natgillin/translations-raw huggingface dataset:
First, whether the public funding of the investment project is in line with the Market Economy Investor Principle (hereinafter: MEIP), in particular with regard to (i) the application of the MEIP in time, the methodology to apply the MEIP and (ii) whether the MEIP analysis carried out by the Polish authorities leading to a positive Net Present Value (hereinafter: ‘NPV’) [10] is based on realistic and reliable assumptions;
Javno financiranje je bilo odobreno tudi iz državnih sredstev in gre v breme države.
Second, whether operating and investment aid to Gdynia airport can be found compatible.
Poleg tega izkrivlja ali bi lahko izkrivljalo konkurenco in trgovino med državami članicami.
Application of the MEIP
Ker so bila izpolnjena vsa kumulativna merila za pojem pomoči, je Komisija menila, da javno financiranje pomeni državno pomoč v smislu člena 107(1) PDEU.
As regards the first question, the Commission expressed doubts as to whether the MEIP study conducted in 2012, i.e. after the irrevocable decision to finance the conversion of the airport was taken by the public shareholders, can be used in order to assess the existence of State aid.
Združljivost pomoči
Consequently, the Commission had doubts whether the counterfactual scenario, defined as discontinuing the investment as of 2012, was appropriate.
V zvezi z drugim vprašanjem je imela Komisija pomisleke glede tega, ali se lahko pomoč za naložbe in tekoče poslovanje za letališče Gdynia šteje za združljivo z notranjim trgom.
Given the fact that Gdynia airport is to pursue a similar business model (with the focus on LCC, charters and general aviation) as the existing Gdansk airport which still has spare capacity and further expansion plans and which is located only 25 kilometers away, the Commission expressed doubts whether the forecasted revenue of Gdynia airport was based on realistic assumptions, in particular with regard to the level of airport charges and the level of expected passenger traffic.
V zvezi s pomočjo za naložbe je imela Komisija pomisleke, ali so izpolnjena vsa merila združljivosti iz smernic za letalski sektor [12] iz leta 2005 za pomoč letališčem za naložbe.
In particular, the Commission noted that the business plan for Gdynia airport foresaw higher passenger charges than applied, after the deduction of discounts/rebates, at Gdansk airport and other comparable regional airports in Poland.
Komisija je imela predvsem pomisleke, ali zadevna naložba izpolnjuje jasno opredeljen cilj skupnega interesa, ali je infrastruktura potrebna in sorazmerna in ali zagotavlja zadovoljiva srednjeročna pričakovanja v zvezi z uporabo.
The Commission also expressed doubts whether the business plan took into account all planned incentives (such as marketing support, rebates, or any other route development incentives etc.) envisaged to be granted directly by Gdynia airport or by its shareholders or other regional authorities to attract airlines to establish new routes from the airport.
Komisija je imela poleg tega pomisleke, ali je vpliv na razvoj trgovine združljiv s skupnim interesom.
Since the growth rate of an undertaking is generally not higher than that of the economy in which it operates (i.e. in terms of GDP growth), the Commission expressed doubts whether the growth rate of the turnover used for the calculation of the Terminal Value [11], equal to […], is appropriate.
Kar zadeva pomoč za tekoče poslovanje v obliki financiranja izgub iz tekočega poslovanja družbe Gdynia-Kosakowo Airport Ltd v prvih letih njenega poslovanja, je Komisija izrazila pomisleke, ali taka pomoč izpolnjuje pogoje za odstopanje iz člena 107(3)(a) PDEU.
This doubt directly affects the assessment of the profitability of the investment project since the equity value of the new airport turns only positive because of the Terminal Value of the project as of 2040 (indeed, the cumulative discounted cash flow is negative over the projection period of 2010-2040).
Komisija je imela zlasti pomisleke, ali se pomoč za tekoče poslovanje lahko šteje za združljivo v skladu s Smernicami o državni regionalni pomoči za obdobje 2007–2013 [13].
Consequently, the Commission considered that the public funding of the investment project provides a selective economic advantage to the airport manager of Gdynia airport.
PRIPOMBE POLJSKE
The public funding is also granted from state resources and is imputable to the State.
UPORABA NAČELA VPTP IN OBSTOJ POMOČI
Moreover, it distorts or threatens to distort competition and trade between Member States.
Poljska zagovarja svoje stališče, da je javno financiranje naložbe v letališče Gdynia v skladu z načelom VPTP, zaradi česar ne pomeni državne pomoči.
As all the cumulative criteria for notion of aid were met, the Commission considered that the public funding constituted State aid within the meaning of Article 107(1) of the TFEU.
Postopek odločanja in metodološka zanesljivost študije načela VPTP
Compatibility of the aid
Poljska pojasnjuje, da so se razprave in dejavnosti v zvezi s preureditvijo vojaškega letališča Gdynia/Kosakowo v civilno letališče začele leta 2005.
As regards the second question, the Commission expressed doubts whether both the investment and the operating aid to Gdynia airport could be found compatible with the internal market.
Takrat so pri tem sodelovali tudi drugi partnerji (na primer letališče Gdansk).
As to the investment aid, the Commission had doubts whether all of the compatibility criteria for the investment aid to airports, set out in the 2005 Aviation Guidelines [12], were satisfied.
Poljska še pojasnjuje, da sta Gdynia in Kosakowo leta 2007 ustanovila družbo Gdynia-Kosakowo Airport Ltd, ki je od tedaj odgovorna za naložbo.
In particular, the Commission had doubts whether the investment at stake meets a clearly defined objective of common interest, the infrastructure is necessary and proportional and has satisfactory medium-term prospects for use.
Poljska je med postopkom predložila tri študije načela vlagatelja pod tržnimi pogoji, ki jih je opravila družba PWC.
Moreover, the Commission had doubts whether the impact on the development of trade is not contrary to the common interest.
Prva študija načela VPTP (z dne 16. julija 2010, v nadaljnjem besedilu: študija načela VPTP iz leta 2010) je bila opravljena julija 2010.
In particular, the Commission expressed doubts whether the operating aid at stake could be considered compatible under the Guidelines on national regional aid for 2007-2013 [13] (hereinafter: ‘RAG’).
prvo maja 2011 (z dne 13. maja 2011, v nadaljnjem besedilu: dopolnjena študija načela VPTP iz leta 2011 ali študija načela VPTP iz leta 2011), drugo pa julija 2012 (z dne 13. julija 2012, v nadaljnjem besedilu: dopolnjena študija načela VPTP iz leta 2012 ali študija načela VPTP iz leta 2012).
COMMENTS FROM POLAND
Dopolnjeni študiji vključujeta nove napovedi potniškega prometa, spremembe obsega projekta, spremembe zneskov naložb in spremembe metodologije in osnovnih podatkov za izračun neto sedanje vrednosti (kot sta faktor beta in diskontna stopnja).
APPLICATION OF THE MEIP AND THE EXISTENCE OF AID
Novembra 2013 je Poljska predložila dodatne informacije, ki so kazale, da naj bi novi viri prihodkov (tj. prodaja goriva in zagotavljanje navigacijskih storitev) povečali neto sedanjo vrednost projekta.
Poland maintains its position that the public funding of the investments into Gdynia airport is in line with the MEIP, and thus does not constitute State aid.
Ob sprejetju sklepa o začetku postopka je Poljska predložila samo dopolnjeno študijo načela VPTP iz leta 2012.
In this connection, Poland refers to the MEIP studies conducted for the investment in years 2010 – 2012.
Poljska pojasnjuje tudi časovni okvir projekta Gdynie in Kosakowega za vlaganje v letališče Gdynia.
Poland states that all MEIP studies resulted in a positive Net Present Value as well as in an Internal Rate of Return [14] (hereinafter: ‘IRR’) higher than the costs of capital.
V zvezi s tem poudarja, da je postopek vlaganja mogoče razdeliti na dve fazi izvajanja projekta:
The decision making process and the methodological correctness of MEIP study
Prva faza (2007–2009) je vključevala pripravljalna dela in študije izvedljivosti za vzpostavitev novega letališča (to je povezano s prvo fazo, opisano v preglednici 1):
Poland clarifies that discussions and works on the conversion of the military airport in Gdynia/Kosakowo into a civil aviation airport commenced already in 2005, at that point in time together with other partners (such as Gdansk airport).
Poljska pojasnjuje, da je v prvi fazi družba, ki sta jo ustanovila Gdynia in Kosakowo, izvedla pripravljalne naloge (npr. pripravila glavni načrt za naložbo, potrebne dokumente za pridobitev statusa upravljavca letališča, poročilo o vplivih naložbe na okolje, projektno dokumentacijo itd.).
Poland clarifies further that in 2007, Gdynia and Kosakowo established the company, Gdynia-Kosakowo Airport Ltd, which is being responsible for the investment from that point in time.
Poljska trdi, da v prvi fazi ni bilo pomembnejših naložb kapitala in da so bila javna sredstva, dodeljena upravljavcu letališča, skladna s pravili o pomoči de minimis [15].
During the proceedings, Poland submitted three MEIP studies that were undertaken by PWC.
Navaja še, da je bil do 26. junija 2009 skupni znesek dokapitalizacij družbe 1,691 milijona PLN (približno 423000 EUR).
The first MEIP study was performed in July 2010 (dated 16 July 2010, hereafter: the ‘2010 MEIP study’).
Druga faza (od leta 2010) se je nanašala na dejansko preureditev letališča (to je povezano z drugo, tretjo in četrto fazo, kot so opisane v preglednici 1)
Two further updates by PWC were undertaken in May 2011 (dated 13 May 2011, hereinafter: ‘2011 MEIP update’ or ‘2011 MEIP study’) and in July 2012 (dated 13 July 2012, hereinafter, the later study will be referred to as the ‘2012 MEIP update’ or ‘2012 MEIP study’).
Poljska pojasnjuje tudi, da se je prva, pripravljalna faza končala leta 2010, ko sta bila končana glavni načrt [16] in prva študija načela VPTP iz leta 2010 za letališče Gdynia.
These updates incorporate new projections for passenger traffic, modifications of the scope of the project, modifications in the investment figures as well as changes in the methodology and the basic inputs into the NPV calculations (such as the beta and the discount rate).
Poudarja, da je študija načela VPTP iz leta 2010 pokazala, da bi bila naložba lokalnih organov opravljena pod tržnimi pogoji (tj. ne bi pomenila državne pomoči), s čimer bi delničarja povečala delniški kapital družbe na 6,05 milijona PLN (približno 1,5 milijona EUR).
In November 2013, Poland further submitted that new sources of revenue would enhance the NPV of the project (i.e. the sale of fuel and providing navigation services).
V študiji načela VPTP iz leta 2010 je bila neto sedanja vrednost naložbenega projekta izračunana z metodo prostega denarnega toka podjetja (FCFF) [17].
At the time of adopting the opening decision, Poland had only submitted the 2012 MEIP update.
Ta izračun neto sedanje vrednosti temelji na predpostavki, da bi bile vse dokapitalizacije, predvidene v naložbenem načrtu, opravljene za izvedbo naložbenega projekta [18].
Poland also clarifies the time schedule of the investment project of Gdynia and Kosakowo in Gdynia airport.
Ta metoda vrednotenja se uporablja za izračun denarnega toka za vse lastnike kapitala v podjetju (delničarje in imetnike obveznic) v obdobju napovedi.
In this respect Poland stresses that the investment process can be divided into two project stages:
Od napovedi denarnega toka se nato odštejejo povprečni tehtani stroški kapitala [19] (WACC), da se pridobi diskontirani denarni tok (DCF) v obdobju napovedi.
First stage (2007-2009) related to the preparatory works and feasibility studies to set up the new airport (this relates to Phase I as described in Table 1)
Potem se izračuna končna vrednost po metodi neprekinjene rasti (ki predvideva stabilno rast na podlagi prostega denarnega toka podjetja v najbolj nedavnem obdobju napovedi).
Poland clarifies that during the first stage, the company established by Gdynia and Kosakowo was realising preparatory tasks (e.g. preparation of a master plan for the investment, documents necessary to obtain the status of an airport operator, a report on the environmental impact of the investment, project documentations, etc.).
Neto sedanja vrednost temelji na vsoti diskontiranega denarnega toka v obdobju napovedi in končne vrednosti.
Poland is of the opinion that in the first stage there were not important capital investments and the public funding granted to the airport manager was in line with the de minimis aid rules [15].
V tem primeru so bili v študiji načela VPTP iz leta 2010 za oceno denarnega toka za obdobje 2010–2040 uporabljeni povprečni tehtani stroški kapitala v višini […] % [20].
Poland states that until 26 June 2009, the total capital injections into the company amounted to PLN 1, 691 million (about EUR 423000).
Na podlagi teh osnovnih podatkov sta bila v študiji izračunana diskontirani denarni tok v vrednosti minus […] milijonov PLN ([…] milijonov EUR) za obdobje 2010–2040 in (diskontirana) končna vrednost približno […] milijonov PLN ([…] milijonov EUR) [21].
Second stage (from 2010 onwards) concerned the actual conversion of the airport (this relates to Phase II to IV as described in Table 1)
Neto sedanja vrednost celotnega projekta je bila tako ocenjena na […] milijonov PLN (ali […] milijonov EUR).
Poland clarifies further that the first, preparatory phase was finalised in 2010 when both the Master Plan [16] as well as the first 2010 MEIP Study for Gdynia airport were finalised.
Naslednja številka (glej sliko 1) izraža predvideni kumulativni diskontirani denarni tok za obdobje napovedi 2010–2040, izračunan v študiji načela VPTP iz leta 2010.
Poland points out that since the 2010 MEIP study showed that the investment of the two local authorities would be carried out at market terms (i.e. it would not represent State aid), the shareholders increased the company’s share capital to PLN 6,05 million (around EUR 1,5 million).
Slika 1
The 2010 MEIP study calculated an NPV of the investment project in question based on the Free Cash Flow to the Firm methodology (‘FCFF’) [17].
Kumulativni (realni) diskontirani denarni tok (v PLN)
This NPV calculation is predicated on the fact that all the capital injections foreseen in the investment plan would be undertaken to implement the investment project [18].
Poljska pojasnjuje, da se je lastniški kapital (lastni kapital) družbe 29. julija 2010 povečal na 6,052 milijona PLN (približno 1,5 milijona EUR).
This valuation methodology calculates, during a projection period, the cash flow available to all holders of capital in the firm (stockholders as well as bond holders).
Hkrati dodaja, da sta delničarja, čeprav je študija načela VPTP pokazala, da naložba ne pomeni državne pomoči, za Komisijo začela pripravljati priglasitev, ki naj bi jo predložila samo zaradi pravne varnosti.
The cash flow projections are then discounted by the weighted average cost of capital (‘WACC’) [19] to provide the Discounted Cash Flow (DCF) of the firm during the projection period.
Poljska pojasnjuje, da sta med pripravo študije načela VPTP iz leta 2010 in študije načela VPTP iz leta 2011:
Then, a terminal value is calculated using the perpetuity growth method (which assumes a stable growth path based on the FCFF of the last projection period).
delničarja 11. marca 2011 podpisala sporazum, ki je določal pogoje financiranja za naložbo v začetek poslovanja civilnega letališča.
The NPV is based on the sum of the DCF for the projection period and the terminal value.
istega dne, 11. marca 2011, je družba, odgovorna za vzpostavitev letališča Gdynia, s Kosakowim sklenila zakupno pogodbo za zemljišče (v kateri so bili določeni obseg zakupljenega zemljišča, pogoji za plačila po zakupu, davčne zadeve itd.),
In this case, the 2010 MEIP study provided cash flow estimates for the period 2010-2040 using a WACC of […] % [20].
naložbeni stroški, vključeni v naložbeni načrt, so bili opredeljeni in posodobljeni.
With these inputs, the analysis finds a DCF of minus PLN […] million (EUR […] million) for the period 2010-2040 and a (discounted) terminal value of about PLN […] million (EUR […] million) [21].
Poljska pojasnjuje, da je tudi študija načela VPTP iz leta 2011 pokazala pozitivno neto sedanjo vrednost.
Figure 1 depicts the expected cumulative discounted cash flow for the projection period of 2010-2040 as calculated in the 2010 MEIP study.
Poljska poudarja, da se je lastniški kapital (lastni kapital) družbe julija 2011 povečal na 33,801 milijona PLN (8,45 milijona EUR), aprila 2013 pa na 64,810 milijona PLN (16,20 milijona EUR).
Figure 1
Neto sedanja vrednost se je tako zmanjšala na […] milijonov PLN (ali manj kot […] milijonov EUR).
Poland explains that on 29 July 2010, the equity (own capital) of the company was increased to PLN 6,052 million (around EUR 1,5 million).
Poljska navaja, da je bil zaradi makroekonomskih razmer (finančna kriza in gospodarska upočasnitev) projekt leta 2012 znova ocenjen, pri čemer je bila opravljena nova študija načela VPTP (in sicer študija načela VPTP iz leta 2012).
Poland explains further that at the same time, despite the MEIP study showing that the investment does not constitute State aid, the shareholders started to prepare a notification to the Commission that was to be submitted for reasons of legal certainty only.
Navaja še, da so bile v študiji načela VPTP iz leta 2012 opravljene naslednje spremembe predpostavk iz predhodnih študij načela VPTP:
Poland clarifies further that in May 2011, a new MEIP study was conducted.
napoved potniškega prometa za letališče Gdynia se je zmanjšala,
Poland informs that this MEIP study was an update of the 2010 MEIP study that was conducted due to progressive preparations and more precise data available on the investment plan, its agenda and financing.
zmanjšal se je obseg naložbe, pri čemer so se naložbeni stroški zmanjšali za […] milijonov PLN ([…] milijonov EUR),
Poland clarifies that during the period between the preparation of the 2010 MEIP study and the 2011 MEIP study:
zamisel o gradnji glavnega terminala je bila opuščena (skupaj s povezanim razvojem cestne infrastrukture in parkirišč).
In this shareholder agreement Gdynia committed to inject in total PLN 59 million between 2011 and 2013.
po preverjanju razmer na trgu je bilo treba povečati naložbene stroške v zvezi z varnostjo za […] milijonov PLN ([…] milijonov EUR),
At the same time, Kosakowo committed to provide non-cash contributions by means of a debt-to-equity swap (as described in Table 2) in years 2011 to 2040.
zaradi zmanjšanja naložbe se je skrajšal čas vračanja naložbe (nominalno za […] let, z […] let in […] mesecev na […] let in […] mesecev).
Also on 11 March 2011, the land lease contract was concluded by the company responsible for setting up Gdynia airport and Kosakowo (it allowed to precise the scope of property leased, the conditions for payment of the rent, tax issues, etc.)
Poljska navaja še, da je bila metodologija, uporabljena v prejšnjih študijah načela VPTP, v študiji načela VPTP iz leta 2012 spremenjena:
The investment costs included in the investment plan were specified and updated.
Poleg tega so bile iz primerjalne analize odstranjene družbe zunaj Evrope.
Poland explains that the 2011 MEIP study resulted also in a positive NPV.
Posledica tega je bila nova diskonta stopnja,
Poland explains further that the public shareholders of the airport manager conducted on this basis the subsequent capital injections.
diskontna stopnja za izračun neto sedanje vrednosti je bila določena na podlagi analize primerljivih družb, vključno z letališkimi družbami in družbami, ki zagotavljajo storitve na letališčih (katerih finančni rezultati so tesno povezani z uspešnostjo letaliških družb) [24],
Poland points out that in July 2011 the equity (own capital) of the company was increased to PLN 33,801 million (EUR 8,45 million) and in April 2013 to PLN 64,810 million (EUR 16,20 million).
predpostavilo se je, da se bo projekt na prvem mestu financiral iz sredstev delničarjev in šele nato iz zunanjih virov (posojila za obratna sredstva) ter prihodkov iz rednega poslovanja.
In the 2011 MEIP study, the DCF was calculated on the basis of the DCF for the projection period of 2011-2040.
V študiji načela VPTP iz leta 2012 je bil diskontirani denarni tok izračunan na podlagi diskontiranega denarnega toka za obdobje napovedi 2012–2030 (tj. obdobje napovedi iz predhodne študije je bilo skrajšano za 10 let).
The updated DCF was equal to PLN (-[…]) million (EUR – […] million), suggesting larger losses while the terminal value was decreased to PLN […] million (around EUR […] million).
Posodobljeni diskontirani denarni tok je znašal –[…] milijonov PLN (približno –[…] milijonov EUR), končna vrednost pa se je precej povečala, in sicer na […] milijonov PLN ([…] milijonov EUR).
Hence, the NPV was reduced to PLN […] million (or less than EUR […] million).
Potem se je odštela kapitalizirana vrednost že opravljenih naložb ([…] milijonov PLN).
Poland explains that in comparison with the previous MEIP studies, the assumptions for the 2012 MEIP study were modified as follows:
Poljska poudarja, da so bili rezultati študije načela VPTP iz leta 2012 še vedno pozitivni, delničarja pa sta na podlagi teh rezultatov opravila dodatne dokapitalizacije.
The forecasted passenger traffic for Gdynia airport was reduced;
Poljska je navedla, da se je kapital družbe do aprila 2013 povečal na 91,310 milijona PLN (22,8 milijona EUR) in se v letu 2013 ni več spreminjal, kot je prikazano v preglednici 3.
The scope of the investment was reduced, what led to the reduction of the investment costs by PLN […] million (EUR […] million);
Preglednica 3
The idea of building a main terminal (together with related development of road infrastructure and car park) was abandoned, instead it was decided to expand the capacity of the general aviation terminal by […] in the second investment phase;
Dokapitalizacije upravljavca letališča Gdynia, ki sta jih opravila Gdynia in Kosakowo
After market verifications, the investment costs related to the security area had to be increased by PLN […] million (EUR […] million),
Datum sklepa o vpisu v nacionalni sodni register
The reduction of the scope of investment resulted in a shorter payback period for the investment (in nominal terms, by […] years from […] years to […] years).
Datum sklepa o povečanju kapitala
Poland also clarifies that in comparison to the previous MEIP studies the methodology of the 2012 MEIP study was also modified:
Ime delničarja
To better reflect the structure of financing and the cost of debt servicing, the Free Cash Flow to the Firm (hereinafter: ‘FCFF’) discounted cash flow method was replaced by the Free Cash Flow to Equity (hereinafter: ‘FCFE’) method [23].
Predmet sklepa
Following the financial (securities) market changes, risk free interest rate and the Beta factor were updated.
Vrednost delnic
Moreover, companies from outside Europe were eliminated from the comparative analyses.
Delniški kapital
This resulted in a new discount rate.
Skupni delež vs e h dokapitalizacij do konca leta 2013
The discount rate for calculating the NPV was set up based on the analysis of comparable companies, covering both airport companies and companies providing airport services (financial of which results are strongly correlated with the performance of airport companies) [24].
(v milijonih PLN)
It was assumed that the project would be financed first by shareholders’ resources and then from external sources (working capital loans) as well as from operating revenues.
izdaja novih delnic
In the 2012 MEIP study, the DCF was calculated on the basis of the DCF for the projection period of 2012-2030 (i.e. compared with the previous study, the projection period was reduced by 10 years).
404 delnice v lasti občine Gdynia je bilo izbrisanih brez nadomestila delničarju