natgillin/translations-raw huggingface dataset:
Further, in the opening decision the Commission questioned whether the banks' behaviour could have been influenced by the States' conduct, given the States' continuous financial support to the airline in previous years (e.g. the 2009 and 2010 rights issues).
Vendar je bilo ocenjeno, da je za ohranitev zaupanja v trg potreben likvidnostni varovalni mehanizem in da je revolving kredit še vedno najrealnejša možnost za takšno varnostno likvidnost.
In addition, the banks were willing to participate in the new RCF only on condition that the States participated in it, as explained in paragraphs 23 and 24 above.
Komisija zato upošteva zaporedne finančne preglede, izvedene v zvezi z načrtom 4XNG (vključno z obsežno analizo in preskušanjem različnih iteracij načrta).
In principle, the Commission considers that the pari passu condition cannot be applicable in cases where the States' involvement constitutes a strict requirement for the private operators to participate in the transaction.
Komisija upošteva tudi posledične zahteve držav za zmanjšanje tveganj pri izvajanju in oblikovanje konsolidiranega načrta za prestrukturiranje pred vključitvijo v novi revolving kredit.
In the course of the formal investigation, Denmark, Sweden and the SAS Group argued that at no stage during the negotiations for the new RCF did the banks feel ‘contaminated’ by the States' past conduct and their continued willingness to support SAS, despite the fact that the States' revenue forecasts on the rights issues of 2009 and 2010 fell short.
Ti ukrepi naj bi bili v skladu z ukrepi preudarnega zasebnega vlagatelja v tržno gospodarstvo.
The Commission cannot exclude the possibility that private operators would not have been willing to invest in a business with such a track record and unpredictable projections, unless with the participation of the States.
Ne glede na navedeno je še vedno treba proučiti, ali so bili pogoji novega revolving kredita v skladu s tem, kar bi bilo še sprejemljivo za zasebnega vlagatelja v tržno gospodarstvo, ki bi bil v enakem položaju kot države, torej kot obstoječi delničar družbe.
At the same time, it cannot exclude either that the States, which had refused to provide new equity and to enter into a subordinated RCF, were no longer willing to put additional funds into SAS.
Danska, Švedska in skupina SAS so pojasnile, da je posebna značilnost letalskega sektorja potreba po vzdrževanju visoke ravni finančne pripravljenosti, da se ohrani zaupanje strank in delničarjev v zmožnost družbe za nadaljnje poslovanje.
Notwithstanding these considerations, the Commission remains unconvinced that the participation of the States in the new RCF was made on pari passu terms with the lending banks, taking into account that the States' participation resulted in the banks reducing their overall RCF exposure to SAS by approximately 50 %, whereas at the same time the States increased their exposure to SAS.
Ob upoštevanju finančnih težav družbe SAS leta 2012 in prevladujočega likvidnostnega položaja v tem obdobju je države k sodelovanju v novem revolving kreditu kot delničarje družbe SAS verjetno spodbudil strah pred večjimi izgubami ali stečajem v primeru odvzema sredstev, ki zagotavljajo likvidnost družbe.
In relation to whether or not KAW's behaviour could be considered a reference point to establish the conduct of a private investor, the formal investigation showed that KAW's exposure to SAS through its shareholding in SEB was smaller than that indicated in the opening decision.
V zvezi s tem se zdi, da so države pri dokončnem oblikovanju pogojev novega revolving kredita uporabile zlasti priporočila neodvisnih finančnih svetovalcev.
Irrespective of the pari passu assessment, the Commission has also examined whether or not the States' participation in the new RCF could be considered rational from a shareholder perspective and would fulfil the MEI test outside of the pari passu line of reasoning.
Poleg navedenih pripomb je Komisija prejela dodatne informacije glede ustreznosti temeljnega zavarovanja s premoženjem za novi revolving kredit.
Assessment of the States' participation in the new RCF under the MEI test
V poročilu iz maja 2012 je […] zagotovilo neodvisno oceno družbe Widerøe in nekaterih opredmetenih sredstev (vključno z rezervnimi motorji, zadevnim zrakoplovom, številnimi manjšimi nepremičninami in nekatero opremo), ki so se naknadno uporabila kot zavarovanje za novi revolving kredit.
The question to be addressed is whether or not a private investor in the same position as the States, i.e. as existing shareholders in SAS and facing a similar set of circumstances as the States in 2012, would have entered into the new RCF on similar terms and conditions [35].
Medtem ko se je ocena osredotočala na družbo Widerøe kot na najpomembnejše premoženje v zavarovalnem paketu, je ocena drugih sredstev temeljila na bolj omejenih informacijah, skupna vrednost sredstev na podlagi splošne ocene pa je znašala približno [1–4]–[3–6] milijard SEK.
The independent analyses undertaken by external financial advisers (namely Goldman Sachs International and CITI as advisers to the States and […] as adviser to the lenders) prior to the conclusion of the new RCF are instructive in this regard.
Skupna ocenjena vrednost sredstev, ki so se uporabila kot zavarovanje, je torej presegala znesek kredita A. Po navedbah Danske in Švedske je bilo to zadostno zagotovilo za kreditodajalce novega revolving kredita, saj se je, kot je navedeno zgoraj, verjetnost, da bo družba SAS kdaj koli črpala kredit B, štela za zanemarljivo.
According to Denmark and Sweden, the States only decided to participate in the new RCF after close scrutiny of the 4XNG plan by its external advisors and following adjustment of the terms and conditions of the new RCF.
Dejanska finančna tveganja, povezana z novim revolving kreditom, so se dodatno zmanjšala z določbami o obveznem predplačilu in/ali preklicu obveznosti v okviru novega revolving kredita, če bi družba SAS prodala nekatera sredstva ali se vključila v druge finančne možnosti.
While the Commission expressed some reservations in its opening decision regarding the scope of the report prepared by CITI, Denmark and Sweden have clarified that their decision to participate in the new RCF drew on all of the analyses prepared by its financial advisers and that the CITI report should therefore not be assessed in isolation.
Zaradi teh določb o predplačilu in preklicu so se sčasoma zmanjšale morebitne izgube.
The financial advisers were tasked, inter alia, with providing a critical analysis of the 4XNG plan and the new RCF and of relevant sensitivities and vulnerabilities in that regard.
Na podlagi prodaje družbe Widerøe in v skladu s sporazumom, ki je začel veljati ob prodaji septembra 2013 (glej uvodno izjavo 31 zgoraj), se je splošna velikost novega revolving kredita s 3,5 milijarde SEK dejansko zmanjšala na 2 milijardi SEK.
This analysis was conducted over successive reports with reference to the historical performance of SAS and to other industry benchmarks.
Tako se zdi, da je bil sprejet celovit in skladen sklop ukrepov, izrecno namenjen zagotovitvi stalnega uspešnega poslovanja družbe SAS v obdobju 2012–2015 in omejitvi ključnih finančnih tveganj, povezanih z novim revolving kreditom.
The advisers issued a range of recommendations regarding risk-mitigating strategies for both the 4XNG plan and the new RCF.
Komisija priznava tudi potrebo po proučitvi vprašanja, ali bi bilo mogoče primerljivega zasebnega vlagatelja, ki se srečuje s podobnimi tržnimi okoliščinami kot države (tj. kot obstoječi delničarji družbe SAS), spodbuditi, da bi upravičencu zagotovil zadevni ukrep.
In line with this advice, the States requested a number of adjustments to the 4XNG plan (to accelerate cost-saving measures and accommodate additional initiatives), as well as adjustments to the terms of the new RCF to reduce the likelihood of a drawdown.
Zato je priporočljivo proučiti tudi morebitne hipotetične scenarije, ki ne vključujejo ukrepa, ki se izvaja.
This risk assessment resulted, inter alia, in the following considerations:
Za primerjavo sta Danska in Švedska predložili tudi oceno, da bi morebitne skupne izgube, ki izhajajo iz skupnega deleža držav in njihovih prispevkov k revolving kreditu, če družba SAS ne bi izpolnjevala obveznosti glede novega revolving kredita, v najslabšem scenariju znašale približno [1000–3000] milijonov SEK [39].
Cost-savings targets
Tako se zdi, da bi bile morebitne dodatne izgube, povezane s sodelovanjem držav v novem revolving kreditu (tj. približno 447,5 milijona SEK glede na ponazoritveni primer Danske in Švedske), v primeru stečaja družbe SAS sorazmerno omejene v primerjavi z izgubami v zvezi z delnicami držav, ki bi nastale v vsakem primeru.
Further to the external advice received, the 4XNG plan was modified and strengthened to include cost-saving initiatives of approximately SEK [1-4] billion p.a. (increased from the original target of SEK [1-4] billion p.a.).
Zdi se, da primerjava te sorazmerno omejene dodatne spremembe v primeru negativnega scenarija (stečaja) držav z morebitno prednostjo, ki jo lahko države pridobijo z uspešno izvedbo načrta 4XNG, države dodatno spodbuja k temu, da se odločijo za sodelovanje v novem revolving kreditu.
While non-delivery of cost-savings targets was identified as a concern, a key move to de-risk the 4XNG plan in advance of finalising the new RCF was the conclusion of new union agreements with employee compensation and benefit cuts, as well as pension plan changes in November 2012.
Po ocenah poročila CITI bi lahko kapitalski dobiček držav v najbolj optimističnem osnovnem scenariju znašal skupaj [7000–12000] milijonov SEK.
This resulted in direct cost savings of just under SEK [0-3] billion p.a.
Čeprav je Komisija v sklepu o začetku postopka izrazila nekatere pomisleke glede optimistične narave takšnih napovedi rasti, priznava možnost, da lahko morebitni kapitalski dobiček tudi v konzervativnejših scenarijih v primeru pozitivnega scenarija še vedno bistveno preseže morebitne izgube v primeru negativnega scenarija.
[…] which, at the request of the States, had to be successfully executed before the new RCF could enter into effect.
Komisija zato upošteva navedeno oceno tveganja in nagrade ter obsežen pregled in preskušanje načrta 4XNG, dodatna preverjanja, zagotovljena v zvezi s temeljnim zavarovanjem s premoženjem [40], določbe o preklicu in predplačilu, s katerimi so se sčasoma zmanjšale morebitne izgube [41], in druge različne ukrepe za zmanjšanje tveganj, vključene v pogoje novega revolving kredita [42].
Disposals
Ob upoštevanju navedenega se zdi odločitev držav za sodelovanje v novem revolving kreditu v skladu z ravnanjem zasebnega subjekta, ki deluje zato, da bi pridobil običajni tržni donos glede na poseben položaj družbe v zadevnem obdobju.
Further to the initial assumptions on asset disposals being challenged by the external financial adviser, and also due to new information which materialised during the process, the final list of planned disposals in the 4XNG plan deviated from the list initially put forward by SAS [36].
Sklepni ugotovitvi o obstoju državne pomoči
The States' financial adviser ultimately concluded that the disposals (with an estimated disposal value of approximately SEK 3,0 billion) included in the final 4XNG plan were feasible within the estimated timeframe.
Ob upoštevanju navedenega je Komisija sklenila, da sodelovanje Danske in Švedske v novem revolving kreditu ne pomeni državne pomoči v smislu člena 107(1) PDEU.
Furthermore, the new RCF contained provisions for the timing of the Widerøe sale, as well as for the strict application of disposal proceeds towards repayment of the new RCF.
Nazadnje, Danska in Švedska sta po ugotovitvah Komisije potrdili, da bosta sprejeli ta sklep in ga priglasili v angleškem jeziku –
The underlying yield and RASK pressure assumptions were assessed and deemed reasonable taking into account relevant data on historical trends, third-party forecasts and known changes in the competitive environment at that time.
Člen 1
These assumptions were therefore not considered to pose a significant downside risk to the execution of the 4XNG plan.
Financiranje družbe Scandinavian Airlines prek novega revolving kredita, ki sta ga Kraljevina Danska in Kraljevina Švedska izvedli decembra 2012, ne pomeni pomoči v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
In relation to the Commission's doubts in the opening decision concerning the optimistic nature of specific drivers in the 4XNG plan (e.g. market growth in ASK, GDP forecasts and 0 % inflation for the period 2015-17), the information submitted by Denmark, Sweden and the SAS Group during the formal investigation indicates that these estimates took particular account of the main markets in which SAS is active.
Člen 2
This included the company's more pronounced exposure to northern rather than to southern Europe, as well as its exposure to the US and Asian markets.
Ta sklep je naslovljen na Kraljevino Dansko in Kraljevino Švedsko.
The submissions further indicate that the estimated cost inflation of 0 % p.a. for the period 2015-17 is the net effect of an underlying rate of inflation of 2 % p.a. (in line with the estimated EU inflation level) and the assumption that it would be possible to neutralise this via new cost-savings measures.
V Bruslju, 9. julija 2014
As regards the lack of sensitivity testing on the IRR analysis presented in the CITI report (see paragraph 35 above), as well as the Commission's initial concerns regarding the potential impact of less optimistic scenarios, the Commission has received additional information from Denmark and Sweden in their submissions on the opening decision concerning the extent of sensitivity analysis undertaken.
Za Komisijo
In this regard, Goldman Sachs presented a range of sensitivity tests during the development of the 4XNG plan over the period June to September 2012.
Podpredsednik
A revised analysis in September 2012 indicated that SAS would not run out of cash even under the downside scenarios presented, i.e. in all cases analysed the SAS cash position would remain above the bottom end of the RCF corridor.
UL C 283, 28.9.2013, str. 8.
However, to maintain market confidence, it was considered that a liquidity backstop was needed and that the RCF remained the most realistic option for such back-up liquidity.
Glej opombo 1.
The Commission thus notes the successive financial reviews conducted on the 4XNG plan (including extensive analysis and testing of various iterations of the plan).
Družba FAM je odgovorna za upravljanje sredstev fundacije Knut and Alice Wallenberg foundation.
Such actions would appear to be in accordance with those of a prudent private market investor.
Vrednost je enaka številu razpoložljivih sedežev, pomnoženemu s številom preletenih kilometrov.
Notwithstanding this, it still needs to be considered whether or not the terms and conditions of the new RCF were in line with what a private market investor, in the same position as the States, i.e. as existing shareholders in the company, would have accepted.
Vir:
Denmark, Sweden and the SAS Group have explained that a specific characteristic of the airline sector is the need to maintain a high level of financial preparedness to preserve customer and stakeholder confidence in the ability of the business to continue operations.
http://www.airlineleader.com/regional-focus/nordic-region-heats-up-as-all-major-players-overhaul-their-strategies.
Given the financial difficulties facing SAS in 2012 and the prevailing liquidity situation at that time, a likely motivation for the States' participation in the new RCF, as shareholders in SAS, was the avoidance of higher losses or bankruptcy in the event of a liquidity run on the company.
Glej opombo 12 in uvodno izjavo 31 v zvezi s prodajo 80 % delnic družbe Widerøe.
In this respect, the States appear to have drawn notably on recommendations from the independent financial advisers when finalising the terms and conditions of the new RCF.
http://www.sasgroup.net/SASGroup/default.asp.
Indeed, it appears that the terms and conditions of the new RCF were collectively aimed at mitigating the main commercial risks identified.
Novejši podatki o bonitetni oceni družbe S&P za družbo SAS so navedeni v opombi 25 spodaj.
For example, as noted in paragraph 84 above, a key condition precedent to the implementation of the new RCF was the successful execution of new collective agreements with flight crews.
Letna poročila družbe SAS za obdobje 2008–2012 so na voljo na: http://www.sasgroup.net/SASGroup/default.asp.
Furthermore, the drawdown conditions applicable to Facility B appeared to render it very unlikely that it could have been drawn before March 2015 [37].
Poslovna skrivnost.
In addition to the above observations, the Commission has received additional information concerning the adequacy of the underlying collateral for the new RCF.
Glej v zvezi s tem izjavo izvršnega direktorja družbe SAS, ki jo je agencija Reuters objavila 12. novembra 2012:
In a report dated May 2012, […] provided an independent valuation of Widerøe and certain tangible assets (including spare engines, relevant aircraft, a number of smaller properties and some equipment) which were subsequently used as security for the new RCF.
„To je resnično naša 'zadnja priložnost', če želimo, da se družba SAS obdrži,“ je dejal izvršni direktor po uvedbi novega načrta za reševanje letalskega prevoznika […], ki celoletnega dobička ni ustvaril že od leta 2007, na voljo na: http://www.reuters.com/article/2012/11/12/uk-sas-idUSLNE8AB01O20121112.
While the focus was on Widerøe, as the most important asset in the security package, and the assessment of the other assets was based on more limited information, the overall valuation implied a total asset value of approximately SEK [1-4]-[3-6] billion.
Glej tudi članek z naslovom „SAS tops European airline critical list“ (Družba SAS na vrhu kritičnega seznama evropskih letalskih prevoznikov) v časopisu Financial Times z dne 13. novembra 2012, na voljo na: http://www.ft.com/intl/cms/s/0/fa1cbd88-2d87-11e2-9988-00144feabdc0.html#axzz2TSY5JHUh.
The total estimated value of the assets subject to security thus exceeded the size of Facility A. According to Denmark and Sweden, this was considered sufficient comfort for the new RCF lenders since, as noted above, the likelihood that SAS would ever draw on Facility B was considered negligible.
Glej na primer objavo agencije Reuters z dne 18. novembra 2012 (http://www.reuters.com/article/2012/11/19/sas-idUSL5E8MI6IY20121119) in časopisa Financial Times z dne 19. novembra 2012 (http://www.ft.com/intl/cms/s/0/43e37eba-322f-11e2-b891-00144feabdc0.html#axzz2TSY5JHUh).
The actual financial risks associated with the new RCF were further mitigated by provisions on mandatory pre-payment and/or cancellation of the commitments under the new RCF, if SAS disposed of certain assets or engaged in other financing options.
Glede na informacije, ki so jih predložili danski in švedski organi, je bila prodaja […] – navedena v sklepu o začetku postopka – odstranjena s končnega seznama načrtovanih odprodaj zaradi visoke negotovosti glede časovne razporeditve prodaje in ustvarjanja prihodkov.
Such prepayment and cancellation provisions had the effect of reducing the potential loss over time.
Družba SAS je 20. maja 2013 sporočila, da je sklenila sporazum o prodaji 80 % svojih delnic v družbi Widerøe skupini vlagateljev.
Indeed, as a result of the Widerøe sale, and pursuant to an agreement which entered into force upon that sale in September 2013 (see paragraph 31 above), the overall size of the new RCF was reduced from SEK 3,5 billion to SEK 2 billion.
Družba SAS je 10 % delnic v družbi za zemeljsko oskrbo zrakoplova prodalo družbi Swissport.
It therefore appears that a comprehensive and coherent set of measures were taken, specifically aimed at ensuring the ongoing viability of SAS over the period 2012-15 and limiting the key financial risks associated with the new RCF.
Učinek te prodaje na likvidnost je znašal približno 1,7 milijarde SEK.
Furthermore, the Commission recognises the need to consider whether a comparable private investor, facing similar market circumstances to the States (i.e. as existing shareholders in SAS), could have been prompted to provide the measure in question to the beneficiary.
Večina teh ukrepov je bila izvedena, s čimer se bodo zagotovili prihranki v znesku približno 1 milijarde SEK.
To this end, it is also useful to consider possible counterfactual situations arising in the absence of the measure being provided.
[…], eden od kreditodajalcev v okviru starega revolving kredita, je navedla, da ni pripravljena sodelovati v novem revolving kreditu.
In this respect, Denmark, Sweden and the SAS Group claim in their submissions on the opening decision that bankruptcy would have been likely if the new RCF had not been made available in 2012.
Zato sta […] in […] sorazmerno povečali svoj delež v novem revolving kreditu.
According to Denmark and Sweden, this would have corresponded to a combined loss of SEK 1044 million for the States, i.e. the value of their aggregate shareholding.
Glej opombo 34 spodaj.
A further consideration also related to the prospect of forgoing future possible capital gains if the 4XNG plan was successfully implemented.
Glej http://www.reuters.com/finance/stocks/SAS.ST/key-developments/article/2662973.
By comparison, Denmark and Sweden estimate in their submissions that if SAS defaulted on the new RCF, the possible combined loss resulting from the States' collective shareholding and their RCF contributions would, in the most extreme scenario, have been in the region of SEK [1000-3000] million [39].
Obveznost v okviru kredita A se je 31. oktobra 2013 z 0,8 milijarde SEK zmanjšala na 0,6 milijarde SEK, ker je družba SAS delež svojega oddelka za zemeljsko oskrbo zrakoplova prodala družbi Swissport.
Consequently, in the event of bankruptcy of SAS, the possible additional loss associated with the States' participation in the new RCF (i.e. approximately SEK 447,5 million based on Denmark and Sweden's illustrative example) appears relatively contained compared to the loss which would have nonetheless accrued in respect of the States' shareholding.
UL C 244, 1.10.2004, str. 2.
Comparing this relatively limited incremental change in the States' downside (bankruptcy) scenario to the potential upside for the States from a successful execution of the 4XNG plan, appears to provide further support for the States' decision to participate in the new RCF.
Druga možnost bi bila preprosto pustiti, da se stari revolving kredit 20. junija 2013 izteče, hkrati pa v tem obdobju preprečiti kakršno koli uporabo, če družba SAS ne more izpolniti pogojev črpanja.
In the most optimistic ‘base case’ scenario, the CITI report estimated potential capital gains for the States of SEK [7000-12000] million in total.
Danski in švedski organi so predložili informacije o nekaterih drugih izpostavljenostih bank družbi SAS v obliki dvostranskih kreditov, različnih pogodb o varovanju pred tveganjem, kreditnih kartic, mehanizmov financiranja zrakoplovov, prekoračitev stanja in nepremičninskih poslov.
However, while the Commission expressed some reservations in its opening decision regarding the optimistic nature of such growth projections, it recognises the possibility that, even under more conservative scenarios, the potential capital gains in the upside scenario may still have notably exceeded the potential losses in the downside scenario.
Danski in švedski organi vztrajajo, da banke, razen morda izpostavljenosti […] v zvezi s plačili s kreditno kartico, niso bile bistveno nezavarovano izpostavljene družbi SAS.
The Commission thus notes the above risk-reward assessment, as well as the extensive review and testing of the 4XNG plan, the additional verifications provided on the underlying collateral [40], the cancellation and prepayment provisions which reduced the potential loss over time [41] and the various other risk-mitigating measures incorporated within the terms of the new RCF [42].
Različne navedene oblike izpostavljenosti so bile omejene ali zavarovane in se zato v zvezi z odločitvijo bank glede sodelovanja v novem revolving kreditu niso zdele pomembne.