission considers the forecasts in the business plan and the 3-year financial projection to be credible at that time.
Čeprav so se pričakovanja izkazala za preveč optimistična in izzivi na trgu za podcenjene z vidika naknadne ocene, Komisija glede na informacije, ki so bile na voljo leta 2004, in splošno mnenje v industriji letalskega prevoza meni, da so bile napovedi v poslovnem načrtu in 3-letnem finančnem načrtu v tistem času verodostojne.
Due to the fact that the Maltese government as major shareholder of Air Malta contributed only a minimal share capital when the company was founded in 1974, Air Malta was hugely undercapitalised compared to other flag carriers prior to April 2004 and needed a capital structure proportionate to its operations.
Zaradi dejstva, da je malteška vlada kot glavni delničar družbe Air Malta ob ustanovitvi družbe leta 1974 prispevala samo minimalni osnovni kapital, je bila Air Malta pred aprilom 2004 močno podkapitalizirana v primerjavi z drugimi nacionalnimi prevozniki in je potrebovala strukturo kapitala, ki bi bila sorazmerna z njenimi dejavnostmi.
The capital increase, which was made in kind by the transfer of land, was intended to ensure that the company had a balanced financial structure so as to enable it to engage in a growth strategy and allow further equity leverage through enhanced working capital management arrangements.
Povečanje kapitala, ki je bilo izvedeno v naravi s prenosom zemljišča, je bilo namenjeno zagotovitvi uravnotežene finančne strukture družbe, da se ji omogoči izvajanje strategije rasti in omogočijo nadaljnje kapitalske spodbude prek dogovorov o izboljšanem upravljanju obratnih sredstev.
The transaction was based on a market value with advice from PriceWaterhouseCoopers which stated that "the value of assets being allocated to the company corresponds to at least the nominal value of the shares and the share premium thereon issued in the company to the Government of Malta".
Transakcija je temeljila na tržni vrednosti po nasvetu podjetja PriceWaterhouseCoopers, ki je navedlo, da „vrednost sredstev, ki se dodelijo družbi, ustreza vsaj nominalni vrednosti delnic in premiji na te delnice, izdane v družbi za malteško vlado“.
Moreover, the Commission notes that Air Malta was not a firm in difficulties in April 2004.
Poleg tega Komisija ugotavlja, da Air Malta aprila 2004 ni bila podjetje v težavah.
Although Air Malta suffered from losses incurring by Air Malta's subsidiary Azzura Air in the aftermath of 9/11, Malta had significant cash reserves at that time.
Čeprav je Air Malta utrpela izgube, ki jih je ustvarjala njena hčerinska družba Azzura Air po dogodkih 11. septembra, je imela Malta v tistem času velike denarne rezerve.
Based on the figures on 31 July 2003, Air Malta's total equity was EUR 45,7 million (issued share capital of EUR 11,7 million plus a positive balance on the profit and loss account).
Na podlagi številk iz 31. julija 2003 je bilo celotno premoženje družbe Air Malta 45,7 milijona EUR (izdani delniški kapital v vrednosti 11,7 milijona EUR plus pozitivna bilanca v izkazu poslovnega izida).
Furthermore, Air Malta was able to raise external debt from three private banks without any Government support.
Poleg tega je Air Malta lahko povečala zunanji dolg pri treh zasebnih bankah brez kakršne koli podpore vlade.
Finally, private minority shareholders participated in the capital increase in proportion to their holdings (less than 5 % of the total capital).
Zasebni manjšinski delničarji so sodelovali pri povečanju kapitala sorazmerno s svojimi kapitalskimi deleži (manj kot 5 % celotnega premoženja).
Against this background, the Commission does not have compelling evidence demonstrating that the April 2004 transaction was not compliant with the market economy investor principle since it appears rather reasonable to assume that a private investor would have behaved in the same way as the Maltese government did, in similar circumstances.
Na podlagi tega Komisija nima prepričljivih dokazov, da transakcija iz aprila 2004 ni bila v skladu z načelom vlagatelja v tržnem gospodarstvu, saj se zdi, da je dokaj utemeljeno predvidevati, da bi zasebni vlagatelj v podobnih okoliščinah ravnal enako, kot je ravnala malteška vlada.
The 2004 transaction therefore did not constitute state aid to Air Malta.
Transakcija iz leta 2004 zato ni pomenila državne pomoči za družbo Air Malta.
The Maltese authorities have furthermore confirmed that Air Malta has not received any rescue or restructuring aid in the past ten years.
Malteški organi so nadalje potrdili, da Air Malta v zadnjih desetih letih ni prejela nobene pomoči za reševanje ali prestrukturiranje.
The Commission therefore considers that the ‘one time, last time’ principle is respected.
Zato Komisija ugotavlja, da je bilo načelo o enkratni pomoči upoštevano.
In view of the above, the Commission considers that the envisaged aid amounting to EUR 130 million and the RP is compatible with the conditions required by the R&R Guidelines.
Na podlagi navedenega Komisija meni, da sta predvidena pomoč v vrednosti 130 milijonov EUR in načrt za prestrukturiranje združljiva s pogoji, določenimi v smernicah za reševanje in prestrukturiranje.
The Commission hence considers the aid to be compatible with the internal market.
Komisija zato meni, da je pomoč združljiva z notranjim trgom –
The restructuring aid notified by Malta consisting in granting EUR 130 million to Air Malta in the form of equity, including a debt-to-equity swap of the approved rescue loan of EUR 52 million, constitutes State aid, within the meaning of Article 107 (1) of the Treaty on the Functioning of the European Union.
Pomoč za prestrukturiranje, ki jo je priglasila Malta in ki vključuje dodelitev 130 milijonov EUR družbi Air Malta v obliki kapitala, vključno z zamenjavo terjatev v lastniške deleže v zvezi z odobrenim posojilom za reševanje v vrednosti 52 milijonov EUR, pomeni državno pomoč v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
That State aid is compatible with the internal market on the basis of Article 107(3)(c) of the Treaty on the Functioning of the European Union.
Državna pomoč je združljiva z notranjim trgom na podlagi člena 107(3)(c) Pogodbe o delovanju Evropske unije.
Commission Decision C(2012) 170 final of 25 January 2012 (OJ C 50, 21.2.2012, p. 7).
Sklep Komisije C(2012) 170 final z dne 25. januarja 2012 (UL C 50, 21.2.2012, str. 7).
Air Malta's financial year starts on 1 April.
Finančno leto družbe Air Malta se začne 1. aprila.
Thus, e.g. FY2011 is from 01.04.2010 to 31.03.2011, FY2016 from 01.04.2015 to 31.03.2016.
Tako npr. finančno leto 2011 traja od 1.4.2010 do 31.3.2011, finančno leto 2016 pa od 1.4.2015 do 31.3.2016.
ROCE = Net profit / (Debt + Equity)
ROCE = neto dobiček/(dolg + kapital).
ROE = Net profit / Equity
ROE = neto dobiček/kapital.
OJ C 244, 1.10.2004, p. 2
UL C 244, 1.10.2004, str. 2.
Coordinated airports are airports where the slots are allocated by a coordinator under Regulation (EEC) No 95/93 on common rules for the allocation of slots at Community airports flight (OJ L 14, 22.1.1993, p. 1).
Koordinirana letališča so letališča, na katerih slote dodeljuje koordinator na podlagi Uredbe (EGS) št. 95/93 o skupnih pravilih dodeljevanja slotov na letališčih Skupnosti (UL L 14, 22.1.1993, str. 1).
ASK available seat kilometre.
ASK razpoložljivi sedežni kilometri.
17,9 % when one compares the change between summer 2009 and summer 2012.
17,9 % pri primerjavi s spremembo med poletjem 2009 in poletjem 2012.
9,8 % when one compares the change between summer 2009 and summer 2012.
9,8 % pri primerjavi s spremembo med poletjem 2009 in poletjem 2012.
1,7 % when one compares the change between summer 2009 and summer 2012.
1,7 % pri primerjavi s spremembo med poletjem 2009 in poletjem 2012.
The former state owned airport has been privatized.
Letališče, ki je bilo prej v državni lasti, je bilo privatizirano.
The major shareholder is a private consortium led by the Austrian Flughafen Wien AG.
Glavni delničar je zasebni konzorcij, ki ga vodi avstrijska družba Flughafen Wien AG.
The Maltese government is only a minority shareholder (20 %).
Malteška vlada je samo manjšinski delničar (20 %).
Based on Air Malta route economics inclusive of schedule and charter (Malta and UK operations)
Na podlagi ekonomskih podatkov za proge družbe Air Malta, vključno z rednimi in s čarterskimi leti (opravljanje prevozov na Malti in v Združenem kraljestvu).
Load factor projections are an output based on projected seat numbers and passengers.
Projekcije koeficientov zasedenosti temeljijo na predvidenem številu sedežev in potnikov.
Application of articles 92 and 93 of the EC Treaty and article 61 of the EEA Agreement to State aids in the aviation sector, OJ C 350, 10.12.1994, p. 5.
Uporaba členov 92 in 93 Pogodbe ES in člena 61 Sporazuma EGP za državne pomoči v letalskem sektorju, UL C 350, 10.12.1994, str. 5.
See Commission decisions in the cases Austrian Airlines (C 6/09), OJ L 59, 9.3.2010, p. 1, paragraph 296 (6 years restructuring period) and Royal Mail Group (SA.31479), C(2012) 1834 final, paragraph 217 (5 years restructuring period).
Glej odločbi Komisije v zadevah Austrian Airlines (C 6/09), UL L 59, 9.3.2010, str. 1, točka 296 (6-letno obdobje prestrukturiranja) in Royal Mail Group (SA.31479), C(2012) 1834 final, točka 217 (5-letno obdobje prestrukturiranja).
See comments by IAG dated 2 March 2012.
Glej pripombe IAG z dne 2. marca 2012.
The RP expected revenues in December 2011 amounting to EUR 169,939 m whereas the actual figures show revenues of EUR 174,896 m (which is 2,9 % ahead).
V skladu z načrtom prestrukturiranja naj bi prihodki decembra 2011 znašali 169939 milijonov EUR, medtem ko dejanske številke kažejo prihodke v vrednosti 174896 milijonov EUR (kar je 2,9 % več).