natgillin/translations-raw huggingface dataset:
According to the analysis of the Company, this first profit since 2007 was largely due to implementation of the restructuring measures and not to external factors.
Med drugim je zavarovan z garancijo Ex-Im Bank in zastavnimi pravicami na zrakoplovih.
LOT's liquidity has also improved significantly.
V skladu s Smernicami lahko lasten prispevek izhaja iz „zunanjega financiranja pri tržnih pogojih“.
The actual cash flows from operations in 2013 were by PLN 285 million higher than planned.
Ta finančni najem izpolnjuje to zahtevo.
While the restructuring plan assumed that LOT would need restructuring aid in August 2013, to date it has managed without and even generated additional sources of funding, such as […] from Boeing of USD […] million and net proceeds from the sale and leaseback of the sixth B787 of USD […] million [74].
Prvič, zagotovila ga je zasebna banka.
As a result, although the Company still needs the aid to survive, the liquidity margin of safety has increased, which further supports the claim for the restoration of viability.
Drugič, družba LOT je v konkurenčnem postopku med 24 poslovnimi ponudbami, ki jih je prejela na trgu, izbrala ponudbo […].
In the opening decision, the Commission questioned some assumptions underlying the financial projections, e.g. a relatively small deviation of key parameters underlying financial projections from the baseline, (e.g.: average unit revenue per passenger (yield) — by 1 %, the number of passengers — by 1 %, exchange rate PLN/USD — by 10 %), a fixed fuel price over a 6-year projection horizon, an implementation ratio of the restructuring measures at the level of 85 %, the amount of proceeds planned to be generated from the sub-lease of the aircraft.
Tretjič, finančni najem zrakoplova je standardna oblika financiranja (vključno z vrsto zavarovanja) v letalski industriji, ki jo uporabljajo tudi konkurenti družbe LOT.
Poland provided an updated sensitivity analysis which assumed wider deviations of key parameters from the baseline: yield — by 4 %, number of passengers — by 3,5 %, depreciation of PLN against USD — by 55 %.
Glede na informacije, ki jih je predložila Poljska, je v zadnjih treh letih več letalskih družb EU kupilo zrakoplove z garancijami IKA, vključno z Air France, British Airways, Lufthansa, Norwegian in KLM.
According to this analysis, in all scenarios LOT is still expected to maintain viability in the whole projection horizon 2014-2018.
Nazadnje, financiranje krije le del nabavne cene zrakoplovov ([75–90] %), medtem ko mora preostanek plačati družba LOT.
Notwithstanding that, Poland has stressed that the baseline levels are conservative.
Po drugi strani je v Smernicah določeno, da lasten prispevek „kaže, da trgi verjamejo, da lahko podjetje znova postane sposobno preživeti“.
Planned yield is justified by historical values and has been confirmed by actual results (in 2013 yield grew faster than planned).
Glede na visoko kakovost zavarovanja in očitno malo ali nič plačilnega tveganja je Komisija v sklepu o začetku postopka izrazila zadržek v zvezi s tem, ali je mogoče ta najem šteti za dokaz, da trgi verjamejo v obnovitev dolgoročne sposobnosti preživetja družbe LOT.
The number of passengers, already assumed at significantly decreased levels due to restructuring and compensatory measures, is lower than would be justified by comparison with peer airlines and the growth forecasts for Polish market.
Poljska je za odpravo tega pomisleka zagotovila dodatna pojasnila in dokaze.
Finally, according to forecasts of financial institutions quoted by LOT, the exchange rate PLN/USD is predicted to stay below the level assumed in the restructuring plan until the end of forecasts' horizon, i.e. 2016.
Ex-Im Bank je pred odobritvijo garancije opravila skrben pregled poslovanja ter analizirala finančno stanje in dejavnosti družbe LOT.
The baseline fuel price assumed in the restructuring plan is above LOT's 10-year historical maximum and 12,1 % above the market price at the time of notification, i.e. relatively higher than the prices that the Commission analysed in previous airline restructuring cases [75] (e.g. the maximum fuel price analysed in the Czech Airlines case was 5 % and in the case of Air Malta 4.5 % above the contemporary market prices).
Ugotovila je, da ima družba LOT izvedljiv poslovni model in da bo lahko dolgoročno odplačala najem.
LOT can currently hedge fuel price at […] % below the baseline level until 2015, which means that it can ensure that the price would not exceed the hedged level until the end of the restructuring period.
Poleg tega dejstvo, da je 24 zasebnih družb ponudilo različne pogoje financiranja za isti posel, kaže, da so kljub visokokakovostnemu zavarovanju še vedno menile, da financiranje družbe LOT vključuje določeno tveganje (saj bi v nasprotnem primeru vsi ponudniki ponudili enako netvegano obrestno mero).
In addition, according to a sensitivity analysis, even if this very conservative baseline price increased by 15 %, LOT would still maintain liquidity in the whole financial projection horizon.
Razumen upnik v tržnem gospodarstvu bi to tveganje ocenil in sposobnost preživetja družbe LOT upošteval kot ključni dejavnik, ki vpliva na sposobnost dolžnika za odplačevanje najema.
As regards the proceeds planned to be generated from the sub-lease of the aircraft, LOT has sub-leased one B787 to tour operators and is currently working on a final agreement with the lessee of the second aircraft.
Poleg tega je eden od ponudnikov ponudil financiranje brez garancije IKA, kar kaže, da je bil trg pripravljen ponuditi financiranje celo brez kakršnega koli posredovanja IKA.
LOT assesses the likelihood of the deal as high.
Na podlagi analize, ki jo je opravil zunanji svetovalec, je družba LOT izbrala ponudbo […] kot bolj konkurenčno.
According to comments from an interested party, the B787 is a highly-marketable aircraft.
Tveganje družbe LOT je ocenil tudi kapitalski trg ZDA, na katerem je bil najem leta 2013 uspešno refinanciran iz začetne strukture financiranja na podlagi mehanizma posojila za strukturo financiranja na podlagi izdaje obveznic.
Thus the assumption concerning the sub-lease of two B787 appears achievable.
Obveznice so kupili zasebni vlagatelji, ki so sprejeli povezano tveganje in s tem tiho izrazili svoje prepričanje, da bodo osnovne obveznosti iz naslova najema poravnane.
LOT is still seeking buyers or lessees for […] E170 aircraft.
Za najemodajalce je običajna tržna praksa, da zmanjšajo tveganje tako, da zahtevajo najkakovostnejše zavarovanje in po možnosti garancijo.
Nevertheless, it has prepared an alternative fleet scenario assuming continued utilisation of the aircraft, in order to ensure that viability is restored even if these attempts fail.
Dejstvo, da je […] zagotovil financiranje na podlagi garancije IKA, torej ni dokaz, da trgi niso verjeli v sposobnost preživetja družbe LOT.
It found that the total cash outflows in 2014-2018 would be by PLN [64-78] million higher than under the baseline scenario.
Najemodajalec vsekakor nosi določeno kreditno tveganje, ker bi utrpel izgubo, če najemojemalec ne bi izpolnjeval obveznosti (tj. takojšnja izguba dohodka iz najemnine, ki traja, dokler zrakoplova ni mogoče ponovno oddati v najem novi stranki, pa tudi stroški, nastali zaradi rekonfiguracije zrakoplova za drugega upravljavca, ter stroški, nastali pri urejanju zavarovanja in garancije).
This negative variance remains within the safety margin provided for in the restructuring plan.
Glede na navedeno je mogoče finančni najem šteti za znak, da so trgi verjeli v obnovitev sposobnosti preživetja družbe LOT.
Even under the worst-case scenario LOT was expected to generate accumulated cash flows of PLN [> 150] million in 2014-2018.
Komisija v zvezi s tem navaja, da je finančni najem že sprejela kot veljaven vir lastnega prispevka v zadevah o prestrukturiranju letalskih družb Czech Airlines in airBaltic [79].
Moreover, LOT has provided for further restructuring measures (not included in the restructuring plan) to amortise potential negative effects of the alternative fleet scenario.
Poljska je v zvezi z drugim virom priglašenega lastnega prispevka, tj. prodajo osnovnih sredstev, navedla, da je bil do zdaj ustvarjen prihodek v višini […] PLN.
The estimated financial impact of these additional measures amounts to PLN [> 50] million p.a. and by far exceeds possible financial gap of PLN [64-78] million in 2014-2018.
Poleg tega je zagotovila neodvisna strokovna vrednotenja, s katerimi je bila potrjena tržna vrednost dodatnih nepremičnin v višini […] PLN.
According to the financial projections under the alternative fleet scenario, combined with additional restructuring measures, LOT's cash position is forecast to be even slightly better than was assumed in the restructuring plan.
Analiza teh vrednotenj, ki jo je opravila Komisija, ni razkrila nobenih napak.
In relation to the implementation ratio of the restructuring plan, based on the analysis above, the Commission considers the assumed implementation ratio of the restructuring measures of 85 % to be realistic.
Pri vrednotenjih so bile uporabljene sprejete metodologije, sama vrednotenja pa so temeljila na verjetnih predpostavkah.
Furthermore, it notes that in 2013 LOT achieved 137 % of the planned restructuring benefits.
Komisija zato meni, da so rezultati vrednotenj ustrezen približek za tržne cene sredstev, ki naj bi bila prodana.
The Commission therefore considers that updated sensitivity analysis further demonstrates that the proposed restructuring measures are capable of restoring long-term viability of the Company.
Vrednost preostalih sredstev [80], predvidenih kot lastni prispevek, bodisi ni bila potrjena z neodvisnim vrednotenjem ali katerimi koli drugimi zanesljivimi dokazi bodisi vrednotenja niso posodobljena.
Furthermore, the Commission notes that the duration of the restructuring plan is limited to three years and one quarter, running from the last quarter of 2012 till the end of 2015, which appears appropriate in the present case in view of the restructuring measures provided for in the plan, the schedule according to which they should be implemented and the first results of those measures.
Komisija zato lasten prispevek v višini 30650928 PLN (tj. dejansko dosežen prihodek in načrtovani prihodek, ki je bil potrjen z neodvisnimi strokovnimi vrednotenji) šteje za sprejemljiv v zvezi s prodajo teh sredstev.
The duration is shorter than in the previously approved airline restructuring cases [76], where the restructuring period was five years.
Na podlagi teh preudarkov Komisija ugotavlja, da lasten prispevek v višini [1200–1600] PLN izpolnjuje merila Smernic.
Finally, the Commission observes that the notified restructuring plan is dated 14 June 2013, while the restructuring process started at the end of 2012.
Ta znesek znaša [60–67] % skupnih stroškov prestrukturiranja in je precej nad pragom 50 %, ki se zahteva za velika podjetja.
Indeed, restructuring a firm in difficulty in general requires a plurality of measures, some of which may be adopted immediately and other that may need more time to be defined and implemented.
Samo finančni najem znaša [60–67] % skupnih stroškov prestrukturiranja in bi torej zadostoval za izpolnitev zahtevanega pragu.
It would be therefore counterproductive to impose that in order to be considered as part of the same restructuring process the former measures cannot be implemented as long as the latter measures are defined in all their details.
Glede na navedeno Komisija ugotavlja, da priglašeni ukrep izpolnjuje merila združljivosti iz Smernic.
Such an embargo on the implementation of measures that could be adopted promptly would increase the difficulties of the company and the need for further State aid.
SKLEPNA UGOTOVITEV
Therefore, the Commission concludes that the proposed restructuring measures are capable of restoring long-term viability of the Company within a reasonable timescale and on the basis of realistic assumptions.
Komisija ugotavlja, da priglašeni ukrep pomeni državno pomoč v smislu člena 107(1) PDEU, ki je združljiva z notranjim trgom na podlagi člena 107(3)(c) PDEU v povezavi s Smernicami.
Pursuant to points 38-42 of the Guidelines, compensatory measures must be taken to ensure that the aid's adverse effects on trading conditions are mitigated as far as possible.
Komisija tudi ugotavlja, da odlogi plačila letaliških pristojbin, navedeni v uvodni izjavi 90, in drugi posli, navedeni v uvodnih izjavah 132 in 133, ne pomenijo pomoči v smislu člena 107(1) PDEU.
The aid shall not unduly distort competition.
Nazadnje, Komisija navaja, da je Poljska privolila v sprejetje in objavo tega sklepa v angleškem jeziku –
This usually means a limitation of the presence which the company can enjoy on its markets at the end of the restructuring period.
SPREJELA NASLEDNJI SKLEP:
The compensatory measures should be in proportion to the distortive effects of the aid and, in particular, to the size and relative importance of the firm on its market or markets.
Člen 1
The degree of compensatory measures must be established on a case-by-case basis and with regard to the objective of restoring the long-term-viability of the firm.
Člen 2
Moreover, according to point 7 of the Guidelines the Commission will request compensatory measures which minimise the effect on competitors.
Naslednji ukrepi ne pomenijo državne pomoči v smislu člena 107(1) PDEU:
According to point 56 of the Guidelines, the conditions for authorising aid are less stringent as regards the implementation of compensatory measures in assisted areas.
odlogi plačila letaliških pristojbin, ki so jih družbi LOT odobrila letališča v državni lasti med majem 2009 in aprilom 2013;
To this extent the Commission notes that LOT is located in an assisted area according to Article 107(3)(a) TFEU.
naslednji nepremičninski posli:
The Commission notes that LOT is a relatively small company, facing competition from legacy carriers and LCCs.
prodaja in povratni najem sedeža družbe LOT na podlagi pogodbe, podpisane 10. maja 2011 med družbo LOT in družbo PZU/PB1, za prodajno ceno […] PLN (približno […] EUR);
Its share in the overall European passenger air transport business is estimated at below 1 %.
prodaja nepremičnine na ulici 17 Stycznia 39 na podlagi pogodbe, podpisane 31. julija 2012 med družbo LOT in družbo TF Silesia, za prodajno ceno […] PLN (približno […] EUR);
It has a relatively stronger (though weakening) position on the international routes to/from Poland with a share of the business estimated at 27 %.
prodaja tovornega terminala na podlagi pogodbe, podpisane 25. novembra 2011 med družbo LOT in družbo LS Airport Services, za prodajno ceno […] PLN (približno […] EUR);
Therefore, the Commission considers that compensatory measures are necessary.
prodaja gostinskih zmogljivosti na podlagi pogodbe, podpisane 8. decembra 2011 med družbo LOT in družbo LOT Catering, za prodajno ceno […] PLN (približno […] EUR);
Nevertheless, the relatively small size and limited market importance of LOT allow the Commission to consider that the distortive effects of the aid will be limited.
naslednje posojilne pogodbe:
This should also be taken into account in the assessment of the compensatory measures.
dve posojili, ki so ju družbi LOT zagotovile družbe iz skupine PZU: prvo v znesku […] PLN (približno […] EUR) 14. decembra 2009 in drugo v znesku […] PLN (približno […] EUR) 17. februarja 2010;
As compensatory measures LOT plans to close 19 connections and to reduce frequency on 5 connections (see details in Section 3.4).
posojilo v znesku […] PLN (približno […] EUR), ki ga je družbi LOT 28. junija 2012 zagotovila družba PKN Orlen;
The proposed compensatory measures correspond 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.
posojilo v znesku […] PLN (približno […] EUR), ki ga je družbi LOT 30. marca 2009 zagotovila družba TF Silesia;
LOT claims that none of the connections concerned was loss-making prior to restructuring.
posojilo v znesku […] milijonov PLN (približno […] milijonov EUR), ki ga je družbi LOT 9. marca 2012 zagotovila družba OLPP;
LOT calculates profitability of the routes using two measures: ‘Margin 1’ and ‘Margin 2’.
prodaja naslednjih hčerinskih družb družbe LOT:
Margin 1 takes into account revenue and variable costs of a route, such as, e.g. sales, passenger and flight costs.
prodaja 33,3 % delnic družbe LOT v družbi Casinos Poland družbi Vicco na podlagi pogodbe, sklenjene 8. aprila 2013, za znesek v višini […] milijonov PLN (približno […] milijonov EUR);
Margin 2 additionally takes into account the so called ‘contribution’ (the financial impact of a route on the entire flight network of LOT) and indirect costs attributable to a route (e.g. operating lease, depreciation, fixed cost of the personnel, marketing and advertising).
prodaja 49 % delnic družbe LOT v družbi Petrolot družbi PKN Orlen na podlagi pogodbe, sklenjene 21. decembra 2012, za znesek v višini […] PLN (približno […] EUR);
All of the routes concerned were profitable in terms of Margin 1.
prodaja 37,90 % delnic družbe LOT v družbi Eurolot družbi TF Silesia na podlagi pogodbe, sklenjene 27. februarja 2013, za znesek v višini [> 118 milijonov] PLN (približno [> 29 milijonov] EUR);
It is the Commission's practice, to consider routes as profitable if they had a positive contribution margin in the year preceding their surrender [77].
posli v zvezi z dobavo goriva družbi LOT s strani družbe PKN Orlen in njene hčerinske družbe Petrolot.
The contribution margin (which corresponds to LOT's ‘Margin 1’) takes account of sales revenue and of variable costs (e.g. flight, passenger and distribution costs) attributable to each individual route.
Člen 3
The contribution margin is the appropriate measure since it takes into account all costs which are directly linked to the route in question.
Ta sklep je naslovljen na Republiko Poljsko.
Routes with a positive contribution margin not only cover the variable costs of a route, but also contribute to the fixed costs of the company.
V Bruslju, 29. julija 2014
It is a normal business practice to continue operations which cover variable costs in the short to medium term.
Za Komisijo
Fixed costs in principle do not change with the volume of operations and have to be borne whether a connection is operated or not.
Podpredsednik
Therefore, it is more beneficial for an airline to keep such connection, as long as it covers at least part of fixed costs, than to abandon it.
Člena 87 in 88 Pogodbe ES sta z učinkom od 1. decembra 2009 postala člen 107 oziroma člen 108 Pogodbe o delovanju Evropske unije (v nadaljnjem besedilu: PDEU).
This has been implicitly acknowledged by one of the interested parties who commented that measuring profitability on the variable cost-only basis is inappropriate for long-term considerations.
Člena sta vsebinsko enaka prejšnjima členoma.
On the basis of the above, the Commission concludes that the routes in question constitute appropriate compensatory measures since they were not loss-making prior to the restructuring.
V tem sklepu je treba sklicevanja na člena 107 in 108 PDEU po potrebi razumeti kot sklicevanja na člen 87 oziroma člen 88 Pogodbe ES.
Concerning the allegation of the interested party that owing to State aid LOT has increased its capacity on the Polish charter market, the Commission observes first that so far LOT has only received the rescue aid which was entirely used to repay overdue liabilities and to cover a cash deficit from operating activities in the rescue period.
S PDEU so bile uvedene tudi nekatere spremembe terminologije, pri čemer je bila na primer beseda „Skupnost“ nadomeščena z besedo „Unija“, besedna zveza „skupni trg“ pa z besedno zvezo „notranji trg“.
Therefore, LOT did not have any surplus State aid available to finance the alleged expansion on the charter market.
V tem sklepu se uporablja terminologija iz PDEU.
The future restructuring aid is not planned to be spent for this purpose either but exclusively to finance the restructuring measures.
Sklep Komisije C(2013) 7044 final z dne 6. novembra 2013 v zadevi SA.36874 (UL C 37, 7.2.2014, str.
Secondly, LOT has not increased its capacity on the Polish charter market.
55).
On the contrary, LOT has reduced its presence on the growing Polish charter market from [> 3] % in 2012 to [< 1,5] % in 2013 (historically LOT had much stronger position with [> 15] % market share in 2010).
UL C 37, 7.2.2014, str. 55.
LOT's activities on the charter market are temporary and are undertaken only with the aim to ensure efficient utilisation of its fleet, as was envisaged in the restructuring plan.
Sklep Komisije C(2013) 2747 final z dne 15. maja 2013 v zadevi SA.35900 (UL C 204, 18.7.2013).
LOT has no plans to continue its presence on the charter market after the expiration of the restructuring period.
UL C 115, 9.5.2008, str. 92.
Thirdly, charter activity is marginal to LOT, constituting only [< 1] % of its activity.
Uredba št. 1 o določitvi jezikov, ki se uporabljajo v Evropski gospodarski skupnosti (UL 17, 6.10.1958, str. 385).
The Guidelines require capacity reduct ion on the main market, i.e. in LOT's case — scheduled flight services.
Sklep Komisije C(2012) 8212 final z dne 20. novembra 2012 v zadevi SA.33337 (UL C 81, 20.3.2013).
In summary, the overall level of capacity reduction resulting from compensatory measures offered by LOT amounts to [13,5-16,5] % and is larger than the level the Commission accepted in the afore-mentioned airline restructuring cases, i.e. Czech Airlines and Air Malta.
V ekvivalentih polnega delovnega časa.
It is also worth noting that the actual capacity reduction recorded by LOT in 2013 was 1,6 percentage points higher than planned.
Poslovna skrivnost.
In addition, the Commission observes that LOT has cancelled a number of routes operating from the fully coordinated [78] airports of Frankfurt, Munich, Dusseldorf, Vienna, Zurich, Helsinki, Paris, Nice, Rome, Amsterdam and Stockholm.
Glavne odprodaje družbe LOT med junijem 2009 in aprilom 2013.
As a result, slots pairs at those airports have been released, which creates new business opportunities for competing airlines to operate routes to and from these airports and to increase their presence in them.
Dolgoročne in kratkoročne obveznosti.
In view of the above, the proposed compensatory measures are sufficient to ensure that the State aid's adverse effects on trading conditions are minimised.
Na primer zaradi skrajšanja časa potovanja iz New Yorka do Varšave na manj kot osem ur bo mogoče zmanjšati potrebno število pilotov s tri na dva, pri čemer morajo biti izpolnjeni nekateri drugi pogoji.
Consequently, the proposed compensatory measures comply with points 38-42 of the Guidelines.
Do zdaj se je za potnike uporabljala različna tarifa, če je bil njihov povratni let prej kot tri dni po odhodu, v novi tarifi pa se potnik šteje za poslovnega potnika, če je njegov povratek prej kot prvo nedeljo po prihodu.
According to points 43-45 of the Guidelines, the aid must be limited to the strict minimum, necessary to enable the restructuring to take place.
Po navedbah družbe LOT letališče Chopin v Varšavi zaračunava od 2 % do 47 % višje pristojbine (vključno s pristojbinami za pristajanje in morebiti za vzletanje, okoljskimi taksami, pristojbinami za uporabo potniških ploščadi ali potniških mostov, pristojbinami za parkiranje in drugimi infrastrukturnimi pristojbinami, povezanimi z izvedeno letalsko operacijo) kot primerljiva letališča v EU.
The beneficiary is expected to make a significant contribution to the restructuring plan from its own resources, including the sale of assets not essential to the company's survival, or from external financing at market conditions.
Izvajanje ukrepov v zvezi z mrežo letov in posodobitvijo flote pozitivno vpliva na druga področja prestrukturiranja, del njegovega finančnega učinka pa je vključen v finančni potencial zadnjenavedenih.
Such contribution must be real, i.e. actual, excluding all future profits such as cash flow and is a sign that the markets believe in the feasibility of the return to viability of the company.
Zato se učinka ukrepov v zvezi z mrežo letov in posodobitvijo flote ne sme sešteti z učinkom preostalih ukrepov prestrukturiranja.