natgillin/translations-raw huggingface dataset:
The financial projection is based on a number of assumptions concerning the fleet, flight network, internal organisation, operating and financial parameters, macroeconomic indicators, fuel price and the level of implementation of the restructuring measures.
Družba LOT je načrtovala, da bo približno 30 % skupnega ocenjenega finančnega učinka prestrukturiranja dosegla z upravljanjem zrakoplovov B787.
Major assumptions are summarised below:
Komisija je poudarila, da bo imela uporaba takih zrakoplovov B787 neposreden učinek samo na tržni segment letov na dolge razdalje (ki je leta 2012 znašal samo [< 25] % prihodkov družbe LOT iz rednih letov) in da povpraševanje morda ne bo zadostovalo za zagotovitev učinkovite uporabe novih zrakoplovov.
Implementation of the restructuring measures (in terms of the potential financial impact): 85 % of the potential;
Predpostavka, da bo več kot 30 % koristi prestrukturiranja doseženih z ukrepi, povezanimi s prihodki (npr. dodatni prihodki, upravljanje prihodkov), se je zdela precenjena, saj je njihov uspeh delno odvisen od zunanjih dejavnikov, kot je na primer sprememba vedenja strank.
Fuel price: USD 1,153/t in the whole projection horizon;
Poleg tega se je za nekatere od načrtovanih ukrepov (npr. uvedba plačljive postrežbe hrane in pijače), ki se običajno povezujejo z nizkocenovnimi prevozniki, zdelo, da so v morebitnem nasprotju s strategijo družbe LOT, da bi ostala tradicionalni letalski prevoznik.
Exchange rate PLN/USD: 3.22;
Predpostavka družbe LOT, da se bo rezultat iz osnovne dejavnosti izboljšal z izgube v višini [130–157] milijonov PLN leta 2013 na dobiček v višini [64–78] milijonov PLN leta 2014, tj. izboljšanje za [194–235] milijonov PLN v 12 mesecih, se je zdela nerealna glede na njene pretekle poslovne rezultate (družba LOT ni izkazala dobička iz osnovne dejavnosti od leta 2008) in precejšnjo predhodno izgubo, zabeleženo v prvih štirih mesecih leta 2013.
Load factor: below [67-83] % in the winter seasons and approx.
Komisija je podvomila tudi o več predpostavkah, na katerih je temeljila finančna projekcija v načrtu prestrukturiranja, zlasti o:
[76-94] % in the summer seasons;
a. razmeroma majhnih odstopanjih ključnih parametrov od izhodiščne vrednosti (povprečni prihodki enote na potnika – za 1 %, število potnikov – za 1 %, menjalni tečaj PLN/USD – za 10 %), predpostavljenih v analizi občutljivosti, ter fiksni ceni goriva v šestletnem obdobju projekcije, ki se je zdela vprašljiva glede na velika nihanja cen v preteklosti;
Number of passengers carried ('000): 2012/2013 — 4766; 2013/2014: [4300-5300]; 2014/2015 — [3800-4600]; 2015/2016 — [4200-5100]; 2016/2017 — [4800-5900]; 2017/2018 — [5100-6300];
b. sposobnosti družbe LOT, da ustvari načrtovani prihodek iz podnajema zrakoplovov B787 in Embraer v obdobju 2013–2018;
Growth of the unit income per passenger on the scale of LOT's entire network of flight connections: on average 2,5 % p.a. (taking into account the effect of the increase of the number of flight operations on long-distance routes in the years 2016-2018 as well as of the growing load factor in business and premium economy class).
c. uresničitvi 85 % načrtovanih koristi prestrukturiranja, predpostavljenih na podlagi osnovnega scenarija finančne projekcije.
COMPENSATORY MEASURES
Izogibanje neupravičenemu izkrivljanju konkurence (izravnalni ukrepi)
As a compensatory measure LOT proposes to close 19 connections and to reduce frequency on 5 connections [19].
Komisija je izrazila zadržek glede metodologije družbe LOT za izračun donosnosti prog.
The proposed measure corresponds to a reduction of capacity by [13,5-16,5] % in terms of ASK as compared to the pre-restructuring period November 2011 — October 2012.
V skladu s točko 40 Smernic ukinitve dejavnosti, ki ustvarjajo izgubo, ni mogoče šteti za veljaven izravnalni ukrep.
According to LOT none of the above connections was loss-making prior to restructuring, as required by point 40 of the Community guidelines on State aid for rescuing and restructuring firms in difficulty [20] (‘the Guidelines’).
Glede na zgornji zadržek Komisija ni imela zadostnega zagotovila, da je bil ta pogoj izpolnjen.
In addition, LOT plans to close 5 connections [21], representing a further reduction of capacity by [1,4-1,7] %, but does not consider them as compensatory measures since they were assessed by LOT as loss-making prior to restructuring.
Pomoč, omejena na najmanjšo potrebno, lasten prispevek
As a result of the changes introduced to LOT's network, the Company will also release a number of slots.
Ob upoštevanju, da je bilo ob tako močnem zavarovanju verjetno, da bo najemodajalcu povrnjen celotni znesek dolga, če družba LOT ne bi izpolnjevala obveznosti, se finančni najem ni zdel znak zaupanja trga v obnovitev sposobnosti preživetja družbe LOT, kot je določeno v točki 43 Smernic.
THE OPENING DECISION
PRIPOMBE POLJSKE
On 6 November 2013, the Commission opened the formal investigation procedure.
Poljska je predložila pripombe in zagotovila dokaze v zvezi z vprašanji, sproženimi v sklepu o začetku postopka.
In the opening decision the Commission expressed doubts on the ‘one time, last time’ principle, restoration of long-term viability, compensatory measures and own contribution.
Ugotovila je, da priglašeni ukrep izpolnjuje vse pogoje iz Smernic.
The ‘one time, last time’ principle
Predložila je tudi posodobljene informacije v zvezi z izvajanjem načrta prestrukturiranja, iz katerih je razvidno, da je družba LOT dosegla velik napredek pri postopku prestrukturiranja in da so bili njeni dejanski poslovni rezultati leta 2013 mnogo boljši od načrtovanih.
The Commission expressed doubts whether LOT did not receive any rescue or restructuring aid in breach of the ‘one time, last time’ principle as a result of the deferrals of the airport charges provided to LOT by the State-owned airports [22].
Kar zadeva skladnost z načelom enkratnosti pomoči, je Poljska potrdila, da so letališča v državni lasti odložila obveznosti družbe LOT v zvezi z letališkimi pristojbinami.
The issue was brought to the attention of the Commission in a complaint submitted by Ryanair alleging that the Company has been granted an indefinite credit line against airport charges by the State-owned airports, to the detriment of all other airlines (see Section 1.2 above).
Hkrati pa je vztrajala pri svojem stališču, da odlogi plačila niso pomenili državne pomoči.
In particular, the Commission expressed doubts concerning the argument advanced by Poland that the resources of the State-owned airports are not State resources.
Po mnenju Poljske sredstva letališč niso državna sredstva in odločitev letališč ni mogoče pripisati državi.
Furthermore, the Commission expressed doubts whether the deferrals of the airport charges granted to LOT by the State-owned airports were indeed granted on market terms, considering that the deferral periods were long, the interest was often low, and the collateral was often weak [23].
Vendar tudi če bi bili odlogi plačila letaliških pristojbin, ki so jih odobrila letališča, financirani iz državnih sredstev, izpolnjujejo zahteve merila zasebnega upnika in torej ne pomenijo državne pomoči.
In addition, it seemed that not all of the deferred liabilities have been finally repaid.
V zvezi s pripisom odločitev državi je Poljska potrdila, da so vsa letališča, ki so družbi LOT odobrila odloge, pod neposrednim ali posrednim nadzorom poljske države.
Restoration of long-term viability
Podjetje PPL, ki upravlja varšavsko letališče, je v 100-odstotni lasti državne zakladnice.
The Commission expressed skepticism that the present restructuring plan will restore LOT's viability and asked Poland to better justify this claim.
Regionalna letališča v Gdansku, Krakovu, Poznanu, Katovicah in Vroclavu (v nadaljnjem besedilu: regionalna letališča) so v lasti podjetja PPL, regionalnih organov in ene družbe v državni lasti.
It noted that LOT had previously made restructuring attempts, which failed to restore profitability, although they were conducted in an apparently better business environment.
Kljub temu je Poljska znova poudarila, da odločitev, ki jih sprejemajo letališča, ni mogoče pripisati državi, saj zmožnost države, da nadzoruje letališča, samodejno ne utemeljuje predpostavke, da je mogoče njihovo ravnanje pripisati državi.
The liquidity situation of LOT also raised concern.
Poljska je poudarila, da letališča niso del javne uprave in da svoje poslovne dejavnosti vodijo neodvisno in brez kakršnega koli vmešavanja države.
The Company lost liquidity in December 2012 and had been forecast to be short of cash again in August 2013 (despite receiving the rescue aid).
Poljska je zlasti pojasnila, da je podjetje PPL pravna oseba in da deluje v skladu z zakonom o državnem podjetju „Letališča“ z dne 23. oktobra 1987 [25] (v nadaljnjem besedilu: zakon o PPL).
Although this forecast did not materialise, the safety margin remained thin, as LOT had exhausted internal sources of funding, following sale of assets, and did not have access to external financing (except from the leasing) due to its difficult financial condition.
Podjetje PPL v skladu z zakonom o PPL posluje neodvisno, skladno z razumnimi poslovnimi načeli in je finančno neodvisno.
The Commission doubted that LOT's long-standing structural problems would be largely solved by the introduction of the new B787 aircraft.
Podjetje PPL ne spada v sektor javnih financ; ne financira se iz državnega proračuna in svoje stroške poslovanja krije iz prihodkov iz lastnih gospodarskih dejavnosti.
LOT planned to achieve approximately 30 % of total estimated financial impact of the restructuring from the operation of B787 aircraft.
Dejavnosti podjetja PPL nadzoruje in spremlja minister za promet, ki ima pravico spremeniti ali preklicati odločitve generalnega direktorja podjetja PPL le, če so v nasprotju z zakonom.
The Commission pointed out that the operation of such B787 aircraft would only have a direct impact on the long haul market segment (which in 2012 accounted for only [< 25] % of LOT's revenue from scheduled flights) and that there might be insufficient demand to ensure efficient utilisation of the new aircraft.
Po navedbah Poljske minister nima pravice posegati v postopek odločanja, ki se nanaša na poslovna razmerja podjetja PPL.
The assumption that more than 30 % of the restructuring benefits would be achieved thanks to the revenue-related measures (e.g. ancillary revenue, revenue management) seemed overestimated, given that their success depends partly on external factors, such as e.g. a change in customer behaviour.
Kar zadeva regionalna letališča, je Poljska pojasnila, da so to vse zasebnopravne družbe [26] in da zanje velja običajno pravo gospodarskih družb, tj. poljski zakon o gospodarskih družbah [27] (v nadaljnjem besedilu: zakon o gospodarskih družbah).
In addition, some of the planned measures (e.g. introduction of paid catering), commonly associated with LCCs, appeared to be in potential conflict with LOT's strategy to remain a traditional carrier.
To so kapitalske družbe, ki so ločene pravne osebe in imajo ločena sredstva; delujejo zunaj struktur javne uprave.
LOT's assumption that result from core activity would improve from a loss of PLN [130-157] million in 2013 to a profit of PLN [64-78] million in 2014, i.e. an improvement by PLN [194-235] million within 12 months, seemed unrealistic, given its past financial record (the Company had not reported profit from core activity since 2008) and significant preliminary loss recorded in the first four months of 2013.
Družbe, ki upravljajo regionalna letališča na Poljskem, upravljajo skupščina delničarjev, nadzorni odbor in upravni odbor.
The Commission also questioned several assumptions underlying the financial projection contained in the restructuring plan, in particular:
Predstavniki javnih organov se udeležujejo skupščin delničarjev in so tudi člani njihovih nadzornih odborov.
relatively small deviations of key parameters (average unit revenue per passenger –by 1 %, number of passengers — by 1 %, exchange rate PLN/USD — by 10 %) from the baseline value assumed in the sensitivity analysis and fixed fuel price over a 6-year projection horizon which seemed questionable given the high volatility of prices historically;
V skladu z zakonom o gospodarskih družbah upravni odbor vodi vsakodnevne posle družbe in neodvisno sprejema odločitve o zadevah, ki niso pridržane drugim organom družbe.
the ability of LOT to generate planned proceeds from the sub-lease of B787 and the Embraer aircraft in 2013-2018;
Ker upravni odbor za sklenitev sporazumov o odlogu plačil ne potrebuje soglasja nadzornega organa ali skupščine delničarjev, Poljska meni, da so bile odločitve o odlogih neodvisne odločitve letališč, sprejete brez kakršnega koli vmešavanja države.
the achievement of 85 % of the planned restructuring benefits assumed under the base-case scenario of the financial projection.
V zvezi z merilom zasebnega upnika je Poljska navedla več vrst argumentov, da bi dokazala, da so bili odlogi plačila letaliških pristojbin odobreni pod tržnimi pogoji.
Avoidance of undue distortions of competition (compensatory measures)
Prvič, Poljska je navedla gospodarske okoliščine, v katerih so se letališča odločila, da bodo družbi LOT odobrila odlog plačila letaliških pristojbin: resen upad gospodarske rasti leta 2009 [28] in drugi izredni dogodki (izbruh vulkana Eyjafjallajökull aprila 2010).
The Commission expressed reservation regarding LOT's methodology of calculating profitability of routes.
Po mnenju Poljske so lahko torej letališča ob odobritvi odlogov predpostavljala, da so težave družbe LOT začasne.
According to point 40 of the Guidelines closure of loss-making activities cannot be considered as a valid compensatory measure.
Drugič, Poljska je poudarila, da je družba LOT kot ključna stranka letališč ustvarila bistven delež njihovih prihodkov, medtem ko so odlogi pomenili le del prometa med letališči in družbo LOT [29].
Aid limited to the minimum, own contribution
V obratnem hipotetičnem scenariju bi imela insolventnost družbe LOT negativen učinek na poslovanje letališč [30].
The Commission expressed doubt whether the finance lease of B787 aircraft backed by the guarantee of the export credit agency (‘ECA’) Ex-Im Bank could be accepted as a valid source of own contribution.
Tretjič, Poljska je pojasnila, da je bilo z vidika letališč bolje odložiti del plačil družbe LOT, kot pa razglasiti insolventnost prevoznika.
Taking into account that with such a strong collateral the lessor was likely to recover a full amount of debt in case of LOT's default, the lease did not seem to be a sign of markets' confidence in LOT's return to viability, as stipulated in point 43 of the Guidelines.
Zlasti ker je imela družba LOT v času, ko so bile sprejetje odločitve o odlogu, še vedno sredstva, ki jih je bilo mogoče uporabiti kot zavarovanje.
COMMENTS FROM POLAND
Za primerjavo, v primeru insolventnosti bi bile terjatve letališč poplačane v zadnji kategoriji upnikov in z mnogo nižjim odstotkom kot v primeru odloga [31].
Poland submitted comments and provided evidence in relation to all the issues raised in the opening decision.
Četrtič, po mnenju Poljske so bili v pogojih odlogov v celoti izraženi tržni pogoji v zvezi z: (i) obrestno mero, (ii) zavarovanjem in (iii) obdobjem odloga.
It concluded that the notified measure fulfils all the conditions of the Guidelines.
Zlasti v zvezi z obrestno mero [32] Poljska navaja, da je treba obrestno mero, uporabljeno v primeru sporazumov o odlogu, razlikovati od zakonske obrestne mere [33], ki je neke vrste kazen za zamude pri plačilu, medtem ko je namen sporazumov o odlogu dolžniku omogočiti, da obveznosti odplača v razumnem času.
Poland also provided an update on the implementation of the restructuring plan which demonstrates that LOT had made significant progress in the restructuring process and that its actual financial results in 2013 were much better than planned.
Kar zadeva zavarovanje, Poljska poudarja, da je bil pri dveh tretjinah sporazumov o odlogu odloženi znesek zavarovan s hipotekami in zastavnimi pravicami na premoženju družbe LOT.
As regards the compliance with the ‘one time, last time’ principle, Poland confirmed that LOT's liabilities related to the airport charges were deferred by the State-owned airports.
Pri večini preostalih sporazumov o odlogu je bil odloženi znesek [34] zavarovan z bianco zadolžnicami, s katerimi se pospeši izterjava dolga.
At the same time, Poland maintained its view that the deferrals did not constitute State aid.
Samo pri šestih sporazumih zavarovanja ni bilo.
According to Poland, the resources of the airports are not State resources and the decisions of the airports are not imputable to the State.
Vendar je družba LOT v vsakem primeru priznala svoj dolg do določenega letališča, kar mu je omogočalo, da po potrebi brez težav vloži tožbo pri sodišču.
However, even if the deferrals granted by the airports were to be financed by State resources, the deferrals of the airport charges fulfil the requirements of the private creditor test and therefore do not constitute State aid.
V zvezi z obdobji odloga Poljska poudarja, da je bilo povprečno obdobje odloga približno 6,5 meseca, kar je ugodno v primerjavi s trajanjem pravdnega postopka na Poljskem (več kot dve leti) [35] ali trajanjem postopka zaradi insolventnosti (povprečno od 3 do 3,5 leta) [36].
With reference to imputability, Poland confirmed that all the airports which granted deferrals to LOT are controlled directly or indirectly by the Polish State.
Poljska je tudi trdila, da so drugi zasebni upniki družbi LOT dov olili, da odloži plačilo dolgov v višini več sto milijonov PLN v podobnih obdobjih odloga in pod podobnimi pogoji, vključno z obrestno mero, ki je bila nižja od zakonske obrestne mere, ali brez obresti in v nekaterih primerih tudi brez zavarovanja [37].
PPL, the company managing Warsaw Airport, is wholly owned by the State Treasury.
Nazadnje, Poljska je potrdila, da so bila vsa odložena plačila v celoti poplačana.
The regional airports in Gdansk, Krakow, Poznan, Katowice and Wrocław (‘regional airports’) are owned by PPL, regional authorities and one State-owned company.
Poleg tega je Poljska, da bi utemeljila svoje stališče, kot je predstavljeno v uvodnih izjavah 101 do 116 zgoraj, predložila poročilo, ki ga je pripravila družba KPMG Advisory Spółka z ograniczoną odpowiedzialnością sp. k. (v nadaljnjem besedilu: družba KPMG/poročilo KPMG).
Nonetheless, Poland reasserted the argument that the decisions taken by the airports are not imputable to the State as the ability of the State to control the airports does not justify automatically the presumption that their actions are imputable to the State.
V poročilu KPMG je opisan postopek odločanja letališč, ki je privedel do vsakega od sporazumov o odlogu.
In this context Poland referred again to the Stardust Marine judgment [24].
V njem je predstavljena tudi tržna analiza vsakega od sporazumov o odlogu.
Poland underlined that the airports are not part of the public administration and that they run their commercial activities independently from any State interference.
Metodologija, ki jo je družba KPMG uporabila za tržno analizo, temelji na primerjavi osnovnega scenarija [38] (tj. odlog plačila letaliških pristojbin) z nadomestnim scenarijem [39] (tj. družbi LOT ni odobren odlog).
In particular, Poland explained that PPL has a legal personality and operates in accordance with the Act on the State Enterprise ‘Airports’ of 23 October 1987 [25] (‘PPL Act’).
Da bi se preverila ekonomska upravičenost sporazumov o odlogu, sta se osnovni in nadomestni scenarij primerjala na podlagi sedanje in čiste sedanje vrednosti.
According to the PPL Act, PPL's operations are carried out independently, in compliance with rational business principles and are financially autonomous.
Primerjava teh dveh scenarijev je pokazala, da je bil odlog plačila letaliških pristojbin v vsakem primeru ekonomsko razumen in ugodnejši za letališča kot nadomestni scenarij z začetkom postopka zaradi insolventnosti.
PPL does not belong to the public finance sector; it is not financed from the state budget and covers its operating costs from the revenue derived from its own economic operations.
Poljska je trdila, da je družba LOT zdaj v boljšem položaju za obnovo dolgoročne sposobnosti preživetja kot med prejšnjimi neuspešnimi poskusi prestrukturiranja.
PPL's operations are controlled and supervised by the Minister in charge of transport who is entitled to change or revoke the decisions of the General Director of PPL only if they are contrary to the law.
Prvič, prejela je dolgo pričakovane zrakoplove B787, ki so glavni steber načrta prestrukturiranja.
As regards the regional airports, Poland explained that those are all private law companies [26] and are subject to ordinary company law, i.e. to the Polish Code of Commercial Companies [27] (‘the Code’).
Tretjič, makroekonomsko okolje se je izboljšalo.
They are capital companies with a separate legal personality and separate assets; acting outside of the structures of the public administration.
Nazadnje, dejanski poslovni rezultati družbe LOT po petih četrtinah izvajanja načrta prestrukturiranja so mnogo boljši od načrtovanih.
The companies managing regional airports in Poland are managed by the shareholders' meeting, a supervisory board and the management board.
Likvidnostni položaj družbe LOT se je izboljšal.
Representatives of the public authorities sit at shareholders' meetings and are also members of their supervisory boards.
Ne samo, da avgusta 2013 ni izgubila likvidnosti, kot je bilo napovedano v načrtu prestrukturiranja, ampak je pridobila tudi dodatne vire financiranja, na primer […] od Boeinga […].
According to the Code, the management board runs the company's day-to-day affairs and independently takes decisions on matters other than those reserved for other company bodies.
V bistvu so bili dejanski denarni tokovi iz poslovanja leta 2013 boljši od načrtovanih.
Consequently, according to Poland, considering that concluding agreements on deferral of payments by the management board does not require the consent of the supervisory board or the shareholder's meeting, the decisions concerning the deferrals were independent decisions of the airports taken without any State interference.
Prav tako se je dejanski finančni učinek uvedbe zrakoplovov B787 izkazal za boljšega od načrtovanega.
With reference to the private creditor test, Poland brought forward several types of arguments in order to prove that the deferrals of the airport charges were concluded on market terms.
Pozitivnega učinka ni imel samo na segment letov na dolge razdalje, ampak tudi na celotno mrežo letov.
First, Poland indicated the economic context in which the airports decided to defer airport charges to LOT: a serious economic downturn of 2009 [28] as well as other extraordinary events (the eruption of the Eyjafjallajökull volcano in April 2010).
Ne pričakuje se, da bodo dolgotrajne strukturne težave družbe LOT rešene samo z zrakoplovi, ampak v kombinaciji z drugimi ukrepi prestrukturiranja.
Therefore, according to Poland, when granting deferrals the airports could have assumed that the problems of LOT were of a temporary nature.
Promet na progah, na katerih naj bi leteli zrakoplovi B787 (Severna Amerika, severna in jugovzhodna Azija), naj bi se povečal za 6,5 % do 10,6 % na leto, tako da zrakoplovi ne bodo premalo izkoriščeni.
Second, Poland underlined that LOT as a key customer of the airports generated a considerable part of their revenue while the deferrals constituted only a fraction of the turnover between the airports and LOT [29].
Leta 2013 je bilo z ukrepi, povezanimi s prihodki, uresničenih [> 100] % načrtovanega finančnega potenciala, predvidenega v načrtu prestrukturiranja.
Therefore the parties were interested in continuing their cooperation.
Družba LOT je leta 2013 uspešno uvedla plačljivo postrežbo hrane in pijače, pri čemer ni doživela negativnega odziva strank.
In counterfactual scenario, LOT's insolvency would have had a negative effect on the airports' operations [30].
Glede na tržno raziskavo potniki niso proti plačljivim storitvam.