natgillin/translations-raw huggingface dataset:
LOT has also changed the remuneration policy for cockpit and cabin crews (under the new regulations the salary of each pilot and cabin crew member will be strictly correlated with the actual time they spend in the air), which is expected to generate savings of up to PLN […] million per year, and provided for additional layoffs in the administration with an estimated annual benefit of PLN […] million.
Vir: Načrt prestrukturiranja.
In addition, LOT has decided to centralise the procurement policy within the Company with a target to save up to PLN […] million per year.
Področje prestrukturiranja
The Company intends to sell fixed assets (land, buildings and real estate) which are expected to generate one-off proceeds in the amount of PLN […] million as well as annual savings of PLN […] million.
V milijonih PLN
Other measures to be implemented within this area of restructuring (e.g. reduction of cost of marketing, business trips, de-icing, training, stationery, cleaning, etc.) have a smaller financial potential.
Organizacijska učinkovitost in notranja optimizacija
In total, all the measures envisaged within this area of restructuring are forecasted to improve the financial result of LOT by more than PLN [156-190] million in 2015.
Optimizacija zunanjih poslovnih razmerij
Optimization of external commercial relations
Dosedanje izvajanje prestrukturiranja
The Company plans to renegotiate its commercial contracts with all its key suppliers with the aim to reduce costs and to optimise the scope of services rendered.
Družba LOT je v preteklosti že izvedla poskuse prestrukturiranja, ki jih je financirala iz lastnih sredstev (prodaja hčerinskih družb, zemljišč, zgradb, nepremičnin in finančnega premoženja).
First, LOT plans to renegotiate its commercial relations with ‘Przedsiębiorstwo Państwowe Porty Lotnicze’ (State Enterprise Polish Airports) (‘PPL’) which manages Warsaw Chopin Airport.
Nedavno, v obdobju 2009–2012, je izvedla program prestrukturiranja, ki je med drugim predvideval zmanjšanje zaposlovanja in flote, druge ukrepe za znižanje stroškov, prodajo nestrateških sredstev in prestrukturiranja dolga.
As the official rates at Warsaw Chopin Airport are deemed to be higher than the average [15] at comparable airports, the Company intends to renegotiate airport charges taking into account the high number of operations performed by LOT at its base airport.
Čeprav je privedel do določenega izboljšanja poslovnega rezultata in denarnih tokov družbe LOT, se je izkazalo, da ne zadostuje, zlasti glede znižanja stroškov, tako da donosnost družbe ni bila obnovljena.
Secondly, LOT intends to renegotiate its commercial relations with ‘Polska Agencja Żeglugi Powietrznej’ (Polish Air Navigation Services Agency) (‘the Agency’).
Hkrati pa je prodaja sredstev, izvedena za financiranje teh poskusov prestrukturiranja, bistveno omejila notranje vire financiranja družbe LOT, ki bi jih bilo mogoče uporabiti za financiranje sedanjega načrta prestrukturiranja.
Thirdly, LOT has indicated its intention to renegotiate the contracts with LOT AMS which provides repair and technical services.
V načrtu prestrukturiranja, ki je bil Komisiji predložen 20. junija 2013, je bilo priznano, da so bili prejšnji poskusi prestrukturiranja izvedeni v veliko bolj pozitivnih tržnih okoliščinah.
The renegotiation will concern mostly the establishment of methods for optimizing the process of servicing, repairs, and settlements.
Leta 2012 je druga faza finančne krize negativno vplivala na poslovanje letalskih prevoznikov.
Finally, LOT will continue negotiations with Eurolot with the aim of […].
Poleg tega so obstajali negativni trendi v zvezi s cenami goriva in menjalnimi tečaji.
As a result of the optimization of external commercial relations, the Company expects to improve financial result by over PLN [54-66] million in 2015.
Vse večja konsolidacija trga in naraščajoča tržna moč nizkocenovnih in neevropskih letalskih prevoznikov sta še dodatno otežili samostojno uspešno poslovanje majhne tradicionalne letalske družbe, kot je družba LOT.
Additional supporting initiatives
Leta 2013, po prvem polnem letu izvajanja načrta prestrukturiranja, se je finančno poslovanje družbe LOT izboljšalo.
Additional supporting initiatives envisaged in the restructuring plan include, e.g. (i) change of the organisational culture and the management system; (ii) improvement of cash flow management; (iii) the implementation of a new risk management policy securing the Company against sudden fluctuations of fuel prices and (iv) improvement of the purchasing process including introduction of new IT support tools.
Denarni tokovi iz poslovanja so se bistveno povečali v primerjavi z letom 2012, predvsem zaradi boljših poslovnih rezultatov.
The effects of these measures are difficult to quantify and have not been taken into account in the financial projections.
Družba LOT je imela še vedno velik negativni lastniški kapital in je ustvarjala izgube iz osnovne dejavnosti (tj. zračnega prevoza).
Summary of the restructuring measures
Njen dolg se je povečal, predvsem zaradi obveznosti iz naslova najema, povezanih z nabavo novih zrakoplovov (predvideno v načrtu prestrukturiranja).
The expected financial impact of the implementation of all the restructuring measures envisaged in the restructuring plan in the year 2015 (the last year of the restructuring period) is summarised in the table below:
Kar zadeva posodobitev flote, so bili vsi zrakoplovi B787 dobavljeni z zamudo.
Table 2
Družba LOT je […] podpisala pogodbo z družbo Boeing, ki določa […].
The estimated financial impact of the restructuring measures in 2015
Poleg tega je družba LOT še naprej izvajala svojo novo strategijo za spopadanje s spremenjenimi tržnimi razmerami.
Source: Restructuring plan.
Prizadeva si doseči finančno stabilnost, tako da bi vzpostavila dolgoročno zvestobo strank, postala eden od najučinkovitejših mrežnih prevoznikov v Evropi, obnovila rast in nazadnje prodala družbo zasebnim vlagateljem.
Restructuring area
Družba LOT naj bi se zlasti osredotočila na zagotavljanje neposrednih povezav s Poljske do glavnih poslovnih destinacij v Evropi in svetu ter najpomembnejših središč poljske skupnosti v Severni Ameriki.
PLN million
Želi privabiti tudi stranke iz srednje in vzhodne Evrope ter jim ponuditi povezave na dolge razdalje z varšavskega vozlišča.
Organisational efficiency and internal optimisation
Družbe LOT ne zanimajo turistične proge od točke do točke, na katerih lete opravljajo nizkocenovni prevozniki.
Implementation of the restructuring to date
Kar zadeva predvideno prodajo družbe LOT zasebnim vlagateljem, je Poljska spremenila zakonodajo, da bi olajšala privatizacijo družbe LOT.
Most recently, in 2009-2012 the Company implemented a restructuring programme which provided, among others, for a reduction of employment and fleet, other cost reduction measures, the sale of non-core assets and debt restructuring.
PREGLED STROŠKOV PRESTRUKTURIRANJA IN VIROV FINANCIRANJA
Although it resulted in a certain improvement of LOT's financial result and cash flows, it turned out to be insufficient, particularly in reducing costs, and did not restore profitability.
Skupni stroški prestrukturiranja družbe LOT znašajo [2000–2400] milijonov PLN in vključujejo: (i) nabavo petih zrakoplovov B787 – […] milijonov PLN; (ii) stroške umika zrakoplovov B737-400 in Embraer – […] milijonov PLN; (iii) delno kritje izgub iz poslovanja in vrzeli v financiranju – […] milijonov PLN; (iv) stroške prestrukturiranja zaposlovanja – […] milijonov PLN in (v) odplačilo posojila za reševanje (z natečenimi obrestmi) – 423 milijonov PLN.
At the same time, the sale of assets undertaken to finance these restructuring attempts significantly limited LOT's internal sources of funding that could be used to finance the current restructuring plan.
Stroški prestrukturiranja se bodo krili iz: (i) lastnega prispevka, ki znaša [1200–1600] milijonov PLN ter vključuje finančni najem petih zrakoplovov B787 in prodajo osnovnih sredstev; (ii) državne pomoči v višini 804 milijonov PLN.
In 2012, the second phase of the financial crisis had an adverse effect on the airline business.
Stroški prestrukturiranja in viri financiranja so povzeti v spodnji preglednici.
In addition, there were negative tendencies concerning fuel prices and currency exchange rates.
Preglednica 3
The growing market consolidation and increasing power of low-cost and non-European carriers made it even more difficult for a small traditional airline, such as LOT, to operate successfully on a stand-alone basis.
Stroški prestrukturiranja in viri financiranja (v milijonih PLN)
In 2013, after the first full year of implementation of the restructuring plan, the financial performance of LOT improved.
Vir: Načrt prestrukturiranja.
Notably, it reported a net profit for the first time since 2007.
Stroški prestrukturiranja
Moreover, the actual financial result was much better than forecast in the restructuring plan (net profit of PLN 26 million against planned loss of PLN 196 million).
Nabava petih zrakoplovov B787
Cash flows from operations increased considerably as compared to 2012, mainly thanks to better financial results.
Umik zrakoplovov B737-400 in Embraer
Despite the improvement of the financial performance, the situation of LOT remained difficult.
Delno kritje izgub iz poslovanja in vrzeli v financiranju
The Company still had large negative equity and generated losses from core activity (i.e. air transport).
Prestrukturiranje zaposlovanja
Its debt increased, mainly due to lease obligations related to the acquisition of new aircraft (envisaged in the restructuring plan).
Odplačilo posojila za reševanje (z natečenimi obrestmi)
As regards the fleet modernization, all B787 aircraft were delivered with delay.
Viri financiranja
In addition, the first two aircraft had technical problems and were grounded between January and June 2013.
Finančni najem petih zrakoplovov B787
LOT incurred extraordinary loss as it had to finance replacement aircraft.
Prodaja osnovnih sredstev
On […], LOT signed an agreement with Boeing which provides for […].
Lasten prispevek skupaj
Furthermore, LOT continued to implement its new strategy to address the changed market context.
Državna pomoč
It aims at achieving financial stability, by building long-term customer loyalty, becoming one of the most cost-efficient network carriers in Europe, restoring growth and, finally, by selling the Company to private investors.
Družba LOT je podpisala pogodbo z Boeingom za nabavo skupno osmih zrakoplovov B787.
In particular, LOT is to focus on providing direct connections from Poland to main business destinations in Europe and in the world as well as the most important Polish community centres in North America.
V skladu z načrtom prestrukturiranja se izdatki družbe LOT v zvezi z nakupom prvih petih enot v višini […] milijonov PLN štejejo za stroške prestrukturiranja.
It also wants to attract customers from Central and Eastern Europe to offer them long haul connections from the Warsaw hub.
V okviru ukrepov za posodobitev flote namerava družba LOT umakniti šest zrakoplovov B737-400, […] zrakoplovov E170 in […] zrakoplovov E175.
The Company is not interested in point-to-point tourist routes serviced by LCCs.
V obdobju umika, preden bo zrakoplov vrnjen, prodan ali oddan v podnajem, bo nosila stroške obveznosti iz naslova najema in vzdrževanja.
LOT identified growth potential on long haul routes to/from Poland and has indicated an intention to expand on this market after the restructuring, using its new B787 aircraft which is considered to be a main pillar of the restructuring and of the new strategy.
Skupni stroški umika so ocenjeni na […] milijonov PLN.
As regards the envisaged sale of the Company to private investors, Poland amended legislation with the aim of facilitating the privatization of the Company.
Družba LOT naj bi v začetku obdobja prestrukturiranja ustvarjala izgube in negativne denarne tokove.
According to the new law, investors from the Union will be allowed to acquire a majority stake in LOT.
Za kritje teh izgub in ohranitev likvidnosti bo potrebovala ocenjenih […] milijonov PLN.
OVERVIEW OF THE RESTRUCTURING COSTS AND SOURCES OF FINANCING
V načrtu prestrukturiranja je predvideno zmanjšanje števila zaposlenih za 833 EPDČ.
The total restructuring costs of LOT amount to PLN [2000-2400] million and consist of: (i) the acquisition of five B787 aircraft — PLN […] million; (ii) the cost of withdrawal of B737-400 and Embraer aircraft — PLN […] million; (iii) the partial coverage of operating losses and of the financing gap — PLN […] million; (iv) the cost of employment restructuring — PLN […] million and (v) the repayment of the rescue loan (with interest accrued) — PLN 423 million.
Družba LOT ocenjuje, da bodo skupni stroški zmanjšanja števila zaposlenih znašali približno […] milijonov PLN in bodo vključevali naslednje elemente: (i) program prostovoljne odpovedi ([…] milijonov PLN); (ii) postopek kolektivne odpovedi ([…] milijonov PLN); (iii) nadomestila za zaposlene v tujini, za katere velja lokalna zakonodaja ([…] milijonov PLN), in (iv) druge odpovedi, na primer predčasna upokojitev ([…] milijonov PLN).
The restructuring costs are planned to be covered from: (i) an own contribution amounting to PLN [1200-1600] million and consisting of the finance lease of five B787 aircraft and the sale of fixed assets; (ii) State aid in the amount of PLN 804 million.
Družba LOT je jeseni 2012 od ameriške poslovne banke […] pridobila finančni najem za nabavo petih zrakoplovov B787, ki ga je priglasila kot vir lastnega prispevka.
The own contribution accounts for [60-67] % of the restructuring costs.
Družba LOT je med 24 poslovnimi ponudbami na trgu izbrala ponudbo […].
The restructuring costs and the sources of financing are summarised in the table below.
Odločila se je na podlagi čiste sedanje vrednosti in tehtane povprečne obrestne mere.
Table 3
Obdobje za odplačilo finančnega najema je 12 let od datuma dobave zrakoplova.
Restructuring costs and sources of financing (in PLN million)
Družba LOT mora plačati začetno provizijo na datum dobave zrakoplova in četrtletne obroke najema, ki jih je treba plačati vnaprej po trimesečni obrestni meri LIBOR + […] % v primeru prvega zrakoplova ter po fiksnih obrestnih merah v razponu od […] % do […] % v primeru naslednjih štirih zrakoplovov.
Source: Restructuring plan
Struktura finančnega najema temelji na subjektu s posebnim namenom (v nadaljnjem besedilu: SPV), tj. družbi, ki je bila ustanovljena v Združenih državah Amerike ter deluje kot posrednik med […] in družbo LOT [17].
Restructuring costs
Najem je zavarovan z naslednjim: (i) izvozno garancijo Export Import Bank of the United States (v nadaljnjem besedilu: Ex-Im Bank), izdano v skladu s pravili dogovora sektorja za velike zrakoplove (Large Aircraft Sector Understanding, v nadaljnjem besedilu: LASU) [18]; (ii) zastavno pravico na zrakoplovih; (iii) prenosom pravic iz zavarovalnih pogodb in (iv) zastavno pravico na delnicah SPV.
Acquisition of five B787 aircraft
Garancija Ex-Im Bank je omejena po trajanju in znesku, tj. nanaša se na nakup petih zrakoplovov B787 s finančnim najemom za 12 let.
Withdrawal of B737-400 and Embraer aircraft
Garancija krije del kupnine zrakoplova ([75–90] %).
Partial coverage of operating losses and financing gap
Preostanek mora kriti družba LOT.
Employment restructuring
Ex-Im Bank je garancijo izdala na podlagi primerne skrbnosti družbe LOT, pri čemer je ocenila njeno finančno stanje in sposobnost izpolnjevanja obveznosti iz naslova najema.
Repayment of rescue loan (with interest accrued)
Drugi vir lastnega prispevka poleg finančnega najema je prodaja osnovnih sredstev, s katero naj bi družba ustvarila prihodek v višini […] milijonov PLN.
Sources of financing
Državna pomoč obsega pretvorbo posojila za reševanje v lastniški kapital v višini 423 milijonov PLN in dodatne kapitalske naložbe v višini 381,29 milijona PLN, kot je opisano v uvodni izjavi 19.
Finance lease of five B787 aircraft
OBNOVA DOLGOROČNE SPOSOBNOSTI PREŽIVETJA
Sale of fixed assets
Predvideva se, da bo družba LOT od leta 2014 izkazala dobiček iz osnovne dejavnosti, ustvarjala pozitivne denarne tokove iz poslovanja in imela pozitivni donos vloženega kapitala (v nadaljnjem besedilu: ROCE).
Total own contribution
Čisti dobiček naj bi bil dosežen leta 2015 in v prihodnjih letih.
State aid
V spodnji preglednici so predstavljeni izbrani finančni podatki glede na napovedi na podlagi osnovnega scenarija.
LOT has signed a contract with Boeing to acquire a total of eight B787 aircraft.
Preglednica 4
According to the restructuring plan, the expenditure incurred by the Company in relation to the purchase of the first five units in the amount of PLN […] million is considered as a restructuring cost.
Izbrani finančni podatki glede na napovedi na podlagi osnovnega scenarija (številke v milijonih PLN)
As part of the fleet modernisation measures the Company plans to withdraw six B737-400, […] E170 and […] E175 aircraft.
Dobiček/izguba iz osnovne dejavnosti
It will bear the cost of lease obligations and maintenance during the withdrawal period before the aircraft is returned, sold or sub-leased.
[– 157 do – 130]
The total cost of withdrawal is estimated at PLN […] million.
[– 20 do – 16]
At the beginning of the restructuring period the Company is expected to generate losses and negative cash flows.
[– 175 do – 145]
In order to cover these losses and maintain liquidity it will need an estimated PLN […] million.
[– 4,4 do – 3,6] %
The restructuring plan provides for a reduction of employment by 833 FTEs.
Finančna projekcija temelji na več predpostavkah v zvezi s floto, mrežo letov, notranjo organizacijo, operativnimi in finančnimi parametri, makroekonomskimi kazalniki, ceno goriva in ravnjo izvajanja ukrepov prestrukturiranja.
LOT estimates that the total cost of employment reduction will amount to approximately PLN […] million and will consist of the following components: (i) a voluntary redundancy programme (PLN […] million); (ii) the collective redundancy process (PLN […] million); (iii) allowances for employees based abroad and subject to local law (PLN […] million) and (iv) other redundancies, e.g. early retirement (PLN […] million).
Glavne predpostavke so povzete spodaj:
In the autumn of 2012 the Company obtained a finance lease from the US commercial bank […] for the acquisition of five B787 aircraft, which it notified as a source of an own contribution.
izvajanje ukrepov prestrukturiranja (v smislu morebitnega finančnega učinka): 85 % potenciala,
The choice was made on the basis of an analysis of the net present value and weighted average interest rate.
menjalni tečaj PLN/USD: 3,22,
The period of repayment of the lease is 12 years from the date of the aircraft delivery.
faktor zasedenosti: pod [67–83] % v zimskih sezonah in približno [76–94] % v poletnih sezonah,
The Company is obliged to pay an initial fee on the aircraft delivery date and the quarterly lease payments payable in advance at the interest rate of 3-month LIBOR + […] %, in the case of the first aircraft, and fixed rates of between […] % and […] %, in the case of the next four aircraft.
število prepeljanih potnikov ('000): 2012/2013 – 4766; 2013/2014: [4300–5300]; 2014/2015 – [3800–4600]; 2015/2016 – [4200–5100]; 2016/2017 – [4800–5900]; 2017/2018 – [5100–6300],
The finance lease structure is based on a special purpose vehicle (‘SPV’), a company incorporated in the United States, which serves as an intermediary between […] and LOT [17].
rast prihodkov enote na potnika na ravni celotne mreže letalskih povezav družbe LOT: povprečno 2,5 % na leto (ob upoštevanju učinka povečanja števila letov na progah na dolge razdalje v letih 2016–2018 ter naraščajočega faktorja zasedenosti v poslovnem razredu in ekonomskem razredu premium).
The lease is secured by the following collateral: (i) an export guarantee from the Export Import Bank of the United States (‘Ex-Im Bank’) provided in accordance with the Large Aircraft Sector Understanding (‘LASU’) [18] rules; (ii) a pledge on the aircraft; (iii) the transfer of rights from insurance contracts and (iv) a pledge on the shares of the SPV.
IZRAVNALNI UKREPI
The Ex-Im Bank guarantee is limited in duration and in amount, i.e. it concerns the purchase of five B787 in the form of a finance lease with duration of 12 years.
Družba LOT kot izravnalni ukrep predlaga ukinitev 19 povezav in zmanjšanje pogostosti letov na petih povezavah [19].
The guarantee covers a part of the purchase price of an aircraft ([75-90] %).
Poleg tega namerava družba LOT ukiniti pet povezav [21], kar pomeni dodatno zmanjšanje zmogljivosti za [1,4–1,7] %, vendar teh ukinitev ne šteje za izravnalne ukrepe, ker je za te povezave ocenila, da so pred prestrukturiranjem ustvarjale izgubo.
The rest must be covered by LOT.
V obdobju prestrukturiranja ne namerava povečati zmogljivosti na progah na dolge razdalje.
The provision of the guarantee by Ex-Im Bank was based on a due diligence of LOT, assessing its financial condition and the ability to service lease obligations.
Zaradi sprememb v mreži družbe LOT bo družba tudi sprostila vrsto slotov.
The other source of own contribution, apart from the lease, is the sale of fixed assets which is expected to generate proceeds of PLN […] million.
SKLEP O ZAČETKU POSTOPKA
The State aid consists of the conversion of the rescue loan into equity in the amount of PLN 423 million and an additional equity investment of PLN 381.29 million, as described in recital 19.
Komisija je 6. novembra 2013 začela formalni postopek preiskave.
RESTORATION OF LONG-TERM VIABILITY
V sklepu o začetku postopka je izrazila dvome glede načela enkratnosti pomoči, obnove dolgoročne sposobnosti preživetja, izravnalnih ukrepov in lastnega prispevka.
The restructuring plan provides for the restoration of long-term viability in 2015.
Načelo enkratnosti pomoči
Financial projections covering the period 2013-2018 have been prepared under a worst-case, base-case and best-case scenario.
Komisija je izrazila dvome glede tega, ali družba LOT ni prejela pomoči za reševanje ali prestrukturiranje v nasprotju z načelom enkratnosti pomoči zaradi odlogov plačila letaliških pristojbin, ki so jih družbi zagotovila letališča v državni lasti [22].
The Company is forecast to report profit from core activity, generate positive cash flows from operations and positive return on capital employed (‘ROCE’) from 2014 onwards.
Komisijo je na to vprašanje opozorila družba Ryanair v pritožbi, v kateri je trdila, da so letališča v državni lasti družbi LOT odobrila neomejeno kreditno linijo za letališke pristojbine v škodo vsem drugim letalskim družbam (glej oddelek 1.2 zgoraj).
Net profit is planned to be achieved from 2015 onwards.
Komisija je zlasti izrazila dvome glede trditve Poljske, da sredstva letališč v državni lasti niso državna sredstva.
The table below presents selected projected financial data under the base-case scenario.
Poleg tega je izrazila tudi dvome glede tega, ali so bili odlogi plačila letaliških pristojbin, ki so jih družbi LOT odobrila letališča v državni lasti, dejansko odobreni pod tržnimi pogoji, glede na to, da so bila obdobja odloga dolga, obresti pogosto nizke, zavarovanje pa pogosto slabo [23].
Table 4
Poleg tega se je zdelo, da vse odložene obveznosti nazadnje niso bile plačane.
Selected projected financial data under the base-case scenario (numbers in PLN million)
Obnova dolgoročne sposobnosti preživetja
Profit/loss from core activity
Komisija je izrazila dvome glede tega, da bo s sedanjim načrtom prestrukturiranja obnovljena dolgoročna sposobnost preživetja družbe LOT, in Poljsko pozvala, naj bolje utemelji to trditev.
[– 20 to – 16]
Zaskrbljujoč je bil tudi likvidnostni položaj družbe LOT.
[– 175 to – 145]
Družba LOT je likvidnost izgubila decembra 2012, predvideno pa je bilo, da ji bo denarja znova zmanjkalo avgusta 2013 (kljub pomoči za reševanje).
[– 4,4 to – 3,6] %
Komisija je dvomila, da bodo dolgotrajne strukturne težave družbe LOT večinoma rešene z uvedbo novih zrakoplovov B787.