natgillin/translations-raw huggingface dataset:
Economic advantage
Komisija v skladu z metodo iz sporočila o referenčnih obrestnih merah iz leta 2008 meni, da se lahko obrestne mere za posojila štejejo za skladne s tržnimi pogoji, kadar so posojila dana po obrestni meri, ki je enaka ali višja od referenčne obrestne mere, izračunane na podlagi naslednje formule:
In order to verify whether an undertaking has benefited from an economic advantage induced by granting of a loan at privileged terms, the Commission applies the criterion of the ‘market economy lender principle’.
Referenčna obrestna mera = izhodiščna obrestna mera + dodatek za tveganje + provizija
According to that principle, debt capital put at the disposal of a company by the State, directly or indirectly, in circumstances which correspond to the normal conditions of the market, should not be qualified as State aid [51].
Izhodiščna obrestna mera predstavlja strošek za banke, ki zagotovijo likvidnost (stroški financiranja).
In the present case, the Commission has to assess whether the conditions of shareholder loans (see Table 3) provided to FLH confer an economic advantage to it, which the recipient undertaking would not have obtained under normal market conditions.
V primeru financiranja s fiksno obrestno mero (tj. kadar je obrestna mera med trajanjem posojila fiksna) je primerno določiti izhodiščno obrestno mero na podlagi cene valutnih zamenjav [55] z dospelostjo in valuto, enakima dospelosti in valuti dolga.
Germany is of the opinion that the ‘market economy lender principle’ was fully respected as the shareholder loans were provided at market conditions.
Dodatek za tveganje predstavlja nadomestilo za posojilodajalca za tveganja, povezana s posebnim dolžniškim financiranjem, zlasti kreditnim tveganjem.
In order to justify the conditions of the loans at issue, Germany compares the conditions of the shareholder loans with the conditions provided from other banks (see the arguments given in sections 3.3.1 and 3.3.2).
Dodatek za tveganje se lahko določi na podlagi ustreznega vzorca razmikov zamenjave kreditnega tveganja [56], ki se nanaša na referenčne subjekte (kot so obveznice družbe), ki imajo podobno bonitetno oceno kot posojila za družbo FLH.
According to its decision-practice, in order to determine whether the financing under assessment was granted at favourable conditions, the Commission may — in the absence of other proxies — compare the interest rate on the loan in question with the Commission reference rate.
Za konec se zdi primerno dodati 10–20 bazičnih točk kot približek za bančne provizije, ki jih običajno plačajo družbe [57].
The Commission’s reference rate is established pursuant to the methodology laid down in the 2008 Reference Rate Communication.
Komisija meni, da ukrepi financiranja, ki se ocenjujejo, ne predstavljajo običajnega posojila.
The 2008 Reference Rate Communication establishes a method for setting reference and discount rates that are applied as a proxy for the market rate.
Za namene sedanje ocene se domneva, da so posojila zagotovljena kot obnovljiv kredit, ki se vsako leto obnovi skupaj z obrestno mero in pogoji njene uporabe.
However, because the Commission reference rate is a proxy, where the Commission has other indicators in a specific case of the interest rate that the borrower could obtain on the market, it may base its assessment on those indicators.
Zato se domneva, da je dospelost eno leto.
The credit rating of FLH
Posojila so odobrena s spremenljivo izhodiščno obrestno mero, pri čemer se kot referenčna obrestna mera upošteva enoletni Euribor.
In order to be able to assess the conditions of the shareholder loans, the Commission has first to assess the credit-worthiness of FLH.
Ocena dodatka za tveganje se lahko opravi na podlagi vzorca o razmikih zamenjave kreditnega tveganja za posamezno zadevno obdobje.
FLH is not rated by a credit rating agency.
Preglednica 7 povzema število meritev (družbe z bonitetno oceno družbe FLH iz vseh industrij, razen finančnih institucij in vlade) in ustrezne razmike zamenjave kreditnega tveganja.
Germany however argues that due to the profit-and-loss transfer agreements concluded between FLH and MFAG, the rating of the mother companies should be taken into account.
Preglednica 7
The Commission observes that according to German law, MFAG remains liable for any loan contracted by the FLH during the time at which the profit-and-loss transfer agreement existed, even if the agreement is subsequently revoked.
Pregled opažanj družb z bonitetno oceno družbe FLH
On that basis, the Commission takes the view that the rating of FLH should be considered to be at least the rating of its parent company, MFAG.
Bonitetna ocena
Also MFAG has not been rated by credit rating agencies.
Število opažanj
Nevertheless Germany has provided some bank internal ratings for MFAG, as summarised in Table 4.
Kvartil 1 (bazične točke)
In view of recitals 257 to 261, the Commission considers that FLH has at least the lowest rating of MFAG, that is to say […] on the Standard & Poor’s rating scale in 2006 and […] on the Standard & Poor’s rating scale from 2007 to 2012.
Kvartil 2 (bazične točke)
The loss given default (or the level of collateralisation):
Kvartil 3 (bazične točke)
If the shareholder loans at stake could be considered as highly collateralised, the market practice in such cases would suggest increasing the rating of the debt instrument (the ‘issue rating’) in question by one notch compared to the issuer rating [52].
Dodatek za tveganje referenčne obrestne mere se določi na podlagi tehtanega povprečja razmikov zamenjave kreditnega tveganja v drugem kvartilu (glej preglednico 7).
Therefore, the Commission has to establish the loss given default [53] (‘LGD’) of the shareholder loans at stake.
Preglednica 8 vsebuje primerjavo med dejansko obrestno mero, ki se zaračuna za posojila delničarjev, ki se ocenjujejo, in referenčno obrestno mero.
As the loans were intended to be only a short-term bridge financing facility, they were not collateralised.
Preglednica 8
Nevertheless, Germany argued that the LGD should be at least lower than 30 %, because the value of the assets of FLH (EUR […] million in 2010), which are not pledged, exceeds the value of the liabilities (EUR […] million in 2010).
Primerjalni pregled dejanske in referenčne obrestne mere družbe FLH
In this regard, the Commission notes that the book value of the assets is not sufficient to estimate the liquidation value in case of insolvency or bankruptcy of the airport.
Dejanska obrestna mera (%)
In the paper published by the Basel Committee on Banking Supervision in June 2006 it is recommended to consider the LGD for senior claims on corporates not secured by recognised collateral to be around 45 % [54].
Referenčna obrestna mera (%)
Hence according to the 2008 Reference Rate Communication the shareholder loans at stake have a ‘normal’ level of collateralisation with a LGD in the middle category (30 % < LGD < 60 %).
Izhodiščna obrestna mera
Hence the Commission considers that the level of collateralisation is not sufficient in order to allow increasing the rating of the undertaking by one notch.
Provizija
Benchmarking of the conditions of FLH’s shareholder loans with market proxies based on credit default swap (CDS) spreads:
Znesek
In order to assess whether FLH’s shareholder loans were in line with market conditions, the Commission has performed a benchmarking with market proxies based on credit default swap (CDS) spreads.
V skladu s tržno prakso mora referenčna obrestna mera, določena na podlagi razmikov zamenjave kreditnega tveganja, upoštevati bančno provizijo, ki znaša približno […] bazičnih točk [58].
In line with the methodology underlying the 2008 Reference Rate Communication, the Commission is of the opinion that loan interest rates can be deemed in line with market conditions when the loans are priced at a rate equal or higher than a benchmark rate defined by the following formula:
Da se v zadevnem primeru doseže konservativna ocena, se doda bančna provizija v višini […] bazičnih točk.
Benchmark rate = base rate + risk margin + fee
Komisija meni, da rezultati v preglednici 8 kažejo, da so bila posojila zares v skladu s tržnimi pogoji.
The base rate represents the cost for banks of providing liquidity (funding cost).
V zvezi s tem ugotavlja, da je bila dejanska obrestna mera družbe FLH v vseh letih – razen leta 2009 – višja od referenčne obrestne mere.
In the case of fixed-rate funding (that is to say when the interest rate is fixed for the duration of the loan), it is appropriate to determine the base rate on the basis of swap rates [55] with a maturity and currency corresponding to the maturity and the currency of the debt.
Vendar se je nižja dejanska obrestna mera leta 2009 izravnala zaradi višjih obrestnih mer v letih 2010–2012, ki je veljala za večja posojila delničarjev.
The risk margin compensates the lender for the risks associated with the specific debt financing, in particular the credit risk.
Poleg tega Komisija ugotavlja, da te rezultate potrjujejo tudi referenčna posojila, ki jih je Nemčija navedla v oddelkih 3.3.1 in 3.3.2.
The risk margin can be derived from an appropriate sample of CDS spreads [56] relating to reference entities (such as company bonds) with a similar rating as the loans for FLH.
V skladu z ugotovitvami iz oddelkov 6.2.1 in 6.2.2 Komisija meni, da so bila posojila delničarjev družbe FLH odobrena po tržnih pogojih, zato ne pomenijo državne pomoči v smislu člena 107(1) Pogodbe.
Finally, it appears appropriate to add 10-20 basis points as an approximation for the bank fees companies usually have to pay [57].
NARAVA POMOČI KAPITALSKIH INJEKCIJ V KORIST DRUŽBE FLH
The Commission considers that the financing measures under assessment do not represent a typical loan.
Državna sredstva in odgovornost države
For the purpose of the current assessment it is assumed that the loans are provided as a revolving credit facility, which is renewed each year with new interest rate conditions.
Da bi zadevni ukrepi pomenili državno pomoč, se morajo financirati z državnimi sredstvi, odločitev o odobritvi ukrepa pa mora biti mogoče pripisati državi.
Consequently, the maturity is assumed to be 1 year.
Pojem državne pomoči se uporablja za vsako prednost, zagotovljeno z državnimi sredstvi, ki jih odobri država sama ali posredniški organ na podlagi pooblastil, ki so mu dodeljena [59].
The loans are granted with a floating base rate taking the 1-year EURIBOR as a reference rate.
Sredstva lokalnih organov so v skladu s členom 107(1) Pogodbe državna sredstva [60].
The assessment of the risk margin can be made on the basis of a sample of CDS spreads for each relevant point in time.
Sodišče je razsodilo tudi, da pri odločanju o tem, ali ukrep pomeni državno pomoč, ni pomembno, ali ga odobri neposredno država ali javni organi ali zasebni subjekti, ki jih ustanovi ali imenuje država za upravljanje ukrepov [61].
Table 7 summarises the number of observations (companies with a rating of FLH from all industries, excluding financial institutions and government) and the corresponding CDS spreads.
V tem primeru se bodo ustrezni ukrepi, namreč kapitalske injekcije v korist družbe FLH, delno financirali neposredno iz proračuna lokalnih organov (dežele Saška-Anhalt, svobodne dežele Saške ter ustreznih mest in občin) in delno iz proračuna lokalnih organov, pri čemer bo družba MFAG kot posrednica sredstva posredovala družbi FLH.
Table 7
V tem smislu Komisija ugotavlja, da so sredstva lokalnih organov, posredovana prek družbe MFAG, namenjena za prenos družbi FLH.
Overview of observations of companies with rating of FLH
Država je tako ves čas neposredno in posredno nadzorovala zadevna sredstva.
Rating
Zato Komisija meni, da so ustrezni ukrepi financirani z državnimi sredstvi.
Number of observations
Odločitev o odobritvi teh državnih sredstev se lahko pripiše tudi javnim organom, ker se je javni delničar družbe FLH strinjal, da bo zagotovil kapitalske injekcije.
Quartile 1 (basis points)
Prednost v smislu člena 107(1) Pogodbe je gospodarska prednost, ki je podjetje ne bi moglo pridobiti po običajnih tržnih pogojih, tj. brez posredovanja države [62].
Quartile 2 (basis points)
Šteje samo vpliv ukrepa na podjetje in ne vzrok ali cilj posredovanja države [63].
Quartile 3 (basis points)
Prednost pomeni vsako izboljšanje finančnega položaja podjetja zaradi posredovanja države.
The risk margin of the benchmark rate is established on the basis of a weighted average CDS spreads of the 2nd Quartile (see Table 7).
Komisija opozarja tudi, da „kapital, ki ga država da neposredno ali posredno na voljo podjetju v okoliščinah, ki ustrezajo običajnim tržnim pogojem, ne more veljati za državno pomoč“ [64].
Table 8 compares the actual interest rate that is charged for the shareholder loans under assessment and the benchmark rate.
Da bi Komisija v tem primeru lahko ocenila, ali je družba FLH zaradi javnega financiranja letališča Leipzig/Halle pridobila prednost, ki je po običajnih tržnih pogojih ne bi pridobila, mora primerjati ravnanje javnih organov, ki zagotavljajo neposredna nepovratna sredstva za naložbe in kapitalske injekcije s preskusom udeleženca v tržnem gospodarstvu, ki se ravna po dolgoročnih možnostih donosnosti [65].
Table 8
V oceni se ne smejo upoštevati pozitivni vplivi na gospodarstvo regije, v kateri se nahaja letališče, ker je sodišče pojasnilo, da je ključno vprašanje v zvezi z uporabo preskusa udeleženca v tržnem gospodarstvu, ali „bi v podobnih okoliščinah zasebni delničar na podlagi predvidljivih možnosti donosa ter ne glede na vse socialne dejavnike, dejavnike regionalne politike in sektorsko problematiko vpisal zadevni kapital“ [66].
Comparative overview of FLH’s actual and benchmark rate
V sodbi Stardust Marine je sodišče odločilo, da „[…] za preveritev vprašanja, ali je država ravnala kot preudaren vlagatelj, ki deluje pod pogoji tržnega gospodarstva, potrebna umestitev v obdobje, v katerem so bili sprejeti ukrepi finančne podpore, da se oceni gospodarska racionalnost ravnanja države in s tem prepreči kakršna koli ocena na podlagi poznejših razmer“ [67].
Actual interest rate (%)
Poleg tega je Sodišče v zadevi EDF odločilo, da „[…] zanašanje na gospodarske ocene, ki so bile izvedene po pridobitvi prednosti, ugotovitve za nazaj o tem, da je bila naložba zadevne države članice dejansko donosna, ali na nadaljnje utemeljitve dejansko izvedenega ukrepa ne zadošča, da se dokaže, da je država članica to odločitev sprejela kot delničar, preden je pridobila prednost ali ob tem, ko jo je pridobila“ [68].
Benchmark rate (%)
Da bi Komisija lahko uporabila preskus udeleženca v tržnem gospodarstvu, se mora umestiti v čas, ko so bile sprejete posamezne odločitve o zagotovitvi javnih sredstev družbi FLH.
Base rate
Poleg tega mora svojo oceno utemeljiti na informacijah in predpostavkah, ki so jih ustrezni lokalni organi imeli na voljo ob sprejetju odločitve o zadevnih kapitalskih injekcijah.
Fee
Nemčija je poudarila tudi, da je infrastruktura nujna za ustvarjanje delovnih mest (5106 delovnih mest je neposredno odvisnih od letališča).
Sum
Vendar Komisija ugotavlja, da se pri izvajanju preskusa udeleženca v tržnem gospodarstvu socialni dejavniki in dejavniki regionalne politike ne morejo upoštevati.
According to the market practice the benchmark rate established on the basis of CDS spreads needs to take into account a bank fee of approximately […] basis points [58].
Zdi se, da Nemčija v tem posebnem primeru dvomi v uporabnost preskusa udeleženca v tržnem gospodarstvu v zvezi z infrastrukturnimi in z njo povezanimi naložbami.
In order to arrive at a conservative estimate, in the case at stake a bank fee of […] basis points is added.
Dejala je, da se preskus udeleženca v tržnem gospodarstvu ne more uporabiti za prometno infrastrukturo, ker tam ni primerljivih zasebnih vlagateljev.
The Commission considers that the results in Table 8 provide an indication that the loans were indeed in line with market conditions.
Po njenem mnenju se zasebni vlagatelji ne zanimajo za letališča, zlasti če so potrebne velike naložbe vanje.
In this regard, the Commission notes that in all years — except 2009 — FLH’s actual rate was above the benchmark rate.
V tem smislu je navedla, da bi to pomenilo, da bi se naložbe, ki jih zasebni upravitelji ne bi izvedli, samodejno uvrstile zunaj področja uporabe pravil o državni pomoči.
However, the lower actual interest rate in 2009 is offset by the higher rates in 2010 to 2012 on larger shareholder loan volumes.
Komisija se s tem mnenjem ne more strinjati.
Moreover, the Commission observes that these results were also confirmed by the benchmarking loans listed by Germany in sections 3.3.1 and 3.3.2.
Preskusa udeleženca v tržnem gospodarstvu ni mogoče izključiti samo zato, ker se zasebni sektor ne bi lotil financiranja letališke infrastrukture.
In the light of the considerations in sections 6.2.1 and 6.2.2, the Commission considers that the FLH’s shareholder loans were granted on market terms, and thus do not constitute State aid within the meaning of Article 107(1) of the Treaty.
Javni vlagatelj mora kljub težavnemu gospodarskemu položaju ravnati enako racionalno, kot bi v takem položaju ravnal zasebni vlagatelj.
AID NATURE OF THE CAPITAL INJECTIONS IN FAVOUR OF FLH
V tem smislu Komisija ugotavlja, da je Sodišče Evropske unije v sodni praksi pojasnilo, da naložba v gospodarske dejavnosti, ki jih zasebni vlagatelji, udeleženi v tržnem gospodarstvu, ne bi izvedli, vsebuje elemente državne pomoči [69].
State resources and imputability to the State
Nemčija meni, da delničarji družbe FLH zaradi odločitve, da povečajo lastni kapital letališča in posojila delničarjev pretvorijo v lastniški kapital, niso ravnali kot udeleženci v tržnem gospodarstvu.
In order to constitute State aid, the measures in question have to be financed from State resources and the decision to grant the measure must be imputable to the State.
Komisija opozarja, da se je po navedbah Nemčije kapital povečal brez osnovnega poslovnega načrta in brez dolgoročnih možnosti donosnosti.
The concept of State aid applies to any advantage granted through State resources by the State itself or by any intermediary body acting by virtue of powers conferred on it [59].
Kljub povezanim in pomembnim negotovostim glede projekta, kot je dolgoročna narava naložbenega projekta (približno 50 let), ni bil pripravljen ne predhodni poslovni načrt ne izvedena analiza o občutljivosti katere koli osnovne predpostavke o donosnosti.
Resources of local authorities are, for the application of Article 107(1) of the Treaty, State resources [60].
To ni v skladu z vrsto analize, ki bi jo previden vlagatelj opravil pri tako obsežnem projektu.
The Court has also ruled that whether a measure is granted directly by the State or by public or private bodies established or appointed by it to administer the measure is irrelevant to whether it is considered to be State aid [61].
Na tej podlagi Komisija ugotavlja, da je družba FLH s kapitalskimi injekcijami javnih delničarjev in družbe MFAG pridobila gospodarsko prednost (če nepovratna sredstva za naložbe niso povezana samo z dejavnostmi, ki spadajo v pristojnost javne politike, kot izhaja iz oddelka 6.1.2).
In the present case, the relevant measures, namely capital injections in favour of FLH, will be granted in part directly from the budget of the local authorities (the Land Sachsen-Anhalt, Freistaat Sachsen and the relevant cities and municipalities) and in part through the funding granted from the budget of the local authorities, which will be channelled through MFAG, as an intermediary body, into FLH.
Selektivnost
In this context, the Commission notes that the funds channelled through MFAG were earmarked by the local authorities to be transferred into FLH.
Državni ukrep mora dajati prednost „posameznim podjetjem ali proizvodnji posameznega blaga“, da se lahko uvršča na področje uporabe člena 107(1) Pogodbe.
Hence, at all material times the State exercised direct or indirect control on the resources under consideration.
Zato državno pomoč predstavljajo samo ukrepi v korist podjetij, ki omogočajo pridobitev prednosti na selektiven način.
Thus, the Commission considers that the relevant measures are financed through State resources.
V zadevnem primeru kapitalske injekcije koristijo samo družbi FLH.
The decision to grant these State resources is also imputable to public authorities, as FLH’s public shareholder agreed to provide capital injections.
Ukrep je potemtakem selektiven v smislu člena 107(1) Pogodbe.
An advantage within the meaning of Article 107(1) of the Treaty is any economic benefit which an undertaking would not have obtained under normal market conditions, that is to say in the absence of State intervention [62].
Izkrivljanje konkurence in vpliv na trgovino
Only the effect of the measure on the undertaking is relevant, not the cause nor the objective of the State intervention [63].
Kadar pomoč, ki jo odobri država članica, okrepi položaj nekega podjetja v primerjavi z drugimi podjetji, ki konkurirajo na notranjem trgu, se šteje, da je navedena pomoč vplivala na ta podjetja [70].
Whenever the financial situation of the undertaking is improved as a result of State intervention, an advantage is present.
Gospodarska prednost, ki se pridobi s kapitalskimi injekcijami, namenjenimi upravljavcu letališča, okrepi njegov gospodarski položaj, saj lahko vzpostavi poslovanje brez kritja z njim povezanih stroškov naložb.
The Commission further recalls that ‘capital placed directly or indirectly at the disposal of an undertaking by the State in circumstances which correspond to normal market conditions cannot be regarded as State aid’ [64].
Kot izhaja iz ocene v oddelku 6.1.1, je upravljanje letališča gospodarska dejavnost.
In the present case, in order to determine whether the public financing of Leipzig/Halle airport grants FLH an advantage that it would not have received under normal market conditions, the Commission has to compare the conduct of the public authorities providing the direct investment grants and capital injections to that of a MEO who is guided by prospects of profitability in the long-term [65].
Konkurenca pa na eni strani poteka med letališči, ki privabljajo letalske prevoznike in z njimi povezan zračni promet (potniški in tovorni), na drugi pa med upravljavci letališč, ki lahko konkurirajo med seboj za podelitev upravljanja zadevnega letališča.
The assessment should leave aside any positive repercussions on the economy of the region in which the airport is located, since the Court has clarified that the relevant question for applying the MEO test is whether ‘in similar circumstances a private shareholder, having regard to the foreseeability of obtaining a return and leaving aside all social, regional-policy and sectoral considerations, would have subscribed the capital in question’ [66].
Komisija poudarja tudi, da letališča, ki se ne nahajajo v istih zaledjih in različnih državah članicah, lahko prav tako konkurirajo med seboj, zlasti da bi privabile špediterje, letalske prevoznike, specializirane za zračni promet, potniške letalske prevoznike in ponudnike čarterskih poletov.
In Stardust Marine the Court stated that, ‘[…] in order to examine whether or not the State has adopted the conduct of a prudent investor operating in a market economy, it is necessary to place oneself in the context of the period during which the financial support measures were taken in order to assess the economic rationality of the State’s conduct, and thus to refrain from any assessment based on a later situation’ [67].
Splošno sodišče je potrdilo, da letališče Leipzig/Halle konkurira z letališči v drugih državah članicah, zlasti z letališčem v Bruslju (Belgija) in letališčem Vatry (Francija), predvsem na področju tovornega prometa [71].