natgillin/translations-raw huggingface dataset:
This is supported by the fact that the delivery of cost savings was a condition precedent to the lenders entering into the new RCF and that the conclusion of new collective agreements in November 2012 was key to the successful implementation of the plan.
Prispevek iz javnih sredstev načeloma ne vključuje državne pomoči, če je izveden hkrati s pomembnim kapitalskim prispevkom zasebnega vlagatelja, v primerljivih okoliščinah in pod primerljivimi pogoji (pari passu) [32].
The SAS Group further criticises the Commission for having failed to take into consideration the bankruptcy alternative and the fact that the States would have lost the value of their combined shareholding had the new RCF not been made available.
Pari passu sodelovanje držav, fundacije KAW in bank v novem revolving kreditu
In this context, the SAS Group stresses that the States participated in the new RCF in their capacity as core shareholders in SAS aiming to obtain an appropriate return on their investment.
Komisija ugotavlja, da so banke kreditodajalke, ki sodelujejo v novem revolving kreditu, sodelovale tudi v starem.
Finally, the SAS Group reports that the implementation of the 4XNG plan has achieved earnings before tax of SEK 3 billion, leading to a positive outcome for SAS for the period November 2012-July 2013.
Vendar so države v okviru novega revolving kredita povečale svojo izpostavljenost družbi SAS, medtem ko so banke približno razpolovile svoj prispevek (s 366 milijonov EUR na približno 200 milijonov EUR) in tako z vidika revolving kredita zmanjšale svojo splošno obstoječo izpostavljenost družbi SAS za približno 50 %.
Comments from FAM
V zvezi s tem je Komisija v sklepu o začetku postopka izrazila pomisleke glede resničnosti utemeljitve pari passu, saj položaj držav in bank ni bil videti primerljiv.
According to FAM, the company responsible for the management of KAW's assets, the latter's decision to participate in the new RCF was taken irrespective of its interest in SEB and SEB's exposure to SAS.
Danska, Švedska in skupina SAS trdijo, da banke kreditodajalke v času pogajanj o njihovem sodelovanju v novem revolving kreditu niso bile izpostavljene v okviru starega revolving kredita.
FAM argues that KAW neither had a majority shareholding in SEB, nor could it be said that it controls SEB.
Zato je treba banke obravnavati kot „zunanje“ vlagatelje, ki so v primerljivem položaju kot države in fundacija KAW.
FAM examined the 4XNG plan, the associated financial risks and the security package, and considered it to be in KAW's interest to participate in the new RCF.
Komisija ugotavlja, da je družba SAS januarja 2012 v celoti črpala stari revolving kredit (uvodna izjava 20 zgoraj).
In this respect, it compared the prospect of protecting KAW's long-term investment in SAS and future possible returns on that investment, as well as the high fees which would be paid by SAS under the new RCF, against the winding up of SAS, which it did not consider to be an economically interesting option.
Spremembe starega revolving kredita, sprejete marca 2012, so med drugim dejansko vključevale pogoj, da je treba črpani znesek odplačati takoj in v celoti.
FAM also agrees with Denmark, Sweden and the SAS Group that all stakeholders participated in the new RCF on equal terms, without any form of subordination, disproportionate rights to securities, or otherwise asymmetrical terms.
Znesek je bil v celoti odplačan marca 2012, spremembe starega revolving kredita, sprejete istega meseca, pa so družbi SAS zelo otežile, da bi po tem še črpala kredit [33].
The decision to participate in the new RCF was based on a thorough analysis of the prospects of profitability resulting from a strong and competitive SAS in the future.
Poleg tega je morala družba SAS do junija 2012 predložiti načrt dokapitalizacije, ki so ga morali potrditi odbor ter države in fundacija KAW kot glavni delničarji.
Finally, FAM shares Denmark and Sweden's view that the lending banks' decision to participate in the new RCF was based on commercial considerations, as their existing exposure under the old RCF was only theoretical.
Banke so ta načrt najprej zavrnile.
It argues that the banks had even less incentive to participate in the new RCF than the States and KAW, as the latter could count on a share price increase.
Šele novembra 2012 so se države po skrbni proučitvi revidiranega načrta 4XNG odločile za sodelovanje v novem revolving kreditu, za njimi pa tudi banke.
It therefore maintains that the conditions of the pari passu test must be considered to be fulfilled.
Na podlagi tega danski in švedski organi ter skupina SAS trdijo, da je bila družbi SAS uspešno preprečena zahteva za črpanje starega revolving kredita.
ASSESSMENT OF THE MEASURE
Banke so se morale ob upoštevanju navedenih razmer odločiti, ali bodo nadaljevale stari revolving kredit, dokler se junija 2013 ne izteče, ali bodo sodelovale v novem revolving kreditu pod enakimi pogoji kot države in fundacija KAW, kljub temu da so imele države in fundacija KAW kot delničarji tehtnejše razloge za sodelovanje, saj bi lahko z izvajanjem načrta 4XNG dosegle višje vrednosti svojih delnic.
Presence of State aid
Čeprav je po mnenju Komisije verjetno, da banke ob sprejemanju odločitve glede sodelovanja v novem revolving kreditu niso bile bistveno izpostavljene staremu revolving kreditu, vsaj ne banke, ki sicer niso bile nezavarovano dvostransko izpostavljene družbi SAS, pa je Komisija tudi mnenja, da je še vedno obstajalo tveganje, da bi lahko družba SAS izpolnila pogoje črpanja pred vzpostavitvijo novega revolving kredita.
By virtue of Article 107(1) TFEU ‘any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market’.
Dejstvo, da se to ni zgodilo in da se stari revolving kredit, potem ko je bil v celoti odplačan marca 2012, ni porabil, v zvezi s tem ni pomembno.
The concept of State aid thus applies to any advantage granted directly or indirectly, financed out of State resources, by the State itself or by any intermediary body acting by virtue of powers conferred on it.
Na podlagi tega se zdi, da so bile banke v okviru starega revolving kredita v nekaterih pogledih izpostavljene družbi SAS, države (in fundacija KAW) pa ne.
To constitute State aid, a measure must stem from State resources and must be imputable to the State.
Komisija zato ne more sprejeti trditve danskih in švedskih organov, da so banke v novem revolving kreditu sodelovale kot „zunanji“ vlagatelji, ne glede na njihovo izpostavljenost v okviru starega revolving kredita.
In principle, State resources are the resources of a Member State and of its public authorities, as well as the resources of public undertakings on which the public authorities can exercise, directly or indirectly, a controlling influence.
Poleg tega se Komisija ne more strinjati z navedbami Danske in Švedske, da izpostavljenost nekaterih bank v obliki dvostranskih kreditov, povezanih s starim revolving kreditom [34], ni vključevala nobenega finančnega tveganja za banke v obdobju pogajanj o novem revolving kreditu, ker bi bilo mogoče te kredite črpati le, če bi se v celoti črpal stari revolving kredit.
It cannot be disputed that the measure in question entailed State resources, since it was financed by resources coming from the States' budgets, and that it was imputable to the State.
Kot je navedeno zgoraj, je obstajalo tveganje, čeprav res majhno, da bi lahko družba SAS izpolnila pogoje črpanja starega revolving kredita, kljub temu da je bila verjetnost tega po spremembah, sprejetih marca 2012, in uvedbi strogih pogojev zelo majhna.
In particular, it may be noted that the parliaments of Denmark and Sweden approved the participation of both Governments in the new RCF (paragraph 30 above).
Poleg tega se zdi, da so bile nekatere banke tudi sicer izpostavljene družbi SAS.
The measure in question must distort or threaten to distort competition and be liable to affect trade between Member States.
Poleg sodelovanja v starem revolving kreditu je imela na primer […] od 30. septembra 2012 nezavarovano (in nečrpano) dvostransko izpostavljenost družbi SAS v znesku [200–600] milijonov SEK in nezavarovano izpostavljenost na podlagi kreditne kartice v znesku [500–900] milijonov SEK.
According to established case-law, when the financial support granted by a Member State strengthens the position of an undertaking compared to other undertakings competing in intra-Union trade, then there is at least a potential effect on trade between Member States and on competition [29].
Zato bi lahko bila odgovorna za kritje kakršnega koli povračila stroškov strankam, če bi družba SAS odpovedala zadevne lete.
In this regard, the Commission is of the view that any potential economic advantage granted to SAS through State resources would fulfil this condition.
Čeprav je ta nezavarovana izpostavljenost na podlagi kreditne kartice znašala [0–2] % skupnega portfelja kredita banke […] v znesku približno [1000–3000] milijard SEK, je kljub temu pomenila finančno tveganje, zato ni mogoče sprejeti, da je bila […] ob sprejemanju odločitve glede sodelovanja v novem revolving kreditu v primerljivem položaju kot države.
SAS is in competition with other airlines in the European Union and the EEA, in particular since the third stage of air transport liberalisation (‘the third package’) entered into force on 1 January 1993 [30].
Poleg tega so bile tri druge banke izpostavljene na podlagi neporavnanih mehanizmov financiranja zrakoplovov (npr. […]).
In addition, for journeys of relatively shorter distances within the EU, air travel is in competition with road and rail transport, and therefore road and rail carriers might also be affected.
Čeprav države trdijo, da so bila financiranja zavarovana z zrakoplovi in bankam niso predstavljala finančnega tveganja, saj bi se z lahkoto prodala na trgu, to ni bilo dokazano z dejstvi.
The only criterion of the notion of State aid that is thus in question is whether the measure conferred a selective undue economic advantage on SAS.
Še vedno ni jasno, ali bi bil celotni znesek v primeru nujne prodaje zrakoplovov dejansko povrnjen.
In the light of the cancellation of the new RCF as from 4 March 2014, the Commission has assessed whether or not the new RCF conferred a selective undue economic advantage on SAS from the time of its establishment in 2012 until its cancellation in 2014.
V sklepu o začetku postopka se je Komisija spraševala, ali je na odločitev bank morda vplivalo ravnanje držav, saj so države v prejšnjih letih letalskemu prevozniku zagotavljale stalno finančno podporo (npr. z novo izdajo delnic s pravico prednostnega nakupa za obstoječe delničarje leta 2009 in leta 2010).
Economic advantage in favour of SAS
Poleg tega so bile banke pripravljene sodelovati v novem revolving kreditu le, če bi v njem sodelovale države, kot je pojasnjeno v uvodnih izjavah 23 in 24 zgoraj.
In order to determine whether or not State aid was granted in favour of SAS within the meaning of Article 107(1) TFEU, the Commission will assess whether the airline received an economic advantage which it would not have obtained under normal market conditions.
Komisija načeloma meni, da se pogoj pari passu ne more uporabljati v primerih, kadar zasebni subjekti kot pogoj za svoje sodelovanje v transakciji izrecno zahtevajo sodelovanje držav.
To examine this question the Commission applies the MEI test, according to which no State aid would be involved where, in similar circumstances, a private investor of a comparable size to the relevant bodies in the public sector, and operating in normal market conditions in a market economy, could have been prompted to provide the measure in question to the beneficiary.
Med uradno preiskavo so Danska, Švedska in skupina SAS trdile, da banke v nobeni fazi pogajanj o novem revolving kreditu niso čutile vpliva preteklega ravnanja držav in njihove stalne pripravljenosti za financiranje družbe SAS, kljub temu da se napovedi držav v zvezi s prihodki od nove izdaje delnic s pravico prednostnega nakupa za obstoječe delničarje leta 2009 in leta 2010 niso uresničile.
According to the MEI test, the Commission therefore has to assess whether a private investor would have entered into the transaction under assessment on the same terms.
Komisija ne more izključiti možnosti, da zasebni vlagatelji ne bi bili pripravljeni vlagati v družbo s takšnimi preteklimi dosežki in nepredvidljivimi projekcijami, če ne bi pri tem sodelovale tudi države.
The attitude of the hypothetical private investor is that of a prudent investor whose goal of profit maximisation is tempered with caution about the level of risk acceptable for a given rate of return [31].
Hkrati tudi ne more izključiti možnosti, da države, ki so zavrnile zagotovitev novega lastniškega kapitala in sodelovanje v podrejenem revolving kreditu, niso bile več pripravljene vlagati dodatnih sredstev v družbo SAS.
In principle, a contribution from public funds does not involve State aid if it takes place at the same time as a significant capital contribution by a private investor made in comparable circumstances and on comparable terms (pari passu) [32].
Ne glede na te premisleke Komisija še vedno ni prepričana, da je bilo sodelovanje držav in bank kreditodajalk v novem revolving kreditu dogovorjeno pod pogoji pari passu, pri čemer upošteva, da so banke zaradi sodelovanja držav z vidika revolving kredita zmanjšale svojo splošno izpostavljenost revolving kredita družbi SAS za približno 50 %, medtem ko so države svojo izpostavljenost družbi SAS povečale.
Pari passu participation of the States, KAW and the banks in the new RCF
V zvezi s tem, ali bi se lahko ravnanje fundacije KAW štelo za referenčno točko za opredelitev ravnanja zasebnega vlagatelja, je uradna preiskava pokazala, da je bila izpostavljenost fundacije KAW družbi SAS prek imetništva delnic banke SEB manjša, kot je bilo navedeno v sklepu o začetku postopka.
The Commission notes that the lending banks involved in the new RCF also participated in the old RCF.
Ob upoštevanju, da je fundacija KAW zgolj manjšinski delničar banke SEB in da je bila izpostavljenost banke SEB družbi SAS omejena, je mogoče trditi, da je fundacijo KAW k sodelovanju v novem revolving kreditu spodbudila možnost dobičkonosnosti naložbe.
In the new RCF, however, the States increased their exposure to SAS, whereas the banks roughly halved their contribution (from EUR 366 million to approximately EUR 200 million) and therefore reduced their overall existing RCF exposure to SAS by approximately 50 %.
Ob upoštevanju navedenega Komisija na podlagi uradne preiskave ni mogla z gotovostjo sprejeti sklepa, da je bila obravnavana transakcija izvedena pod pogoji pari passu.
In view of this, the Commission expressed doubts in the opening decision that the pari passu argument could be met as the States and the banks did not seem to be in comparable positions.
Ne glede na oceno pari passu je Komisija proučila tudi vprašanje, ali bi se lahko sodelovanje držav v novem revolving kreditu z vidika delničarja štelo za razumno in bi prestalo preskus vlagatelja pod tržnimi pogoji tudi zunaj razlogovanja pari passu.
Denmark, Sweden and the SAS Group argue that the lending banks did not have any exposure under the old RCF, when negotiating their participation in the new RCF.
Ocena sodelovanja držav v novem revolving kreditu v okviru preskusa vlagatelja pod tržnimi pogoji
The banks should therefore have been considered as ‘outside’ investors in a comparable position to the States and KAW.
Vprašanje, ki ga je treba obravnavati, je, ali bi se zasebni vlagatelj v enakem položaju kot države, tj. kot obstoječi delničar družbe SAS, in v podobnih okoliščinah, v kakršnih so bile države leta 2012, odločil za sodelovanje v novem revolving kreditu pod podobnimi pogoji [35].
The Commission notes that SAS had drawn completely on the old RCF in January 2012 (paragraph 20 above).
V zvezi s tem so poučne neodvisne analize, ki so jih pred vzpostavitvijo novega revolving kredita izvedli zunanji finančni svetovalci (in sicer družbi Goldman Sachs International in CITI kot svetovalki držav ter […] kot svetovalec kreditodajalcev).
Indeed, the amendments to the old RCF in March 2012 included, inter alia, a condition of full and immediate repayment of the amount drawn.
Po navedbah Danske in Švedske so se države za sodelovanje v novem revolving kreditu odločile šele po tem, ko so njihovi zunanji svetovalci natančno pregledali načrt 4XNG in ko so bili pogoji novega revolving kredita prilagojeni.
The amounts were fully repaid in March 2012 and the amendments to the old RCF enacted on the same month made it extremely difficult for SAS to draw on the facility thereafter [33].
Medtem ko je Komisija v sklepu o začetku postopka izrazila nekatere pomisleke glede obsega poročila, ki ga je pripravila družba CITI, sta Danska in Švedska pojasnili, da je njuna odločitev o sodelovanju v novem revolving kreditu temeljila na vseh analizah, ki so jih izvedli njuni finančni svetovalci, in da se zato poročilo CITI ne bi smelo ocenjevati ločeno.
Also, SAS was required to provide a Recapitalisation Plan by June 2012, which had to be endorsed by the Board, as well as by the States and KAW as the main shareholders.
Finančni svetovalci so morali med drugim zagotoviti kritično analizo načrta 4XNG in novega revolving kredita ter zadevnih občutljivosti in ranljivosti v zvezi s tem.
This plan was initially rejected by the banks.
Ta analiza je bila izvedena prek zaporednih poročil ter se je navezovala na preteklo uspešnost družbe SAS in druga merila uspešnosti panoge.
It was not until November 2012 that the States, having carefully examined the revised 4XNG plan, decided to participate in the new RCF, followed by the banks.
Svetovalci so v zvezi z načrtom 4XNG in novim revolving kreditom izdali številna priporočila glede strategij za zmanjšanje tveganja.
As a result, the Danish and Swedish authorities and the SAS Group claim that SAS was effectively prevented from requesting a drawdown of the old RCF.
V skladu s temi priporočili so države zahtevale številne prilagoditve načrta 4XNG (za pospešitev ukrepov za prihranek stroškov in sprejetje dodatnih pobud) in prilagoditve pogojev novega revolving kredita, da bi se zmanjšala verjetnost črpanja.
Cognisant of that situation, the banks had to decide whether to continue with the old RCF until its expiry in June 2013, or to participate in the new RCF on equal terms with the States and KAW, despite the fact that the States and KAW, as shareholders, had greater incentives to participate with a view to potentially achieving higher value on their shares following the implementation of the 4XNG plan.
Pri analizi načrta 4XNG so zunanji svetovalci opredelili ključna področja morebitnih tveganj, vključno s cilji za prihranke stroškov, prodajami in pritiskom v zvezi z RASK, ter jim namenili posebno pozornost.
Although the Commission considers it likely that the banks, at least those with no other unsecured bilateral exposures to SAS, were not materially exposed to the old RCF at the time of taking a decision to participate in the new RCF, it is also of the opinion that there was still a risk that SAS could have met the drawdown conditions before the new RCF was in place.
Na podlagi te ocene tveganja so bili med drugim oblikovani naslednji premisleki:
The fact that this did not happen and that the old RCF was not used after it was fully repaid in March 2012 is irrelevant in that respect.
Cilji za prihranke stroškov
On this basis, it appears that the banks had a certain degree of exposure to SAS under the old RCF which the States (and KAW) did not have.
Poleg prejetih zunanjih priporočil je bil načrt 4XNG spremenjen in okrepljen z vključitvijo pobud za prihranek stroškov v znesku približno [1–4] milijarde SEK odobritev plačil (kar je več od prvotnega cilja [1–4] milijarde SEK odobritev plačil).
Therefore, the Commission cannot accept the argument of the Danish and Swedish authorities that the banks participated in the new RCF as ‘outside’ investors, notwithstanding their exposure under the old RCF.
Poleg tega, da so zunanji finančni svetovalci izrazili dvom glede prvotnih predpostavk o prodajah sredstev, pa tudi zaradi novih informacij, ki so se pojavile med postopkom, je končni seznam načrtovanih prodaj iz načrta 4XNG odstopal od seznama, ki ga je prvotno predložila družba SAS [36].
Furthermore, the Commission cannot agree with Denmark and Sweden that the exposure of some of the banks in the form of bilateral facilities linked to the old RCF [34] did not comprise any financial risk for the banks during the period of negotiating the new RCF, on the basis that these facilities could not have been drawn unless the old RCF was drawn in full.
Finančni svetovalec držav je nazadnje sklenil, da so prodaje (ocenjena vrednost prodaje znaša približno 3,0 milijarde SEK) iz končnega načrta 4XNG izvedljive v predvidenem časovnem okviru.
As mentioned above, there was a risk, even if admittedly small, that the drawdown conditions could have been met despite the fact that, following the amendments in March 2012 and the stringent conditions introduced, the probability of SAS drawing on the old RCF was very low.
Poleg tega je novi revolving kredit vključeval določbe o časovnem razporedu prodaje družbe Widerøe in o strogi uporabi prihodkov od prodaje za odplačevanje novega revolving kredita.
Moreover, it appears that some banks had other exposure to SAS.
Pritisk v zvezi z RASK
For example, in addition to participating in the old RCF, […] had — as of 30 September 2012 — an unsecured (and undrawn) bilateral exposure to SAS of EUR [200-600] million, as well as an unsecured credit card exposure of EUR [500-900] million.
Ob upoštevanju ustreznih podatkov o preteklih trendih, napovedi tretjih oseb in znanih sprememb v konkurenčnem okolju v zadevnem obdobju so bile ocenjene temeljne predpostavke glede donosa in pritiska v zvezi z RASK, ki so bile opredeljene kot razumne.
It could therefore have been responsible for covering any costs of reimbursing customers should SAS have cancelled the corresponding flights.
Te predpostavke se tako niso obravnavale kot negativno tveganje za izvajanje načrta 4XNG.
While this unsecured credit card exposure represented [0-2] % of […]'s total credit portfolio of around SEK [1000-3000] million, it nonetheless constituted a financial risk and it therefore cannot be accepted that […] was in a comparable position vis-à-vis the States when deciding to participate in the new RCF.
V zvezi s pomisleki Komisije v sklepu o začetku postopka glede optimistične narave določenih elementov iz načrta 4XNG (npr. rast trga z vidika ASK, napovedi v zvezi z BDP in ničodstotna inflacija v obdobju 2015–2017) so Danska, Švedska in skupina SAS med uradno preiskavo predložile informacije, ki kažejo, da so se ob izvedbi teh ocen zlasti upoštevali glavni trgi, na katerih je dejavna družba SAS.
In addition, three other banks had exposure in terms of outstanding aircraft financing facilities (e.g. […]).
To je vključevalo izrazitejšo izpostavljenost družbe severni Evropi v primerjavi z južno Evropo ter njegovo izpostavljenost ameriškemu in azijskemu trgu.
Although the States argue that the financings were secured by the aircraft and did not represent a financial risk for the banks because they could be easily sold on the market, this has not been factually proven.
Informacije kažejo še, da je ocenjena stroškovna inflacija v vrednosti 0 % odobritev plačil za obdobje 2015–2017 neto učinek temeljne stopnje inflacije v vrednosti 2 % odobritev plačil (v skladu z ocenjeno stopnjo inflacije EU), in vključujejo predpostavke, da bi jo bilo mogoče nevtralizirati z novimi ukrepi za prihranke stroškov.
It remains unclear whether, in case of fire-sale of the aircraft, the total amount would indeed have been recovered.
Kar zadeva pomanjkanje preverjanja občutljivosti analize notranje stopnje donosa, predložene v poročilu CITI (glej uvodno izjavo 35 zgoraj), in prvotne pomisleke Komisije glede morebitnega učinka manj optimističnih scenarijev, sta Danska in Švedska v pripombah k sklepu o začetku postopka Komisiji predložili dodatne informacije v zvezi z obsegom izvedene analize občutljivosti.