natgillin/translations-raw huggingface dataset:
The Commission also expressed doubts as to whether the business plan took into account all the planned incentives (such as marketing support, rebates, or any other route development incentives etc.) that are to be granted directly by Gdynia airport, its shareholders or other regional authorities to induce airlines to establish new routes from the airport.
Kar zadeva pomoč za tekoče poslovanje v obliki financiranja izgub iz tekočega poslovanja družbe Gdynia-Kosakowo Airport Ltd v prvih letih njenega poslovanja, je Komisija izrazila pomisleke, ali taka pomoč izpolnjuje pogoje za odstopanje iz člena 107(3)(a) PDEU.
This doubt directly affects the assessment of the investment project's profitability, as the equity value of the new airport becomes positive only in the light of the project's terminal value from 2040 (the cumulative discounted cash flows over the projection period of 2010-2040 are negative).
PRIPOMBE POLJSKE
The Commission therefore considered that the public funding for the investment project gives rise to selective economic benefits for the operator of Gdynia airport.
Uporaba načela VPTP in obstoj pomoči
The public funding was also granted from state resources and is imputable to the State.
Poljska zagovarja svoje stališče, da je javno financiranje naložbe v letališče Gdynia v skladu z načelom vlagatelja pod tržnimi pogoji (VPTP), zaradi česar ne pomeni državne pomoči.
Moreover, it distorts or threatens to distort competition and trade between Member States.
Postopek odločanja in metodološka zanesljivost študije načela VPTP
As all the cumulative criteria for the notion of aid were met, the Commission considered that the public funding constituted State aid within the meaning of Article 107(1) TFEU.
Poljska še pojasnjuje, da sta Gdynia in Kosakowo leta 2007 ustanovila družbo Gdynia-Kosakowo Airport Ltd, ki je od tedaj odgovorna za naložbo.
Compatibility of the aid
Poljska je med postopkom predložila tri študije načela vlagatelja pod tržnimi pogoji, ki jih je opravila družba PWC.
As regards the investment aid, the Commission doubted whether all the compatibility criteria set out in the 2005 Aviation Guidelines for investment aid to airports [20] were met.
Novembra 2013 je Poljska predložila dodatne informacije, ki so kazale, da naj bi novi viri prihodkov (tj. prodaja goriva in zagotavljanje navigacijskih storitev) povečali neto sedanjo vrednost projekta.
Moreover, the Commission doubted whether the impact on the development of trade was compatible with the common interest.
Poljska pojasnjuje tudi časovni okvir projekta Gdynie in Kosakowega za vlaganje v letališče Gdynia.
As regards the operating aid in the form of financing Gdynia-Kosakowo Airport Ltd's operating losses during its first years of operation, the Commission expressed doubts as to whether such aid qualified for the derogation set out in Article 107(3)(a) TFEU.
V zvezi s tem poudarja, da je postopek vlaganja mogoče razdeliti na dve fazi izvajanja projekta:
POLAND'S COMMENTS
Poljska pojasnjuje, da je v prvi fazi družba, ki sta jo ustanovila Gdynia in Kosakowo, izvedla pripravljalne naloge (npr. pripravila glavni načrt za naložbo, potrebne dokumente za pridobitev statusa upravljavca letališča, poročilo o vplivih naložbe na okolje, projektno dokumentacijo itd.).
Application of the MEIP and the existence of aid
Poljska trdi, da v prvi fazi ni bilo pomembnejših naložb kapitala in da so bila javna sredstva, dodeljena upravljavcu letališča, skladna s pravili o pomoči de minimis [23].
Poland maintains its position that the public funding of the investment in Gdynia airport is in line with the market economy investor principle (MEIP) and does not therefore constitute State aid.
Navaja še, da je bil do 26. junija 2009 skupni znesek dokapitalizacij družbe 1,691 milijona PLN (približno 423000 EUR).
In this connection, Poland refers to the MEIP studies conducted for the investment in the years 2010-2012.
Druga faza (od leta 2010) se je nanašala na dejansko preureditev letališča (to je povezano z drugo, tretjo in četrto fazo, kot so opisane v preglednici 1):
Poland states that all MEIP studies resulted in a positive net present value and an internal rate of return [22] (hereinafter ‘IRR’) higher than the costs of capital.
Poljska pojasnjuje tudi, da se je prva, pripravljalna faza končala leta 2010, ko sta bila končana glavni načrt [24] in prva študija načela VPTP iz leta 2010 za letališče Gdynia.
The decision-making process and the methodological soundness of the MEIP study
Poudarja, da je študija načela VPTP iz leta 2010 pokazala, da bi bila naložba lokalnih organov opravljena pod tržnimi pogoji (tj. ne bi pomenila državne pomoči), pri čemer bi se povečal delniški kapital družbe na 6,05 milijona PLN (približno 1,5 milijona EUR).
Poland explains that discussions and work on converting the Gdynia/Kosakowo military airfield into a civil airport began back in 2005.
V študiji načela VPTP iz leta 2010 je bila neto sedanja vrednost naložbenega projekta izračunana z metodo prostega denarnega toka podjetja (FCFF) [25].
At the time other partners were involved (such as Gdańsk airport).
Ta izračun neto sedanje vrednosti temelji na predpostavki, da bi bile vse dokapitalizacije, predvidene v naložbenem načrtu, opravljene za izvedbo naložbenega projekta.
Poland also explains that in 2007 Gdynia and Kosakowo established the company Gdynia-Kosakowo Airport Ltd, which has been responsible for the investment ever since.
Ta metoda vrednotenja se uporablja za izračun denarnega toka za vse lastnike kapitala v podjetju (delničarje in imetnike obveznic) v obdobju napovedi.
During the proceedings, Poland submitted three MEIP studies carried out by PWC.
Od napovedi denarnega toka se nato odštejejo povprečni tehtani stroški kapitala (WACC) [26], da se pridobi diskontirani denarni tok (DCF) v obdobju napovedi.
The first MEIP study (dated 16 July 2010, hereinafter ‘the 2010 MEIP study’) was carried out in July 2010.
Potem se izračuna končna vrednost po metodi neprekinjene rasti (ki predvideva stabilno rast na podlagi prostega denarnega toka podjetja v najbolj nedavnem obdobju napovedi).
PWC subsequently produced two updates to the MEIP: the first in May 2011 (dated 13 May 2011, hereinafter ‘the 2011 MEIP study’) and the second in July 2012 (dated 13 July 2012, hereinafter ‘the 2012 MEIP study’).
Neto sedanja vrednost temelji na vsoti diskontiranega denarnega toka v obdobju napovedi in končne vrednosti.
These updates incorporate new projections for passenger traffic, changes in the scope of the project, changes in the investment figures and changes in the methodology and the basic inputs into the NPV calculations (such as the beta and the discount rate).
V tem primeru so bili v študiji načela VPTP iz leta 2010 za oceno denarnega toka za obdobje 2010–2040 uporabljeni povprečni tehtani stroški kapitala v višini […] % [27].
In November 2013 Poland provided further information suggesting that new sources of revenue (i.e. the sale of fuel and the provision of navigation services) would enhance the project's NPV.
Na podlagi teh osnovnih podatkov sta bila v študiji izračunana diskontirani denarni tok v vrednosti minus […] milijonov PLN ([…] milijonov EUR) za obdobje 2010–2040 in (diskontirana) končna vrednost približno […] milijonov PLN ([…] milijonov EUR).
At the date on which the opening decision was adopted Poland had submitted only the 2012 MEIP study.
Neto sedanja vrednost celotnega projekta je zato bila ocenjena na […] milijonov PLN (ali […] milijonov EUR) ob predpostavki, da bo letališče od leta 2040 vedno ustvarjalo stabilni dobiček in da bo stopnja rasti znašala […] % na leto.
Poland also explains the time frame for Gdynia and Kosakowo's project to invest in Gdynia airport.
Hkrati dodaja, da sta delničarja, čeprav je študija načela VPTP pokazala, da naložba ne pomeni državne pomoči, za Komisijo začela pripravljati priglasitev, ki naj bi jo predložila samo zaradi pravne varnosti.
In this respect, Poland stresses that the investment process can be divided into two project implementation stages:
Poljska pojasnjuje, da sta med pripravo študije načela VPTP iz leta 2010 in študije načela VPTP iz leta 2011:
i.
delničarja 11. marca 2011 podpisala sporazum, ki je določal pogoje financiranja za naložbo v začetek poslovanja civilnega letališča.
The first stage (2007-2009) covered the preparatory works and feasibility studies for the purpose of setting up the new airport (this relates to Phase 1, as described in Table 1):
istega dne, 11. marca 2011, je družba, odgovorna za vzpostavitev letališča Gdynia-Kosakowo, s Kosakowim sklenila zakupno pogodbo za zemljišče (v kateri so bili določeni obseg zakupljenega zemljišča, pogoji za plačila po zakupu, davčne zadeve itd.),
Poland explains that the first phase saw the company established by Gdynia and Kosakowo carry out preparatory tasks (e.g. preparation of a masterplan for the investment, the documents necessary to obtain the status of airport operator, a report on the environmental impact of the investment, design documentation, etc.).
naložbeni stroški, vključeni v naložbeni načrt, so bili opredeljeni in posodobljeni.
Poland maintains that there was no significant capital investment during the first phase and that the public funding granted to the airport operator complied with the de minimis aid rules [23].
Poljska pojasnjuje, da je tudi študija načela VPTP iz leta 2011 pokazala pozitivno neto sedanjo vrednost.
Poland states that capital injections into the company prior to 26 June 2009 totalled PLN 1,691 million (about EUR 423000).
Poleg tega navaja, da sta javna delničarja upravljavca letališča na podlagi tega opravila nadaljnje dokapitalizacije.
Poland goes on to explain that the first, preparatory phase ended in 2010, when both the masterplan [24] and the first 2010 MEIP study for Gdynia airport were finalised.
Neto sedanja vrednost se je tako zmanjšala na […] milijonov PLN (ali manj kot […] milijonov EUR).
Poland points out that the 2010 MEIP study showed that the investment by the two local authorities would be carried out on market terms (i.e. it would not represent State aid), increasing the company's share capital to PLN 6,05 million (around EUR 1,5 million).
Povprečni tehtani stroški kapitala so se zmanjšali na […] % [28], stopnja stabilne rasti za končno vrednost pa se je zmanjšala z […] % na […] %.
This NPV calculation is predicated on the assumption that all the capital injections provided for in the investment plan would be made in order to implement the investment project.
Poljska navaja, da je bil zaradi makroekonomskih razmer (finančna kriza in gospodarska upočasnitev) projekt leta 2012 znova ocenjen, pri čemer je bila opravljena nova študija načela VPTP (in sicer študija načela VPTP iz leta 2012).
This valuation method is used to calculate cash flows to all holders of capital in the firm (both equity holders and bond holders) in the projection period.
Navaja še, da so bile v študiji načela VPTP iz leta 2012 opravljene naslednje spremembe predpostavk iz predhodnih študij načela VPTP:
The cash-flow projections are then discounted by the weighted average cost of capital (WACC) [26] to obtain the firm's discounted cash flow (DCF) in the projection period.
napoved potniškega prometa za letališče Gdynia se je zmanjšala,;
Terminal value is then calculated using the perpetuity growth method (which assumes a stable growth path based on the FCFF from the most recent projection period).
zmanjšal se je obseg naložbe, pri čemer so se naložbeni stroški zmanjšali za […] milijonov PLN ([…] milijonov EUR),
The NPV is based on the sum of the DCF for the projection period and the terminal value.
zamisel o gradnji glavnega terminala je bila opuščena (skupaj s povezanim razvojem cestne infrastrukture in parkirišč).
Using these inputs, the study produced a DCF of minus PLN […] million (EUR […] million) for the period 2010-2040 and a (discounted) terminal value of about PLN […] million (EUR […] million).
po preverjanju razmer na trgu je bilo treba povečati naložbene stroške v zvezi z varnostjo za […] milijonov PLN ([…] milijonov EUR),
Hence, the NPV of the overall project is estimated at PLN […] million (or EUR […] million), assuming that the airport will generate a stable profit forever, as of 2040, with a growth rate of […] % per annum.
zaradi zmanjšanja naložbe se je skrajšal čas vračanja naložbe (nominalno za […] let, z […] let in […] mesecev na […] let in […] mesecev).
Poland adds at the same time that the shareholders, despite the MEIP study showing that the investment did not constitute State aid, started preparing a notification to the Commission that was to be submitted for reasons of legal certainty only.
Poljska navaja še, da je bila metodologija, uporabljena v prejšnjih študijah načela VPTP, v študiji načela VPTP iz leta 2012 spremenjena:
Poland goes on to explain that a new MEIP study was carried out in May 2011.
za boljši prikaz strukture financiranja in stroškov odplačevanja dolga je bila metoda prostega denarnega toka podjetja nadomeščena z metodo prostega denarnega toka lastniškega kapitala (FCFE) [29],
Poland states that this MEIP study was an update of the 2010 MEIP study that was carried out in the light of the progress of preparations and the availability of more precise data on the investment plan, its timetable and financing.
po spremembah na finančnem trgu (trgu vrednostnih papirjev) sta bila posodobljena netvegana obrestna mera in faktor beta.
Poland explains that in the period between the preparation of the 2010 MEIP study and the 2011 MEIP study:
Poleg tega so bile iz primerjalne analize odstranjene družbe zunaj Evrope.
the shareholders signed an agreement on 11 March 2011 laying down the financing conditions for the investment in the start-up of a civil airport.
Posledica tega je bila nova diskonta stopnja,
In this agreement Gdynia pledged to inject a total of PLN 59 million in the period 2011-2013.
diskontna stopnja za izračun neto sedanje vrednosti je bila določena na podlagi analize primerljivih družb, vključno z letališkimi družbami in družbami, ki zagotavljajo storitve na letališčih (katerih finančni rezultati so tesno povezani z uspešnostjo letaliških družb) [30],
For its part, Kosakowo pledged to provide a non-cash contribution in the form of a debt-for-equity swap (as described in Table 2) in the period 2011-2040;
predpostavilo se je, da se bo projekt na prvem mestu financiral iz sredstev delničarjev in šele nato iz zunanjih virov (posojila za obratna sredstva) ter prihodkov iz rednega poslovanja.
on the same day, 11 March 2011, the company responsible for setting up Gdynia-Kosakowo airport concluded a lease agreement with Kosakowo for the land (specifying the scope of the land leased, the conditions for lease payments, tax issues, etc.);
V študiji načela VPTP iz leta 2012 je bil diskontirani denarni tok izračunan na podlagi diskontiranega denarnega toka za obdobje napovedi 2012–2030 (tj. obdobje napovedi iz predhodne študije je bilo skrajšano za 10 let).
the investment costs included in the investment plan were specified and updated.
Posodobljeni diskontirani denarni tok je znašal – […] milijonov PLN (približno – […] milijonov EUR), končna vrednost pa se je precej povečala, in sicer na […] milijonov PLN ([…] milijonov EUR).
Poland explains that the 2011 MEIP study also produced a positive NPV.
Potem se je odštela kapitalizirana vrednost že opravljenih naložb ([…] milijonov PLN).
Poland goes on to state that the airport operator's public shareholders made subsequent capital injections on this basis.
Neto sedanja vrednost je bila po posodobitvi iz leta 2012 […] milijonov PLN (ali […] milijonov EUR).
Poland points out that the company's equity (own capital) was increased to PLN 33,801 million (EUR 8,45 million) in July 2011 and to PLN 64,810 million (EUR 16,20 million) in April 2013.
Za izračun neto sedanje vrednosti so bili uporabljeni stroški lastniškega kapitala v višini […] % [31], stopnja stabilne rasti za izračun končne vrednosti pa se je zmanjšala z […] % na […] %.
In the 2011 MEIP study, the DCF was calculated on the basis of the DCF for the 2011-2040 projection period.
Poljska poudarja, da so bili rezultati študije načela VPTP iz leta 2012 še vedno pozitivni, delničarja pa sta na podlagi teh rezultatov opravila dodatne dokapitalizacije.
The updated DCF stood at PLN (– […]) million (EUR – […] million), suggesting larger losses, while the terminal value was decreased to PLN […] million (around EUR […] million).
Poljska je navedla, da se je kapital družbe do aprila 2013 povečal na 91,310 milijona PLN (22,8 milijona EUR) in se v letu 2013 ni več spreminjal, kot je prikazano v preglednici 3.
The NPV was therefore reduced to PLN […] million (or less than EUR […] million).
Preglednica 3
The WACC was reduced to […] % [28] and the stable growth rate for the terminal value was decreased from […] % to […] %.
Dokapitalizacije upravljavca letališča Gdynia, ki sta jih opravila Gdynia in Kosakowo
These calculations excluded expenditure falling within the remit of public policy, meaning that the projections about the profitability of the investment take no account of the capital necessary to finance the part of the infrastructure claimed to fall within the remit of public policy.
Datum sklepa o vpisu v nacionalni sodni register
Poland states that a change in the macroeconomic situation (the financial crisis and the economic slowdown) caused the project to be re-assessed in 2012, which resulted in a new MEIP study (namely the 2012 MEIP study).
Datum sklepa o pove čanju kapitala
Poland states that the following changes were made to the assumptions in the previous MEIP studies for the purposes of the 2012 MEIP study:
Ime de lničarja
The passenger traffic forecast for Gdynia airport was reduced.
Predmet sklepa
The scope of the investment was reduced, cutting the investment costs by PLN […] million (EUR […] million).
Vrednost delnic
The idea of building a main terminal (together with the related development of road infrastructure and car parks) was abandoned.
Delniški kapital
It was decided instead to expand the capacity of the general aviation terminal by […] % in the second investment phase.
Skupni delež vseh dokapitalizacij do konca leta 2013
After verifying the situation on the market, the investment costs related to security had to be increased by PLN […] million (EUR […] million).
(v milijonih PLN)
The reduction in the investment resulted in a shorter payback period for the investment (in nominal terms, by […] years, from […] years and […] months to […] years and […] months).
izdaja novih delnic
Poland also states that the methodology used for the previous MEIP studies was modified for the purposes of the 2012 MEIP study:
404 delnice v lasti občine Gdynia so bile izbrisane brez nadomestila delničarju
To better reflect the structure of financing and the cost of debt servicing, the free cash flow to the firm method was replaced by the free cash flow to equity (hereinafter ‘FCFE’) method [29].
V zvezi s hipotetičnim scenarijem Poljska trdi, da je imelo Kosakowo po nacionalni zakonodaji pravico, da lahko zemljišče, na katerem je letališče Gdynia, uporabi samo za vzpostavitev novega civilnega letališča.
Following changes on the financial (securities) market, the risk-free interest rate and the beta factor were updated.
V zvezi s tem pojasnjuje, da je bilo letališče Kosakowu dano v zakup za 30 let.
Moreover, companies from outside Europe were eliminated from the comparative analyses.
Navaja še, da mora Kosakowo v skladu z najemno pogodbo dati zemljišče v zakup izključno subjektu, odgovornemu za vzpostavitev in/ali upravljanje civilnega letališča.
This resulted in a new discount rate.
Po trditvah Poljske, bi lahko država to zemljišče odvzela, če ga Kosakowo v šestih mesecih ne bi dalo v zakup za vzpostavitev civilnega letališča, če bi se zemljišče uporabilo za druge namene ali če letališče ne bi začelo delovati v treh letih.
The discount rate for calculating the NPV was set on the basis of an analysis of comparable companies, covering both airport companies and companies providing services at airports (whose financial results are closely correlated to the performance of airport companies) [30].
Ker scenarij, po katerem se zemljišče letališča Gdynia uporabi/da v zakup za druge namene kot letalstvo, ni bil mogoč, zemljišča ni bilo mogoče uporabiti za opredelitev hipotetičnega scenarija.
It was assumed that the project would be financed primarily from shareholders' resources and only then from external sources (working capital loans) and operating revenue.
Zanesljivost ključnih predpostavk za študijo načela VPTP iz leta 2012
In the 2012 MEIP study, the DCF was calculated on the basis of the DCF for the 2012-2030 projection period (i.e. the projection period used for the previous study was reduced by 10 years).
Napovedi prometa in prihodkov
The capitalised value of investments already made (PLN […] million) was then deducted.
Po mnenju Poljske se pristojbine ne razlikujejo pomembno od standardnih pristojbin, ki jih zaračunavajo mala letališča.
In order to calculate the NPV a cost of equity of […] % [31] was used and the stable growth rate for the terminal value calculation was further decreased from […] % to […] %.
V odgovor na pripombo Komisije, da so predvidene pristojbine na odhajajočega potnika za letališče Gdynia, ki naj bi bile v prvih dveh letih 25 PLN (6,25 EUR), pozneje pa 40 PLN (10 EUR), višje od znižanih pristojbin, ki se na odhajajočega potnika uporabljajo na letališču Gdańsk za zrakoplove nizkocenovnih prevoznikov na mednarodnih progah z vsaj dvema letoma na teden in znašajo 24 PLN (6 EUR) oziroma 12,5 PLN (3,1 EUR) za notranje lete, Poljska navaja, da raven pristojbin v poslovnem načrtu pomeni povprečje za celotno obdobje napovedi (2014–2030), ob upoštevanju dejstva, da se bodo pristojbine na letališču Gdańsk dolgoročno povišale z izboljšanjem standarda storitev na navedenem letališču.
Table 3
Po mnenju Poljske te številke potrjujejo, da lahko letališči Gdańsk in Gdynia uspešno soobstajata in skupaj poslujeta na pomorjanskem trgu.
Increases in Gdynia airport operator's capital by Gdynia and Kosakowo
Poljska meni, da je kljub širitvi letališča Gdańsk na načrtovano zmogljivost sedem milijonov potnikov na razvijajočem se letalskem trgu Pomorjanske prostor za še eno malo regionalno letališče (z zmogljivostjo milijon potnikov), ki bi dopolnjevalo storitve letališča Gdańsk.
Date of decision on entry in the National Court Register
Preglednica 4
Date of resolution on capital increase
Primerjava napovedi prometa iz študije načela VPTP iz leta 2012 in posodobljenih napovedi prometa (marec 2013) za letališče Gdynia
Name of share holder
Leto
Subject-matter of the resolution
Komercialni promet
Value of shares
Splošno letalstvo
Share capital
Potnikov (v tisočih)
Cumulative share in the total capital increases done up to the end of 2013
Letalske operacije
(PLN million)
Na podlagi študije načela VPTP iz leta 2012
Gdynia
Posodobljena napoved
creation of new shares
Skupaj
404 shares owned by Gdynia Municipality were cancelled without consideration to the shareholder
Poljska pojasnjuje, da se v študiji načela VPTP upoštevajo ukrepi za trženje in promocijo letališča pri izračunu:
Summing up, Poland states that while the local authorities took preliminary steps to set up Gdynia airport as long ago as 2005, the project did not acquire its final shape until the preparation of the masterplan and the first MEIP study, i.e. in 2010.
stroškov poslovanja, ki so ocenjeni na podlagi finančnih poročil, ki so na voljo za vsa večja poljska letališča;
Poland explains that the project's initial assumptions were substantially revised as a result of changes in external circumstances.
drugih stroškov po posameznih vrstah, ki so za letališče Gdynia predvideni na previdno visoki ravni, tudi ob upoštevanju ustreznih stroškov na drugih letališčih.
Poland argues that the public shareholders' final decision on the project's implementation and final shape was taken in 2012.
Poljska navaja še, da je bilo v študiji načela VPTP predvideno, da bo vse stroške poslovanja kril vlagatelj, zaradi česar ni bilo upoštevano, da se bodo stroški poslovanja delili z vojaškim uporabnikom letališča.