natgillin/translations-raw huggingface dataset:
Even though the activities set out in recital 88 may be considered of a non-economic nature, the Commission observes that according to the Polish law [37] airports managers are obliged to finance the facilities and equipment necessary to perform these activities from their own resources.
Komisija poudarja, da študiji načela VPTP iz let 2011 in 2012 nedvomno pomenita prilagoditev prvotnega naložbenega načrta, na podlagi katerega je bila sprejeta začetna odločitev o začetku projekta za preureditev vojaškega letališča.
Therefore, the Commission considers that the public funding provided to the airport manager of Gdynia airport in relation to the above mentioned facilities and equipment relieves it from bearing costs that are inherent to its economic activity (see section 5.1.3).
Čeprav so bile večje dokapitalizacije opravljene po prvi študiji načela VPTP iz leta2010, teh dokapitalizacij zato ni mogoče preučiti ločeno.
As a consequence, the Commission concludes that in calculating the profitability of the investment at stake it should also include the capital allocated to those facilities and equipment.
Naložbe v osnovna sredstva
In doing so the Commission follows the approach correctly followed by Poland in the MEIP studies.
V študiji načela VPTP iz leta 2012 so naložbe v osnovna sredstva razdeljene na štiri faze.
The concept of State aid applies to any advantage granted through State resources by the State itself or by any intermediary body acting by virtue of powers conferred on it [38].
Ti stroški so nastali leta 2011, skupaj pa so znašali […] milijonov PLN ([…] EUR).
In the present case, the capital injections into Gdynia-Kosakowo Airport Ltd are provided directly from the budgets of the two municipalities, Gdynia and Kosakowo.
Slika 2
The Commission therefore considers that the resources of the two municipalities involved are State resources.
Komisija glede na uvodni izjavi 103 in 108 meni, da študiji načela VPTP iz let 2011 in 2012 nista bili opravljeni pravočasno in nista temeljili na informacijah, ki sta jih imela na voljo javna delničarja, ko je bila sprejeta glavna odločitev o financiranju projekta preureditve.
Economic advantage
Po drugi strani so bile v študijah načela VPTP iz let 2011 in 2012 preučene samo spremembe začetne odločitve o začetku naložbenega projekta, sprejete leta 2010 na podlagi študije načela VPTP iz leta 2010.
The Commission observes that Poland argues on the one hand that the capital injections are in line with the MEIP, on the other hand it considers that the aid is compatible, because without the public funding the investment would not have been undertaken by the operator of the airport.
Študija načela VPTP iz leta 2012 dejansko potrjuje, da je bilo nekaj naložb (kot so terminal za splošni letalski promet, upravna zgradba, električno omrežje) že v „napredni fazi izvedbe“.
Poland argues that the measures at stake do not grant an economic advantage to the airport manager of Gdynia airport, because they are in line with the MEIP.
Spodnji grafični prikaz (slika 3) prikazuje naložbe v osnovna sredstva, kot so bile predstavljene v študijah načela VPTP iz let 2010, 2011 in 2012 (v realni vrednosti iz leta 2010).
In November 2013, Poland further submitted that new sources of revenue would enhance the NPV of the project (i.e. the sale of fuel, navigation services).
Leta 2010 je bila realna vrednost naložb v osnovna sredstva ocenjena na približno […] milijonov PLN, leta 2011 in 2012 pa se je ta znesek povečal na približno […] milijonov PLN (tj. približno […] % v naložbenem obdobju skoraj 20 let).
At the time of the opening decision, Poland had only submitted the 2012 MEIP update.
Komisija mora v tem primeru vsebinsko preučiti več naložbenih odločitev, ki sta jih zadevna delničarja sprejela v kratkem obdobju, za katero niso značilni nepredvideni dogodki, za izvedbo pravzaprav istega naložbenega projekta.
Even though according to the 2011 shareholder agreement Gdynia and Kosakowo committed to provide cash and non-cash contributions to finance the investment project until 2040, Poland argues that only the 2012 MEIP update and the later information on the additional revenue streams are relevant for the assessment of the market conformity of the capital injections.
Zato dopolnjeni študiji načela VPTP iz let 2011 in 2012 ne moreta preoblikovati odločitve o naložbi, ki ni bila skladna z načelom VPTP, ko je bila sprejeta, v smiselno odločitev o naložbi.
In Stardust Marine the Court stated that, ‘[…] in order to examine whether or not the State has adopted the conduct of a prudent investor operating in a market economy, it is necessary to place oneself in the context of the period during which the financial support measures were taken in order to assess the economic rationality of the State’s conduct, and thus to refrain from any assessment based on a later situation’ [43].
Dopolnjeni študiji bi lahko dokazali, da so poljski organi ravnali kot zasebni vlagatelj samo, če bi pokazali, da bi projekt z naložbo dodatnih sredstev lahko dosegel donos, ki bi ustrezno poplačal kapital, ki je že bil vložen ali in bo še vložen (ali ki bi ustrezno poplačal ta kapital tudi ob upoštevanju tveganja, da bo treba vrniti kakršno koli nezakonito pomoč, prejeto v preteklosti).
Furthermore, the Court declared in the EDF case that, ‘[…] for the purposes of showing that, before or at the same time as conferring the advantage, the Member State took that decision as a shareholder, it is not enough to rely on economic evaluations made after the advantage was conferred, on a retrospective finding that the investment made by the Member State concerned was actually profitable, or on subsequent justifications of the course of action actually chosen’ [44].
Slika 3
In order to be able to apply the MEIP the Commission has to place itself at the time when each decision to finance the conversion of the former military airport into a civil aviation airport was taken.
Naložbe v osnovna sredstva (v tisočih PLN), napovedane v študijah načela VPTP iz let 2010, 2011 in 2012 (v realni vrednosti iz leta 2010)
The Commission must also base its assessment on the information and assumptions, which were at the disposal of the public shareholders at the time, when the decision regarding the financial arrangements of the investment project was taken.
Uporaba načela VPTP na podlagi študije načela VPTP iz leta 2010
The Commission considers that in order to determine whether the municipalities of Gdynia and Kosakowo acted as a private investor, the first relevant analysis is the 2010 MEIP study.
Preglednica 5
Indeed, the assessment of whether State intervention is in line with market conditions should be carried out on the basis of an ex-ante analysis, considering information and data available at the time the investment was decided upon.
Napovedi prometa za letališče Gdynia, uporabljene v študiji načela VPTP iz leta 2010 (v tisočih)
The Commission observes that up to 2010, studies and preparatory works for the investment project in question were carried out.
Predvideni razvoj potniškega prometa (študija načela VPTP iz leta 2010)
These included the Master Plan of the investment project, the environmental report, the design documentation of the general aviation terminal, the design documentation of the administration building and the fire brigade building, specialist aviation documents and other studies.
Število potnikov
That shows that the investors took the decision to develop the Gdynia airport before 2010.
Povedano drugače, pozitivni denarni tokovi, ki naj bi se po pričakovanjih začeli ustvarjati od leta 2018, niso dovolj visoki, da bi izravnali negativne denarne tokove iz predhodnih naložbenih obdobij.
Gdynia and Kosakowo took several preliminary measures in order to implement the project (see recital 10 above) and specific studies were commissioned with that purpose.
Slika 4
The Commission believes that any private investor would have assessed at that moment the expected profitability of the project.
Študija načela VPTP iz leta 2010 je prikazala pozitivno vrednost lastniškega kapitala [47] v višini […] milijonov PLN (tj. približno […] milijonov EUR).
In case the investment plan would not show an acceptable rate of return or if it were based on doubtful assumptions a private investor would not have started implementing the plan and would not have spent any further money on it, on top of those already spent for the preparatory works mentioned in the recital above.
Poleg tega je notranja stopnja donosa naložbenega projekta, ki znaša […] %, višja od predvidenih stroškov kapitala upravljavca letališča ([…] %).
In addition, the agreement on the further capital injections (until 2040) to finance the conversion project (mentioned above in recital 33) was signed in March 2011 (even before the finalization of the second MEIP study of 13 May 2011).
Vendar, kot je pojasnjeno v nadaljevanju, tudi večina prihodkov letališča Gdansk temelji na nizkocenovnih prevoznikih in čarterskih letih (glej uvodno izjavo 121).
Moreover, at the same time also the operational agreement with the military user of the airport (7 March 2011) and the rental agreement for the land of the company (11 March 2011 (mentioned above in recital 33)) were concluded.
Komisija v zvezi s povpraševanjem potnikov in letalskih prevoznikov ugotavlja, da bi imelo letališče Gdynia isto zaledje kot letališče Gdansk, ki je od njega oddaljeno samo približno 25 kilometrov.
The Commission also underlines that Poland confirmed that the capital injection decided on 29 July 2010 was based on the economic assessment of the project contained in the 2010 MEIP study.
Zmogljivost letališča Gdansk je bila leta 2012 povečana na pet milijonov potnikov, leta 2015 pa se načrtuje nadaljnje povečanje zmogljivosti na sedem milijonov potnikov.
It is therefore clear that at this stage the public shareholders had resolved to engage in the investment project in question to be realised over 30 years.
Ta časovni načrt širitve je bil javno znan že leta 2010, tj. v času priprave študije načela VPTP iz leta 2010 [48].
Even though it is possible for a private investor to adjust its investment plan in the course of its implementation in the light of changing circumstances, it is clear that any private investor would have assessed the merits of the investment project at hand already in 2010 before starting to put substantial resources in it.
Poleg tega je bilo Komisiji 24. septembra 2008 kot zadeva v zvezi z državno pomočjo št.
By the time the first update of the MEIP was conducted in 2011, the public shareholders had already injected PLN 6,05 million into the company (see Table 3).
N472/08 priglašeno tudi javno financiranje širitve letališča Gdansk na zmogljivost pet milijonov potnikov, ki ga je Komisija odobrila 5. februarja 2009 [49].
The company had already leased the land of the airport from Kosakowo (the rental agreement between Gdynia-Kosakowo Airport Ltd and Kosakowo was signed on 11 March 2011) and also had signed the operational agreement with the military user of the airport (7 March 2011).
Poljska je Komisijo obvestila, da je v glavnem načrtu za letališče Gdansk iz leta 2010 [50] predvidena širitev vzletno-pristajalne steze, letaliških ploščadi in druge letališke infrastrukture, s katero bi se zmogljivost letališča Gdansk v prihodnje povečala na več kot deset milijonov potnikov na leto.
In addition, on 11 March 2011, the shareholders signed an agreement on the increases of share capital of the company until 2040 [46].
Komisija ob tem ugotavlja, da je imelo letališče Gdansk leta 2010 2,2 milijona potnikov (tj. izkoriščenih je bilo 45 % njegovih zmogljivosti, vključno z zmogljivostmi v gradnji).
And by the time the second update of the MEIP study was finalised in July 2012, the public shareholders had injected a total of PLN 64,810 million (i.e. about 70 % of all capital injected).
Po napovedih za letališče Gdansk bo do leta 2020 izkoriščenih samo od 50 do 60 % razpoložljive zmogljivosti [51].
Hence, even though the bigger capital injections were implemented further to the first MEIP study of 2010, those injections cannot be seen in isolation.
Komisija ugotavlja, da bo lahko letališče Gdansk dolgo zadoščalo povpraševanju v regiji, tj. vsaj do leta 2030, tudi ob predpostavki, da bo rast potniškega prometa dinamična.
Capital Expenditures
Kot je navedeno zgoraj, je v študiji načela VPTP iz leta 2010 predvideno, da bo letališče Gdynia večino svojih prihodkov (v povprečju [80–90] % za celotno obdobje 2012–2040) ustvarilo z nizkocenovnimi prevozniki in čarterskimi letalskimi prevozniki.
In the 2012 MEIP study, the investments in fixed assets are divided into 4 phases.
Komisija v zvezi s tem ugotavlja, da se tudi letališče Gdansk uporablja predvsem za nizkocenovne prevoznike in čarterski promet.
The first phase of the investment project concerned the design work but also the site clearing (tree and shrub clearing, demolishment of certain hangars and ground levelling).
Leta 2010 se je z nizkocenovnimi in čarterskimi letalskimi prevozniki prepeljalo 72 % vseh potnikov, ki so uporabili letališče Gdansk [52].
The second phase of the project, involving the construction of the general aviation terminal, the administration building and the fire brigade building started in 2012 already.
Komisija v zvezi s tem ugotavlja, da je v študiji načela VPTP iz leta 2010 predvidena potniška pristojbina za čarterske lete in lete nizkocenovnih prevoznikov v višini 25 PLN na potnika (6,25 EUR) do leta 2014 in 40 PLN na potnika (10 EUR) od leta 2015 (do leta 2040).
The second phase of the project is the most important in terms of capital expenditures with more than […] % of nominal capital expenditures (hereinafter: ‘capex’) spent in 2012-2013.
Pristajalna pristojbina za isto kategorijo letov je bila določena v višini 25 PLN/tono (6,25 EUR) za celotno obdobje (povprečna največja vzletna masa (MTOW) naj bi bila 70 ton), predvidena parkirnina pa je bila 4 PLN/tono za 24 ur (1,0 EUR) (s povprečno MTOW 70 ton).
According to the information submitted by Poland, the capital expenditures in 2012 amount to PLN […] million (of which more than half had already been spent by the time the updated 2012 study was undertaken).
Komisija ugotavlja še, da je v seznamu tarif, ki jih letališče Gdansk uporablja od 31. decembra 2008, standardna potniška pristojbina določena v višini 48 PLN na potnika (12,0 EUR), standardna pristajalna pristojbina za zrakoplove, težje od 2 ton (tj. vključno z vsemi zrakoplovi čarterskih in nizkocenovnih prevoznikov), v višini 25 PLN/tono (6,25 EUR), parkirnina pa v višini 4,5 PLN/tono za 24 ur (1,25 EUR).
The graph below (Figure 2) shows the (nominal) capex by investment phase as presented in the 2012 MEIP study.
Vendar Komisija ugotavlja, da seznam tarif, ki se uporabljajo na letališču Gdansk, vsebuje tudi razne popuste in rabate, med drugim za lete nizkocenovnih prevoznikov.
Figure 2
Letališče Gdansk uporablja znižano potniško pristojbino v višini 24 PLN na potnika (6 EUR) za vse nove povezave (od 1. januarja 2004) in za vsa povečanja pogostosti letov z zrakoplovi z MTOW med 50 in 100 ton (npr. Airbus A320 in Boeing 737 ter drugi zrakoplovi, ki jih uporabljajo nizkocenovni prevozniki).
Capex by Phase (2012 MEIP study)
Pristajalna pristojbina za take povezave je tudi znižana za 50 % (tj. na 12,5 PLN/tono).
Furthermore, the Commission cannot retroactively take into account the expected additional sources of revenues, based on the information provided in November 2013, in order to justify the decisions taken by the public shareholders in 2010 and 2011.
Poleg tega se standardna potniška pristojbina najprej zniža za 23 PLN za vse odhajajoče potnike na rednih domačih povezavah.
Hence, in the light of the foregoing, the Commission considers that in order to assess whether Gdynia and Kosakowo adopted the conduct of a private investor operating in a market economy, it must base first of all its assessment on the 2010 MEIP study and disregard any further developments and information that were not at the disposal of those public shareholders at the time when they took their decision to realise the investment project in question.
Nato se obračuna ustrezni popust.
On the other hand, the 2011 MEIP study and the 2012 MEIP study assessed only the amendments to the initial decision to embark in the investment project that was taken in 2010 on the basis of the 2010 MEIP study.
Komisija meni, da so bile ob upoštevanju popustov in rabatov, ki se uporabljajo na letališču Gdansk, povprečne letališke pristojbine, predvidene za letališče Gdynia, precej višje od tistih na uveljavljenem sosednjem letališču.
The two subsequent studies show that the shareholders were following market developments and were accordingly adapting the scope of the project (either upwards or downwards depending on the investment item).
Glede na to, da bi bili letališči Gdynia in Gdansk obe osredotočeni predvsem na nizkocenovne in čarterske prevoznike, da letališče Gdansk ne izkorišča vseh svojih zmogljivosti in da so njegove dejanske pristojbine nižje od tistih, ki so predvidene v poslovnem načrtu letališča Gdynia, ter glede na tesno bližino obeh letališč, Komisija še meni, da je predpostavka, da med letališčema ne bo cenovne konkurence, nepravilna.
However, those changes were only marginal relative to the overall decision to convert the military base into a civil aviation airport.
Komisija ugotavlja še, da so se času priprave študije načela VPTP iz leta 2010 na letališču Bydgoszcz (od letališča Gdynia oddaljenem 196 kilometrov ali 2 uri in 19 minut vožnje z avtomobilom) in na letališču Szczecin (od letališča Gdynia oddaljenem 296 kilometrov ali 4 ure in 24 minut vožnje z avtomobilom), drugem in tretjem najbližjem poljskem regionalnem letališču, uporabljale precej nižje neto pristojbine (standardne pristojbine po veljavnih popustih) [53].
The graph below (Figure 3) shows the capital expenditures as presented in the 2010, 2011 and 2012 MEIP studies (expressed in 2010 real terms).
Komisija glede na zgornje navedbe meni, da so ob upoštevanju tesne bližine drugega ne prezasedenega letališča z enakim poslovnim modelom letališke pristojbine iz študije načela VPTP iz leta 2010, ki so višje od pristojbin, ki se uporabljajo na letališču Gdansk in drugih bližnjih regionalnih letališčih, nerealne.
As can be seen, while the timing and extent of the investments were updated both in 2011 and 2012, these changes were not substantial regarding the overall size of the project.
Glede na konkurenčnost letališča Gdynia Komisija poleg tega meni, da napovedi prometa iz študije načela VPTP iz leta 2010 temeljijo na nerealnih predpostavkah.
In 2010, the real capex was estimated at about PLN […] million and this figure was […] to about PLN […] million in both 2011 and 2012 (i.e. […] % over an investment period of almost 20 years).
Treba je tudi opozoriti, da študija načela VPTP iz leta 2010 ni vključevala analize občutljivosti in ocene verjetnih rezultatov (kot so najslabši, najboljši in osnovni scenarij).
In substance, in the present case the Commission has to assess a series of investment decisions taken over a short period of time, which is not characterised by the occurrence of unforeseeable events, by the same public shareholders, for the implementation of essentially the same investment project.
Komisija zato ugotavlja, da se zdi, da scenarij, predstavljen v študiji načela VPTP iz leta 2010, temelji na preveč optimističnih predpostavkah glede razvoja potniškega prometa in višine pristojbin.
Therefore, the 2011 and the 2012 MEIP update cannot transform an investment decision that did not comply with the MEIP at the moment it was taken, into a reasonable investment decision.
Komisija ugotavlja, da zmanjšanje letnih prihodkov iz potniških pristojbin, povezanih z nizkocenovnimi prevozniki in čarterskim prometom, za samo […] % (v obdobju napovedi 2010–2040), povzroči negativno vrednost lastniškega kapitala za javne delničarje.
At best they could demonstrate that the Polish authorities behaved as a private investor, only if they would show that, by investing additional funds, the project was expected to yield a return capable of adequately remunerating the capitals already invested and to be invested (or that would appropriately remunerate those capitals even when taking into account the risk of having to repay any illegal aid received in the past).
Tako zmanjšanje prihodkov bi bilo mogoče, če bi bili pristojbine in/ali promet manjši od predvidenih.
Figure 3
V zvezi s tem je treba opozoriti, da so letališke pristojbine v poslovnem načrtu, uporabljenem za študijo načela VPTP iz leta 2010, že […] % višje kot na letališču Gdansk [54].
Capex (in 1000 PLN) as projected in MEIP studies of 2010, 2011 and 2012 (in 2010 real terms)
V takih okoliščinah je malo verjetno, da bi letališče Gdynia lahko pritegnilo promet, ne da bi v poslovnem načrtu ponudilo precejšnje rabate za pristojbino 40 PLN (10 EUR).
The application of the MEIP on the basis of the 2010 MEIP study
Zaradi močne občutljivosti neto sedanje vrednosti za navidezno nepomembno znižanje letaliških pristojbin (ki je posledica realnih predpostavk) je tako precej vprašljiva verodostojnost prvotnega poslovnega načrta.
The 2010 MEIP study, provided by Poland, is based on a business plan projecting the future cash flows for the equity investors for the period 2010–2040.
Čeprav je študija načela VPTP iz leta 2010 temeljila na napovedih prometa, ki so bile na voljo v tistem času, za neposredno presojo študije načela VPTP pa se ne bi smele uporabiti naknadne informacije, Komisija vseeno ugotavlja, da so bile take napovedi preveč optimistične.
At the time when the MEIP study was conducted, Poland expected that the airport would start serving general aviation traffic in 2011, charter flights in 2013 and LCCs in 2015.
Primerjava napovedi prometa iz leta 2010 in 2012 resnično pokaže velike razlike.
This would result in a steady increase in the number of passenger served from […] passengers in 2013 up to almost […] million in 2024 and 1,753 million in 2040 as shown in Table 5 below).
Ne samo, da je bil odložen začetek projekta, ampak so se poleg tega v obdobju „pozitivnega dobička pred obrestmi davki in amortizacijo“ napovedi prometa zmanjšale za […], na […] % vsako leto.
Table 5
Tako velik popravek po samo dveh letih, ne da bi se medtem pomembno spremenile okoliščine, pomeni koristno preverjanje smiselnosti prvotnih predpostavk.
Traffic projections for Gdynia airport used in the 2010 MEIP study (in thousands)
Dodatno potrjuje, da so pregledi občutljivosti, ki jih je opravila Komisija (in so v primerjavi nepomembni), še posebej zgovorni, kar zadeva nerealnost predpostavk, na katerih temelji ugotovitev, da se je projekt izplačal.
Expected passenger development (2010 MEIT)
Preglednica 6
According to the 2010 MEIP study, the company would be profitable at EBITDA level as from 2018.
Difference
The annual discounted cash flow would become positive as of 2020 as illustrated in the graph below (Figure 4).
Pregledi občutljivosti, ki jih je opravila Komisija, se zdijo še toliko bolj smiselni, ker so manj kot leto po študiji načela VPTP iz leta 2010 poljski organi prejeli dopolnjeno analizo, ki je pokazala, da bi bila neto sedanja vrednost projekta precej nižja in bi bila samo […] milijonov PLN (približno […] EUR).
However, on a cumulative basis (i.e. in each year the cash flows of the previous years), the total DCF over the entire period 2010-2040 is expected to be negative (as illustrated in Figure 1).
Zato se je maja 2011 neto sedanja vrednost projekta v primerjavi s prvotnim projektom znižala za […] %.
In other words, the positive cash flows expected to be generated as of 2018 are not high enough to compensate for the highly negative cash flows of the early investment periods.
(135) Komisija poleg tega ugotavlja, da so pozitivni rezultati študije načela VPTP iz leta 2010 tudi zelo odvisni od končne vrednosti naložbe na koncu obdobja, zajetega v poslovni načrt (tj. leta 2040).
Figure 4
Diskontirani denarni tok družbe v obdobju 2010–2040 je tako negativen in znaša –[…] milijonov PLN.
DCF in 1000 PLN (2010 MEIP study)
Končna vrednost je temeljila na predpostavkah, da bo letna stopnja rasti denarnega toka naložbe po letu 2040 […] %.
Based on the 2010 MEIP study.
Rast BDP (v %) (stalne cene)