natgillin/translations-raw huggingface dataset:
Estonia submitted comments on the restructuring aid opening decision by letter dated 19 March 2014.
Leta 2013 je redne lete z letališča v Talinu in nanj izvajalo 13 letalskih prevoznikov, skozi celo leto pa je skupaj obratovalo 20 prog [8].
A meeting with the Estonian authorities and Estonian Air took place on 7 May 2014, followed by a telephone conference on 30 June 2014.
Podjetje Estonian Air je prepeljalo 27,6 % potnikov, ki so leta 2013 leteli prek Talina, kar je manj kot leta 2012, ko je prepeljalo 40,2 % potnikov, vendar je vseeno ohranilo položaj vodilnega letalskega prevoznika.
In addition, a meeting with the Estonian authorities and their legal representative took place on 28 August 2014, after which Estonia provided additional information by e-mail on 10 September 2014.
Leta 2013 sta tudi letalska prevoznika Ryanair in Lufthansa prepeljala 15,1 % oziroma 10,5 % potnikov, ki so potovali iz Talina ali v Talin, tesno pa sta jima sledila letalska prevoznika Finnair in airBaltic [10].
On 31 October 2014, the Estonian authorities submitted a modified restructuring plan.
Leta 2014 se je delež vseh potnikov letalskega prevoznika Estonian Air dodatno zmanjšal na 26,6 %, sledila pa sta mu letalska prevoznika Lufthansa s 13,4 % in Ryanair z 11,5 % vseh potnikov [11].
Following that, meetings with the Estonian authorities were held on 23 November, 11 December and 19 December 2014 and additional information was submitted by the Estonian authorities on 3, 10 and 19 December 2014.
Zaradi stabilnosti estonskega gospodarstva leta 2013 je povpraševanje potnikov po letalskem prevozu ostalo na visoki ravni, kar so drugi letalski prevozniki obravnavali kot priložnost za povečanje ponudbe in tržnega deleža [12].
Additional information was submitted by the Estonian authorities on 14, 27 and 28 January, 13 February, 11 March, 8 and 30 April, 27 May, 17 July and 26 August 2015.
Leta 2013 je letalski prevoznik Turkish Airlines uvedel lete na progi Talin–Carigrad–Talin, Ryanair je dodal sedem novih prog, Lufthansa in airBaltic pa sta povečala pogostost letov.
In addition, meetings with the Estonian authorities were held on 14 and 15 January, 27 March, 21 April (telephone conference), 7 May (telephone conference), 28 May and 15 September 2015.
Leta 2014 so redne lete iz Talina uvedli novi letalski prevozniki, kot sta na primer TAP Portugal (Talin–Lizbona–Talin) in Vueling (Talin–Barcelona–Talin) [13].
The restructuring aid opening decision was published in the Official Journal of the European Union on 9 May 2014 [6].
Po navedbah upravitelja letališča v Talinu se lahko celotna Estonija obravnava kot zaledje tega letališča.
The Commission received comments from two interested parties, namely Ryanair and an interested party who does not wish its identity to be disclosed.
UPRAVIČENEC
The Commission forwarded them to Estonia, which was given the opportunity to react; Estonia’s observations were received on 15 August 2014.
Estonian Air je delniška družba v skladu z estonskim pravom in nacionalni letalski prevoznik Estonije s sedežem na letališču v Talinu.
By letter dated 8 October 2015, Estonia informed the Commission that they exceptionally accept that this Decision be adopted and notified in English, thereby waiving its rights deriving from Article 342 of the Treaty in conjunction with Article 3 of Regulation 1 [7].
Trenutno ima približno 160 zaposlenih in floto sedmih letal.
THE ESTONIAN AIR TRANSPORT MARKET
Podjetje Estonian Air je bilo ustanovljeno kot državno podjetje po neodvisnosti Estonije leta 1991, ko se je ločilo od ruskega letalskega prevoznika Aeroflot.
The main airport of Estonia is Tallinn Airport, which in 2013 served 1,96 million passengers down from 2,21 million passengers in 2012, that is to say, a decrease of 11,2 %.
Po prizadevanjih za privatizacijo in nadaljnjih spremembah v lastniški strukturi je Estonian Air trenutno v 97,34-odstotni lasti Estonije in 2,66-odstotni lasti skupine SAS Group (v nadaljnjem besedilu: SAS).
In 2013, 13 different airlines performed scheduled flights to and from Tallinn and a total of 20 routes were operated all year round [8].
Podjetje Estonian Air ima delež v enem skupnem podjetju, in sicer Eesti Aviokütuse Teenuste AS (51-odstotni delež), ki na letališču v Talinu oskrbuje letala z gorivom.
In 2014, Tallinn Airport served 2,02 million passengers, an increase of 3 % compared to 2013.
To hčerinsko podjetje je bilo junija 2013 prodano zasebnemu letalskemu prevozniku Fort Aero BBAA OÜ [16].
In total 15 different airlines operated 20 routes on a year-round basis [9].
Podjetje Estonian Air od leta 2006 ustvarja velike izgube.
Estonian Air carried 27,6 % of the passengers flying via Tallinn in 2013, down from 40,2 % in 2012, although it maintained its leader position.
Junija 2012 je podjetje Estonian Air spremenilo svojo napoved za leto 2012 in ocenilo, da bodo operativne izgube za navedeno leto znašale 25 milijonov EUR (prvotni proračun je predvideval letno izgubo v višini 8,8 milijona EUR).
Also in 2013, Ryanair and Lufthansa carried 15,1 % and 10,5 %, respectively, of passengers travelling to/from Tallinn, closely followed by Finnair and airBaltic [10].
Do konca julija 2012 je bilo podjetje Estonian Air v položaju tehničnega stečaja v skladu z estonskim pravom.
In 2014, Estonian Air’s share of total passengers further decreased to 26,6 %, followed by Lufthansa with 13,4 % and Ryanair with 11,5 % of the total passengers [11].
V proračunskem letu 2012 je letalski prevoznik ustvaril izgubo v višini 49,2 milijona EUR.
Due to the stability of the Estonian economy in 2013, passenger demand for air transport remained high, which presented other airlines an opportunity to increase their supply and market share [12].
Čista izguba podjetja Estonian Air je leta 2013 znašala 8,1 milijona EUR [18].
In 2013, Turkish Airlines started to operate flights to/from Istanbul and Ryanair added seven new routes, while Lufthansa and airBaltic increased their frequencies.
Leta 2014 je čista izguba znašala 10,4 milijona EUR [19].
In 2014, new airlines started operating scheduled routes from Tallinn, such as for example TAP Portugal (to/from Lisbon) and Vueling (to/from Barcelona) [13].
OPIS UKREPOV IN NAČRTA PRESTRUKTURIRANJA
THE BENEFICIARY
Letališče v Talinu in letalski prevoznik sta bila do leta 1993 eno podjetje, nato pa je letalski prevoznik postal neodvisen subjekt.
Estonian Air, a stock company under Estonian law, is the flag carrier airline of Estonia, based in Tallinn Airport.
Leta 1996 je Estonija privatizirala 66 % delnic letalskega prevoznika.
Estonian Air participates in one joint venture: Eesti Aviokütuse Teenuste AS (51 % share), which provides refuelling service to aircrafts at Tallinn Airport.
Na začetku leta 2008 je podjetje Estonian Air izvedlo denarni polog v višini […] [20] milijonov EUR za nakup treh novih regionalnih letal tipa Bombardier, da bi nadgradil floto z učinkovitejšimi letali.
Estonian Air also participated in the joint venture AS Amadeus Eesti (60 % share), which provides Estonian travel agencies with booking systems and support, but in early 2014 it sold its stake to Amadeus IT Group, SA [15].
Poleg tega poslovni model ni deloval zaradi izjemnih okoliščin, ki so nastale zaradi finančne krize, in letalski prevoznik je imel ob koncu leta likvidnostne težave.
Estonian Air also had a 100 %-owned subsidiary, AS Estonian Air Regional, which operated commercial flights to neighbouring destinations in cooperation with Estonian Air.
Februarja 2009 so vsi delničarji povečali kapital letalskega prevoznika za 7,28 milijona EUR sorazmerno s svojimi poslovnimi deleži.
This subsidiary was sold in June 2013 to Fort Aero BBAA OÜ, a private jet operator [16].
Estonija je vložila 2,48 milijona EUR denarnih sredstev, 1,23 milijona EUR denarnih sredstev pa je zagotovila banka Cresco.
Estonian Air has made heavy losses since 2006.
Skupina SAS je skupaj vložila 3,57 milijona EUR, od tega 1,21 milijona EUR denarnih sredstev in 2,36 milijona EUR v obliki pretvorbe posojila v lastniški kapital.
More than half of the airline’s equity disappeared between 2010 and 2011.
Lastniška struktura podjetja Estonian Air se zaradi ukrepa 1 ni spremenila.
In that period, the airline lost more than one quarter of its capital.
Prodaja oddelka za zemeljsko oskrbo leta 2009 (ukrep 2)
Despite capital injections in 2011 and 2012, the airline’s financial situation continued to deteriorate in 2012.
Junija 2009 je podjetje Estonian Air za 2,4 milijona EUR prodalo svoje podjetje za zemeljsko oskrbo letališču v Talinu, ki je v državni lasti.
In May 2012, a monthly loss of EUR 3,7 million was incurred, above the budgeted loss of EUR 0,9 million.
Ob prodaji je bila Estonija 100-odstotna lastnica letališča v Talinu.
By the first half of 2012, the losses of Estonian Air had reached EUR 14,9 million [17].
Estonski organi so pojasnili, da ni bilo odprtega, preglednega in brezpogojnega razpisnega postopka.
In June 2012, Estonian Air revised its forecast for 2012 and estimated EUR 25 million in operational losses for the year (the original budget forecasted an annual loss of EUR 8,8 million).
Poleg tega prodajna cena ni temeljila na izvedenskem mnenju, temveč na knjigovodski vrednosti sredstev, ki so se prodajala.
By the end of July 2012, Estonian Air had reached a state of technical bankruptcy under Estonian law.
Amortizirana sredstva so se upoštevala tako, da se je prištela vrednost.
In the financial year 2012, the airline made a loss of EUR 49,2 million.
Po navedbah estonskih organov je bila cena določena pri neposrednih pogajanjih med letališčem v Talinu in podjetjem Estonian Air.
The net loss of Estonian Air in 2013 amounted to EUR 8,1 million [18].
Kapitalska injekcija leta 2010 (ukrep 3)
In 2014, its net loss reached EUR 10,4 million [19].
Odločitev o pridobitvi večinskega lastništva nad letalskim prevoznikom je temeljila na poslovnem načrtu iz leta 2010 (v nadaljnjem besedilu: poslovni načrt iz leta 2010).
DESCRIPTION OF THE MEASURES AND THE RESTRUCTURING PLAN
Obenem je Estonija želela zagotoviti dolgoročne letalske povezave med Talinom in najpomembnejšimi poslovnimi destinacijami, zato je menila, da je pridobitev nadzora nad letalskim prevoznikom s kapitalsko injekcijo najboljši način za doseganje tega cilja.
This section provides a description of the measures under assessment both as regards the rescue case (SA.35956), that is to say, measures 1 to 5, and the restructuring plan notified under the restructuring case (SA.36868).
Kapital naj bi se uporabil za predplačila za tri letala tipa Bombardier CRJ900 v vrednosti […] milijonov USD, ki so bila dobavljena leta 2011, in za kritje dela čiste izgube iz leta 2011, ki je znašala 17,3 milijona EUR.
The 2009 capital increase (measure 1)
Zaradi kapitalske injekcije leta 2010 je Estonija postala večinska lastnica, saj je imela v lasti 90 % delnic podjetja Estonian Air, poslovni delež skupine SAS pa se je zmanjšal na 10 %.
Tallinn Airport and the airline were a single company until 1993, when the airline became an independent entity.
Kot je navedeno v uvodni izjavi 33, banka Cresco, ki je imela od privatizacije leta 1996 17 % delnic v podjetju Estonian Air, ni bila več delničarka in se je odločila, da v letalskega prevoznika ne bo vložila dodatnih denarnih sredstev [21].
In 1996, Estonia privatised 66 % of the shares of the airline.
Dokapitalizacija v letih 2011 in 2012 (ukrep 4)
After privatisation, the shares were held as follows: 49 % by Maersk Air, 34 % by the Ministry of Economic Affairs and Communications of Estonia, and 17 % by Cresco Investment Bank (‘Cresco’), a local investment bank.
Novembra 2011 se je Estonija odločila, da bo v Estonian Air vložila 30 milijonov EUR kapitala in povečala svoj delež na 97,34 %.
In 2003, SAS bought the 49 % stake of Maersk Air, while the other shareholdings remained the same.
Od takrat se lastniška struktura podjetja Estonian Air ni spremenila.
According to the information provided by Estonia, the airline sought new capital from its shareholders in 2009 for two main reasons.
Kapitalska injekcija naj bi bila izvedena na podlagi poslovnega načrta iz oktobra 2011 (v nadaljnjem besedilu: poslovni načrt iz leta 2011).
First, at the beginning of 2008, Estonian Air made a down payment in cash of EUR […] [20] million to acquire three new Bombardier regional jets in order to upgrade the fleet to more efficient aircraft.
Poslovni načrt iz leta 2011 je temeljil na predpostavki, da bodo večje omrežje in pogostejši leti izboljšali konkurenčnost letalskega prevoznika.
Secondly, the business model did not work under the stress of the financial crisis and the airline faced liquidity problems at the end of the year.
Predpostavljalo se je, da bo dobra struktura vozlišč (omrežje vozlišč in manjših letališč „hub-and-spoke“) privabila potnike in omogočila prožnost za preusmeritev prometa prek vozlišča, kar bi bila protiutež sezonskosti in nenadnim spremembam povpraševanja.
In February 2009 all the shareholders increased the airline’s capital by EUR 7,28 million in proportion to their shareholdings.
Poleg tega se je upoštevala kapaciteta vozlišč, ki bi omogočila znižanje stroškov po sedežih z uporabo večjega letala.
Estonia injected in cash EUR 2,48 million, while Cresco provided EUR 1,23 million also in cash.
Proučil se je model regionalnega omrežja, ki bi omogočil povečanje velikosti letalskega prevoznika in zmanjšanje tveganj.
The sale of the ground handling section in 2009 (measure 2)
Posojilo za reševanje (ukrep 5)
In June 2009, Estonian Air sold its ground handling business to the State-owned Tallinn Airport at a price of EUR 2,4 million.
Zaradi slabih rezultatov podjetja Estonian Air v sredini leta 2012 (izgube v višini 14,9 milijona EUR) je postalo vodstvu letalskega prevoznika jasno, da strategija vozlišč in manjših letališč iz poslovnega načrta iz leta 2011 ni uspešna.
At the time of the sale, Tallinn Airport was 100 % owned by Estonia.
Zato se je Estonija odločila, da bo letalskemu prevozniku zagotovila dodatno podporo v obliki pomoči za reševanje.
The Estonian authorities explained that no open, transparent and unconditional tender took place.
Ukrep reševanja je sestavljalo posojilo v višini 8,3 milijona EUR, ki ga je s 15-odstotno letno obrestno mero zagotovilo Ministrstvo za finance Estonije.
Also, the sale price was not based on an expert opinion but it was based on the book value of the assets for sale.
Prvi obrok posojila v višini 793000 EUR je bil izplačan že 20. decembra 2012, drugi obrok v višini 3000000 EUR 18. januarja 2013, preostalih 4507000 EUR pa 11. februarja 2013 [22].
Depreciated assets were taken into account by adding value.
Estonija se je zavezala, da bo Komisijo obvestila o načrtu prestrukturiranja ali načrtu likvidacije ali predložila dokaz, da je bilo posojilo v celoti povrnjeno najpozneje šest mesecev po prvi izvedbi ukrepa v zvezi s pomočjo za reševanje, tj. do 20. junija 2013.
According to the Estonian authorities, the price was established in direct negotiations between Tallinn Airport and Estonian Air.
Estonski organi so 4. marca 2013 obvestili Komisijo o svoji odločitvi z dne 28. februarja 2013, da bodo za 28,7 milijona EUR povečali posojilo za reševanje na podlagi prošnje podjetja Estonian Air, v kateri je opisalo svoje likvidnostne potrebe.
On 10 November 2010, Estonia injected EUR 17,9 million (EEK 280 million) in cash into the capital of Estonian Air while SAS carried out a loan-to-equity conversion for an amount of EUR 2 million.
Pogoji dodatnega posojila za reševanje so bili enaki pogojem prvotnega posojila za reševanje, in sicer posojilo je bilo treba prvotno povrniti najpozneje do 20. junija 2013 (povračilo je bilo nato po priglasitvi zadeve v zvezi s prestrukturiranjem odloženo) in zaračunale bi se 15-odstotne letne obresti.
At the same time, SAS acquired Cresco’s 17 % stake in the airline in exchange for a EUR […] loan write-off that Cresco held with SAS and thus Cresco ceased to be a shareholder.
Skupni znesek posojila za reševanje je tako znašal 37 milijonov EUR, podjetju Estonian Air pa je bil v celoti izplačan v več tranšah, kot je opisano v uvodnih izjavah 40 in 41.
The decision to acquire the majority ownership of the airline was based on a business plan dating from 2010 (‘the 2010 business plan’).
Priglašena pomoč za prestrukturiranje in načrt prestrukturiranja (ukrep 6)
At the same time, Estonia wanted to ensure long-term flight connections between Tallinn and the most important business destinations and saw gaining control of the airline through a capital injection as the best way to reach this objective.
Estonija je 20. junija 2013 priglasila pomoč za prestrukturiranje za Estonian Air v višini 40,7 milijona EUR v obliki dokapitalizacije na podlagi načrta prestrukturiranja (v nadaljnjem besedilu: načrt prestrukturiranja), ki je zajemal petletno obdobje prestrukturiranja od leta 2013 do leta 2017.
The capital was apparently used for pre-payments of USD […] million for three Bombardier CRJ900 aircraft which were delivered in 2011, as well as to cover part of the net loss in 2011 amounting to EUR 17,3 million.
Ponovno doseganje rentabilnosti do leta 2016
As a result of the 2010 capital injection, Estonia became majority owner with 90 % of the shares of Estonian Air, while SAS’s participation was diluted to 10 %.
Preglednica 1
As indicated in recital 33, Cresco — which held 17 % of the shares of Estonian Air since the airline’s privatisation in 1996 — ceased to be a shareholder and decided not to inject more money into the airline [21].
Poslovni izid za obdobje 2009–2017
The 2011/2012 capital increase (measure 4)
(v mio.
The capital injection was carried out in two tranches of EUR 15 million each, one on 20 December 2011 and the other on 6 March 2012.
Prihodki
SAS did not participate to this capital injection and its shareholding was diluted from 10 % to 2,66 %.
Stopnja EBT
Since then, the shareholding structure of Estonian Air has not changed.
Skupni lastniški kapital
The capital injection was apparently carried out on the basis of a business plan dated October 2011 (‘the 2011 business plan’).
Cilj za donosnost iz načrta prestrukturiranja je doseči 6,2-odstotno donosnost naložbenega kapitala (ROCE) in 6,9-odstotno donosnost lastniškega kapitala (ROE) do leta 2016 ter 9,8-odstotno donosnost naložbenega kapitala in 8,9-odstotno donosnost lastniškega kapitala do leta 2017.
The 2011 business plan was based on the assumption that a bigger network and more frequencies would improve the airline’s competitiveness.
Preglednica 2
It was considered that a good hub structure (hub-and-spoke network) would attract passengers and allow flexibility to reallocate traffic through a hub to counter seasonality or sudden changes in demand.
Napovedana donosnost lastniškega kapitala in donosnost naložbenega kapitala za obdobje 2013–2017
In addition, the hub volumes were considered to allow the lowering of seat cost by utilising bigger aircraft.
Ukrepi prestrukturiranja
The regional network model was considered to allow the airline to grow in size and reduce risks.
Za doseganje navedenih rezultatov načrt prestrukturiranja predvideva številne ključne ukrepe.
The 2011 business plan also implied an increase of connections to and from Estonia, of the fleet and consequently an increase of staff to handle more round trips.
Podjetje Estonian Air je zmanjšalo omrežje prog s 24 prog leta 2012 na 12 prog, od katerih sta dve sezonski [26].
According to the 2011 business plan, Estonian Air would require EUR 30 million from its shareholders and loan from the private bank […].
Letalski prevoznik je tako ukinil 12 prog, ukinitve teh prog pa šteje za izravnalne ukrepe (glej Preglednico 4).
Notwithstanding this refusal, Estonia decided to provide EUR 30 million to Estonian Air.
Poleg tega je podjetje Estonian Air za 23 % zmanjšalo ASK na progah, ki so bile ohranjene kot ključne proge.
Rescue loan facility (measure 5)
Podjetje Estonian Air je že zmanjšalo število zaposlenih, in sicer s 337 zaposlenih aprila 2012 na 197 zaposlenih marca 2013, zdaj pa jih ima približno 160, s čimer je preseglo svoj prvotni načrt, da bo število osebja zmanjšalo na 164 zaposlenih.
In view of the bad mid-2012 results of Estonian Air (losses of EUR 14,9 million), it became clear to the management of the airline that the hub-and-spoke strategy of the 2011 business plan had not succeeded.
Poleg tega je podjetje letališču v Talinu prodalo poslovno stavbo in hangar.
The rescue measure consisted of a loan amounting to EUR 8,3 million provided by the Ministry of Finance of Estonia with an annual interest rate of 15 %.
Poleg tega namerava podjetje Estonian Air v skladu z načrtom prestrukturiranja izvesti številne ukrepe za znižanje stroškov, vključno s podpisom kolektivne pogodbe o zvišanju plačilne lestvice, dopustih in uporabi pilotov, uvedbo koncepta večnamenskega zaposlenega, zlasti pri zaposlenih v zaledni pisarni; povečanjem izkoristka goriva z boljšimi letalskimi operacijami, kar vključuje manjšo moč pri vzletu in natančno nastavitev ter manjšo distribucijo in stroške provizije, učinkovitostjo flote, sestavljene iz enega tipa letal, in ponovnimi pogodbenimi pogajanji o zemeljski oskrbi, pripravi in dostavi hrane ter letaliških pristojbinah.
A first instalment of the loan of EUR 793000 was already disbursed on 20 December 2012, the second instalment of EUR 3000000 on 18 January 2013 and the remaining EUR 4507000 on 11 February 2013 [22].
Z navedenimi ukrepi bi se moralo v naslednjih petih letih zagotoviti [20–30] milijonov EUR.
Estonia committed to communicate to the Commission a restructuring plan or a liquidation plan or proof that the loan had been reimbursed in full not later than six months after the first implementation of the rescue aid measure, namely by 20 June 2013.
Načrt prestrukturiranja predvideva tudi reorganizacijo višje vodstvene skupine letalskega prevoznika.
According to the Estonian authorities, the reason for this decision was that the airline’s risk profile had changed since the rate was set in December 2012.
Destinacija
The notified restructuring aid and the restructuring plan (measure 6)
Faktor zasedenosti (2012)
On 20 June 2013, Estonia notified restructuring aid of EUR 40,7 million to Estonian Air in the form of an equity injection, on the basis of a restructuring plan (‘the restructuring plan’) covering a five-year restructuring period from 2013 to 2017.
Stopnja kritja 1 [28] (2012)
Return to viability by 2016
Prispevek DOC [29] (2012)
The restructuring plan aims at restoring Estonian Air’s long-term viability by 2016.
Stopnja donosnosti (2012)
The restructuring plan assumes that it will be possible to turn around the existing level of losses from earnings before taxes (‘EBT’) of EUR – 49,2 million in 2012 to break-even level by 2015 and to profitability by 2016.
Opuščena zmogljivost v ASK (v % glede na skupno zmogljivost po prestrukturiranju)
According to the restructuring plan’s assumptions, Estonian Air will generate EBT of EUR 1,3 million by 2016.
Lastni prispevek
Table 1
Po podatkih iz načrta prestrukturiranja bi lastni prispevek sestavljalo 27,8 milijona EUR od načrtovane prodaje treh letal leta 2015, 7,5 milijona EUR od prodaje nepremičnine, 2 milijona EUR od prodaje drugih neključnih sredstev in 0,7 milijona EUR od novega posojila, ki bi se zagotovilo s strani […].
(in EUR million)
Preostali del stroškov prestrukturiranja bi se financiral s pomočjo za prestrukturiranje v višini 40,7 milijona EUR, ki bi jo dodelila Estonija v obliki lastniškega kapitala in del katere bi se uporabil za odplačilo posojila za reševanje.
2013(f)
Analiza tveganj in scenarijev
2014(f)
Načrt prestrukturiranja vsebuje analizo scenarijev, ki poleg osnovnega scenarija, na katerem temelji načrt prestrukturiranja, vključuje najboljši scenarij (v nadaljnjem besedilu: optimistični scenarij) in najslabši scenarij (v nadaljnjem besedilu: pesimistični scenarij).
2015(f)
Optimistični scenarij predvideva 5-odstotno letno rast BDP v Evropi, rast prihodkov iz pomožnih dejavnosti v višini 7 milijonov EUR zaradi boljšega promocijskega umeščanja izdelkov in povprečno 5-odstotno zvišanje števila potnikov.