natgillin/translations-raw huggingface dataset:
The pricing conditions for both facilities included an up-front fee, a commitment fee, an utilisation fee, a margin and an exit fee.
Komisiji ni bilo jasno, ali je na odločitev bank glede sodelovanja v novem revolving kreditu vplivalo dejstvo, da so države v prejšnjih letih družbi SAS zagotavljale stalno finančno podporo.
SAS needed to satisfy certain conditions to be able to draw on the RCF, and these conditions were tighter for Facility B than for Facility A [21].
Komisija je tudi navedla, da je bilo sodelovanje držav strog pogoj za sodelovanje zasebnih subjektov v novem revolving kreditu,
The new RCF continued the security package of the old RCF and in addition the lenders were granted security over all shares in Widerøe and all other unencumbered fixed assets of the SAS Group as of December 2012.
je Komisija izrazila pomisleke glede tega, ali bi se lahko sodelovanje fundacije KAW v novem revolving kreditu primerjalo s sodelovanjem zasebnega vlagatelja, saj je fundacija KAW družbi SAS izpostavljena prek imetništva delnic in banke SEB.
The new RCF thus had first-ranking security on a number of SAS assets, including 100 % of the shares of its subsidiaries Widerøe and SAS Spare Engine, 18 aircrafts and a number of properties.
Komisija je izrazila nadaljnje pomisleke glede tega, ali bi se lahko sodelovanje držav v novem revolving kreditu z vidika delničarja obravnavalo kot razumno in bi prestalo preskus vlagatelja pod tržnimi pogoji tudi zunaj razlogovanja pari passu.
These securities were valued with a book value of approximately SEK 2,7 billion (i.e. approximately 75 % of the new RCF) and were shared pro rata between Facility A and Facility B. Facility B could only be drawn once Facility A had been drawn in full.
V zvezi s tem je Komisija ocenila, ali je načrt 4XNG temeljil na dovolj trdnih predpostavkah za spodbuditev sodelovanja zasebnega vlagatelja v novem revolving kreditu in ali so bile analize občutljivosti, izvedene v okviru načrta, preveč optimistične.
The maturity of the new RCF was 31 March 2015.
Komisija je tudi poudarila, da se v poročilu CITI zavarovanje novega revolving kredita ni ovrednotilo z vidika zasebnega tržnega vlagatelja in da se v njem ni upošteval učinek morebitnih alternativnih scenarijev z manj ugodnimi predpostavkami (vključno z neplačilom) na analizo donosa.
The terms of the new RCF were agreed upon on 25 October 2012.
V zvezi s tem Komisija ugotavlja, da je se je v poročilu CITI predpostavljala nična verjetnost glede neplačil družbe SAS v naslednjih treh letih, kar je po njenem mnenju podcenjevanje tveganja.
Assuming a successful implementation of the 4XNG plan in its base case, the CITI report concluded that the States' participation in the new RCF would generate an internal rate of return (‘IRR’) of [90-140] %, a cash-on-cash multiple of circa [4-9]x, and an increase in equity value of close to [700-1200] % (from November 2012 until March 2015).
Komisija je v zvezi s tem ocenila, ali bi se lahko uporabil kateri koli od morebitnih razlogov za združljivost iz PDEU.
The CITI report concluded that the return required by the States would thus be at least equal to that required by private investors in a similar position.
Ob upoštevanju vrste ukrepa in težav družbe SAS Komisija ugotavlja, da so edina ustrezna merila očitno merila v zvezi s pomočjo za reševanje in prestrukturiranje podjetij v težavah v skladu s členom 107(3)(c) PDEU na podlagi smernic Komisije o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [24] (v nadaljnjem besedilu: smernice za reševanje in prestrukturiranje).
However, the CITI report did not assess the probability of SAS successfully executing the ‘base case’ of the 4XNG plan, nor did it assess the impact of deviations from the ‘base case’ such as, for example, a failure to monetise non-core assets.
Vendar je Komisija predhodno sklenila, da pogoji pomoči za reševanje in prestrukturiranje iz smernic za reševanje in prestrukturiranje očitno niso izpolnjeni.
SAS announced on 19 December 2012 that all the necessary conditions for the new RCF to enter into force (see paragraph 28 above) were in place, including parliamentary approval in the States.
PRIPOMBE K SKLEPU O ZAČETKU POSTOPKA
As of this date and until 3 March 2014, the new RCF was effective, replacing the old RCF [22].
Pripombe Danske in Švedske
By letter of 3 June 2013, Denmark and Sweden explained that, as a result of the sale of 80 % of Widerøe's shares (paragraph 22 above), the States and the lending banks had agreed with SAS to a modification of the terms and conditions of the new RCF, although the amendment agreement had not yet been formally signed.
Danska in Švedska vztrajata, da je bilo njuno sodelovanje v novem revolving kreditu v skladu s tržnimi pogoji, saj sta sodelovali pari passu z bankami in fundacijo KAW, kar izključuje obstoj državne pomoči.
In its comments submitted during the formal investigation, the Danish and Swedish authorities informed the Commission that the modification of the new RCF was signed by all parties and would enter into force when the Widerøe transaction was closed, i.e. on 30 September 2013.
Danska in Švedska trdita, da družba SAS v obdobju pogajanj o novem revolving kreditu ni črpala starega revolving kredita.
These modifications included the following:
Opozarjata, da so bili s spremembami starega revolving kredita marca 2012 uvedeni še strožji pogoji črpanja, in trdita, da so morale zato banke od konca junija 2012 zavrniti vsako zahtevo družbe SAS za črpanje.
Facility A would be reduced from SEK 1,173 billion to SEK 0,8 billion and its maturity would be extended for five months until 1 June 2014.
Družba SAS je znesek, ki ga je črpala iz revolving kredita, v celoti odplačala marca 2012 in od takrat ni več črpala iz starega revolving kredita.
SAS would pledge SEK [0,5-0,8] billion in cash as security for Facility A. The remaining SEK [0,1-0,4] billion would be secured by the securities already listed in the new RCF agreement.
Tako bi se lahko navedene banke razumno štele za „zunanje“ vlagatelje, ki v novem revolving kreditu sodelujejo pod enakimi pogoji kot države [25], ne da bi bile pomembno nezavarovano izpostavljene družbi SAS [26].
By the time the new RCF was cancelled on 4 March 2014, SAS had entered into a letter of intent with a potential buyer [23].Facility B would be reduced from SEK 1,5 billion to SEK 1,2 billion.
Poleg tega Danska in Švedska navajata, da je bil načrt 4XNG realen in da bi se lahko uspešno izvedel.
THE OPENING DECISION
Poudarjata tudi, da je pričakovanje uspešne izvedbe načrta ob odločitvi glede sodelovanja v novem revolving kreditu temeljilo na dejstvu, da je bil novi revolving kredit odvisen od sklenitve novih sindikalnih sporazumov.
In its opening decision, the Commission expressed doubts as regards the pari passu participation of the States, KAW and the banks in the new RCF mainly because of the following:
Poleg tega je bil načrt po navedbah Danske in Švedske glede na razvoj dogodkov med decembrom 2012 in ukinitvijo novega revolving kredita 4. marca 2014 na dobri poti, da doseže pričakovane rezultate [28].
The banks' previous exposure to SAS through their participation in the old RCF.
Danska in Švedska v zvezi s pogoji novega revolving kredita trdita, da so bili v skladu z običajnimi tržnimi pogoji, saj so bili podobni pogojem primerljivih poslov, ter da je imel novi revolving kredit tudi višje predhodne provizije in strožje pogoje črpanja kot večina analiziranih poslov.
Indeed, the banks had roughly halved their contribution to the new RCF and therefore reduced their overall exposure to SAS by approximately 50 % in terms of RCF, while the States — which had received no return as regards the 2009 and 2010 rights issues in view of the persistently negative results of SAS — had increased their exposure to SAS.
Nazadnje, Danska in Švedska poročata, da je sodelovanje v novem revolving kreditu kreditodajalcem ustvarilo velik donos, ne da bi morala družba SAS črpati kredit.
The fact that SAS had drawn the old RCF completely in January 2012, which could have influenced the decision of the lending banks to participate in the new, so as to avoid any further drawdown and ensure that their RCF contributions were not completely lost in view of the difficulties of the company.
To bi moralo podpreti stališče, da je bilo sodelovanje držav v novem revolving kreditu skupaj s fundacijo KAW in bankami v celoti v skladu z načelom vlagatelja pod tržnimi pogoji.
It was unclear to the Commission whether the banks' decision to participate in the new RCF was influenced by the States' continuous financial support to SAS in previous years.
Pripombe skupine SAS
The Commission also noted that the involvement of the States was a strict requirement for the private operators to participate in the new RCF.
Skupina SAS trdi, da so države v novem revolving kreditu sodelovale kot delničarji in ne kot javni organi.
The Commission questioned whether KAW's participation in the new RCF could be compared to that of a private investor, given KAW's exposure to SAS not only through its shareholding but also via the bank SEB.
S tega vidika je bilo sodelovanje v takšnem instrumentu zaradi velikih prihodkov delničarjev/kreditodajalcev v obliki provizij in predvidenega povišanja vrednosti delnic boljše od prispevka lastniškega kapitala.
The Commission further questioned whether or not the participation of the States in the new RCF could be considered rational from a shareholder perspective and would fulfil the market economy investor (‘MEI’) test outside the pari passu line of reasoning.
V zvezi s preskusom pari passu skupina SAS navaja, da je bil uspešen, saj banke niso bile izpostavljene družbi SAS in se morajo zato šteti za „zunanje“ vlagatelje.
In this respect, the Commission assessed whether or not the 4XNG plan relied on sufficiently robust assumptions to induce a private investor to participate in the new RCF, and whether the sensitivity analyses carried out in the plan were overly optimistic.
Poleg tega sodelovanje držav v novem revolving kreditu ni vplivalo na ravnanje bank, saj sodelovanja delničarjev v novem revolving kreditu niso zahtevale banke, ampak družba SAS.
For example, the Commission pointed, inter alia, towards the optimistic figures in the plan concerning market growth in ASK and GDP, as well as the 0 % inflation rate for the period 2015-17.
Poleg tega skupina SAS vztraja, da so se banke odločile sodelovati v novem revolving kreditu pod enakimi pogoji kot države in fundacija KAW na podlagi zelo pozitivnih rezultatov analize tveganja/prihodkov.
Likewise, it doubted whether the successful implementation of all of the cost-savings and asset disposal initiatives could have been predicted at the time of signing the new RCF.
Skupina SAS tudi podpira trditev Danske in Švedske, da so bile predpostavke, na katerih je temeljil načrt 4XNG, trdne z zelo realnimi napovedmi v zvezi s tremi glavnimi dejavniki, tj. rast trga z vidika ASK, rast BDP v obdobju 2015–2017 in predvidena ničodstotna inflacija.
As regards the terms and conditions of the new RCF and CITI's assessment of the anticipated return from the States' participation in the new RCF, the Commission underlined the fact that the CITI report did not assess the 4XNG plan nor did it perform a sensitivity analysis of the financial model, but it merely relied on the information provided to it.
Poleg tega so vse banke kreditodajalke pozorno pregledale tveganja, povezana z izvajanjem načrta, pri čemer so se zlasti osredotočile na RASK kot na ključni kazalnik dobičkonosnosti družbe.
The Commission also highlighted that the CITI report did not value the new RCF security from a private market investor perspective and that it did not consider the impact of possible alternative scenarios with less favourable assumptions (including default) on the return analysis.
Hkrati skupina SAS trdi, da je bil zavarovalni paket ustrezno ocenjen in da se je tveganje, da družba SAS ne bo izvajala načrta 4XNG, zmanjšalo.
In this respect, the Commission noted that the CITI report assigned a zero probability to the likelihood that SAS would default in the next three years, which seemed an underestimation of the risk.
To podpira dejstvo, da je bila zagotovitev prihrankov stroškov pogoj za sodelovanje kreditodajalcev v novem revolving kreditu in da je bila sklenitev novih kolektivnih sporazumov novembra 2012 ključna za uspešno izvajanje načrta.
In view of the above, the Commission could not exclude that the States' participation in the new RCF could entail an advantage in favour of SAS within the meaning of Article 107(1) TFEU.
Skupina SAS nadalje kritizira Komisijo, da ni upoštevala alternativne možnosti stečaja in dejstva, da bi države izgubile vrednost skupnega poslovnega deleža, če ne bi bil zagotovljen novi revolving kredit.
In this respect, the Commission assessed whether any of the possible compatibility grounds laid down in the TFEU would be applicable.
Nazadnje, skupina SAS poroča, da se je z izvajanjem načrta 4XNG ustvaril dobiček pred obdavčitvijo v znesku 3 milijarde SEK, kar je pomenilo pozitivne rezultate za družbo SAS v obdobju od novembra 2012 do julija 2013.
In view of the nature of the measure and of the difficulties of SAS, the Commission noted that the only relevant criteria appeared to be those concerning aid for rescuing and restructuring firms in difficulty under Article 107(3)(c) TFEU on the basis of the Community guidelines on State aid for rescuing and restructuring firms in difficulty [24] (‘the R&R Guidelines’).
Pripombe družbe FAM
However, the Commission came to the preliminary conclusion that the conditions for rescue and restructuring aid laid down in the R&R Guidelines did not seem to be met.
Po navedbah družbe FAM, ki je odgovorna za upravljanje sredstev fundacije KAW, je fundacija odločitev glede sodelovanja v novem revolving kreditu sprejela ne glede na svoje interese v zvezi z banko SEB in izpostavljenost banke SEB družbi SAS.
Comments from Denmark and Sweden
Družba FAM je proučila načrt 4XNG, z njim povezana finančna tveganja in zavarovalni paket ter presodila, da je sodelovanje v novem revolving kreditu v interesu fundacije KAW.
Denmark and Sweden maintain that their participation in the new RCF was on market terms since they participated in it pari passu with the banks and KAW, thereby excluding the presence of State aid.
V zvezi s tem je možnost zaščite dolgoročne naložbe fundacije KAW v družbo SAS in morebitni prihodnji donos te naložbe ter visoke provizije, ki bi jih v okviru novega revolving kredita plačala družba SAS, primerjala z likvidacijo družbe SAS, ki po njenem mnenju ni ekonomsko zanimiva možnost.
Denmark and Sweden argue that SAS did not draw on the old RCF at any time during the period in which negotiations on the new RCF took place.
Družba FAM se z Dansko, Švedsko in skupino SAS strinja tudi, da so vsi deležniki sodelovali v novem revolving kreditu pod enakimi pogoji, brez kakršne koli oblike podrejenosti, nesorazmernih pravic do zavarovanj ali drugih neenakih pogojev.
They note the amendments to the old RCF in March 2012 introducing even more stringent drawdown conditions and argue that from the end of June 2012 the banks were thus in a position to reject any drawdown request from SAS.
Odločitev glede sodelovanja v novem revolving kreditu je temeljila na poglobljeni analizi možnosti za dobičkonosnost, ki bi jo v prihodnje zagotovila trdna in konkurenčna družba SAS.
The amount drawn from the RCF was fully repaid by SAS in March 2012 and from that moment SAS did not draw on the old RCF.
Nazadnje, družba FAM se strinja z Dansko in Švedsko, da je odločitev bank kreditodajalk glede sodelovanja v novem revolving kreditu temeljila na poslovnih premislekih, saj je bila njihova obstoječa izpostavljenost v okviru starega revolving kredita zgolj teoretična.
As a result, those banks could be reasonably considered as ‘outside’ investors participating in the new RCF on equal terms with the States [25], without having any material unsecured exposure to SAS [26].
Trdi, da banke niso imele tako močnega razloga za sodelovanje v novem revolving kreditu kot države in fundacija KAW, saj so lahko slednje pričakovale povišanje cen delnic.
Concerning KAW's participation in the new RCF together with the banks, the Danish and Swedish authorities are of the opinion that KAW had limited economic exposure to SEB and that this could not have affected its decision to participate in the new RCF.
Zato vztraja, da je treba pogoje preskusa pari passu šteti za izpolnjene.
Moreover, Denmark and Sweden hold that the 4XNG plan was realistic and that it could be successfully implemented.
OCENA UKREPA
They maintain that all aspects and assumptions, including those concerning revenue projections (‘RASK’) [27], cost-saving measures and planned disposals, were carefully examined to satisfy the financial targets in the 4XNG plan for 2014-15.
Obstoj državne pomoči
Further, the 4XNG plan — together with all of the assumptions it relied upon — was closely scrutinised by the external financial advisers of both the States (Goldman Sachs) and the banks ([…]) and was adapted in view of their comments and recommendations.
V skladu s členom 107(1) PDEU „je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami“.
They also stress that the expectation of a successful implementation of the plan when deciding to participate in the new RCF was supported by the fact that the conclusion of new union agreements was a condition precedent for the new RCF.
Koncept državne pomoči velja za vsako prednost, odobreno neposredno ali posredno, ki se financira iz državnih virov, ki jih odobri država sama ali posredniški organ, ki deluje na podlagi podeljenih pooblastil.
Furthermore, according to Denmark and Sweden, the developments between December 2012 and the cancellation of the new RCF on 4 March 2014 showed that the plan was on track to deliver the expected results [28].
Da bi bilo mogoče ukrep opredeliti kot državno pomoč, mora izhajati iz državnih sredstev in ga mora biti mogoče pripisati državi.
In relation to the terms and conditions of the new RCF, Denmark and Sweden argue that these were in conformity with normal market conditions, as they were similar to those of comparable deals and the new RCF also had higher upfront fees and more stringent conditions for drawdown than most deals analysed.
Državni viri so načeloma viri države članice in njenih javnih organov ter viri javnih podjetij, na katere lahko imajo javni organi neposreden ali posreden prevladujoč vpliv.
As far as the security package was concerned, Denmark and Sweden state that the actual financial risks of the lending banks were negligible because the securities had an estimated value that clearly exceeded the size of Facility A. As a result, in a liquidation scenario, all of the lending banks' claims would be satisfied by the security package or by other SAS assets that could be sold, such as […], its shareholding in […], etc.
Dejstva, da je zadevni ukrep vključeval državne vire, saj se je financiral iz virov v okviru proračunov držav, in da ga je bilo mogoče pripisati državi, ni mogoče izpodbijati.
The above is also supported by the actual cancellation of a significant part of the commitments under Facility A during the first half of 2013.
Zlasti je mogoče opaziti, da sta danski in švedski parlament odobrila sodelovanje obeh vlad v novem revolving kreditu (uvodna izjava 30 zgoraj).
According to Denmark and Sweden, this shows that the banks acted commercially and prudently when deciding to participate with the States and KAW in the new RCF.
Zadevni ukrep mora izkrivljati ali bi lahko izkrivljal konkurenco, prav tako pa mora biti verjetno, da vpliva na trgovino med državami članicami.
Finally, Denmark and Sweden report that the participation in the new RCF has generated a significant return for the RCF lenders without SAS having to draw on the facility.
Če finančna podpora, ki jo dodeli država članica, okrepi položaj družbe v primerjavi z drugimi družbami, ki konkurirajo pri trgovini znotraj Unije, obstaja v skladu z ustaljeno sodno prakso vsaj možnost vpliva na trgovino med državami članicami in na konkurenco [29].
This should support the view that the States' participation in the new RCF together with KAW and the banks was fully compliant with the MEI principle.
Komisija v zvezi s tem meni, da bi kakršna koli morebitna gospodarska prednost, dodeljena družbi SAS na podlagi državnih virov, izpolnjevala ta pogoj.
Comments from the SAS Group
Družbi SAS konkurirajo drugi letalski prevozniki v Evropski uniji in EGP, zlasti odkar se je 1. januarja 1993 začela tretja faza liberalizacije zračnega prometa (v nadaljnjem besedilu: tretji sveženj) [30].
The SAS Group argues that the States participated in the new RCF in their capacity as shareholders, not as public authorities.
Poleg tega zračnemu prometu na področju sorazmerno krajših potovanj znotraj EU konkurirata cestni in železniški promet, zato je mogoč tudi vpliv na cestne in železniške prevoznike.
From that perspective, participating in such an instrument was preferable to an equity contribution, given the significant revenue generation for the shareholders/lenders in terms of fees, as well as the prospective increase in the share value.
Edino merilo pojma državne pomoči, ki ga je torej smiselno obravnavati, je vprašanje, ali je ukrep družbi SAS omogočil selektivno neupravičeno gospodarsko prednost.
As regards the pari passu test, the SAS Group states that this was fulfilled given that the banks had no exposure to SAS and, as a result, they should be treated as ‘outside’ investors.
Komisija je ob upoštevanju ukinitve novega revolving kredita, ki je bila izvedena 4. marca 2014, ocenila, ali je bila družbi SAS v okviru novega revolving kredita od njegove vzpostavitve leta 2012 do ukinitve leta 2014 podeljena selektivna neupravičena gospodarska prednost.
In addition, the States' participation in the new RCF did not influence the banks' behaviour, as it was SAS — and not the banks — who requested that the shareholders join the new RCF.
Gospodarska prednost družbe SAS
Furthermore, the SAS Group maintains that the banks decided to participate in the new RCF on equal terms with the States and KAW based on the very positive results of the risk/revenue analysis.
Da bi Komisija ugotovila, ali je bila družbi SAS dodeljena državna pomoč v smislu člena 107(1) PDEU, bo ocenila, ali je letalski prevoznik dobil gospodarsko prednost, ki je pod običajnimi tržnimi pogoji ne bi imel.
The SAS Group further supports Denmark and Sweden's claim that the assumptions underlying the 4XNG plan were robust with very realistic forecasts as regards the three main drivers, namely market growth in ASK, GDP growth for 2015-17 and assumed inflation of 0 %.
Komisija za proučitev tega vprašanja uporablja preskus vlagatelja pod tržnimi pogoji, v skladu s katerim državna pomoč ne obstaja, če bi bilo mogoče zasebnega vlagatelja, ki se lahko po velikosti primerja z zadevnimi organi v javnem sektorju ter deluje v tržnem gospodarstvu pod običajnimi tržnimi pogoji, v podobnih okoliščinah spodbuditi, da upravičencu zagotovi zadevni ukrep.
Also, the risks associated with the implementation of the plan were closely scrutinised by all lending banks with a particular focus on RASK as a key indicator of the company's profitability.
V skladu s preskusom vlagatelja pod tržnimi pogoji mora Komisija torej oceniti, ali bi zasebni vlagatelj zadevni posel sklenil pod enakimi pogoji.
At the same time, the SAS Group argues that the security package was sufficiently assessed and that the risk of SAS defaulting on the implementation of the 4XNG plan was mitigated.
Hipotetični zasebni vlagatelj deluje kot preudaren vlagatelj, ki želi povečati svoj dobiček, ne da bi pri tem prevzel prevelika tveganja zanj [31].