natgillin/translations-raw huggingface dataset:
Slovenia considers that if the Commission were to find State aid in measure 4 it would be compatible with the internal market on the basis of Article 107(3)(c) TFEU, and in particular as restructuring aid under the R&R Guidelines.
To lahko vključuje prodajo sredstev, ki niso bistvenega pomena za preživetje podjetja, ali zunanje financiranje po tržnih pogojih.
Article 107(3)(c) TFEU states that aid can be authorised where it is granted to promote the development of certain economic sectors and where this aid does not adversely affect trading conditions to an extent contrary to the common interest.
Takšen prispevek mora biti realen, tj. dejanski, pri čemer mora izključevati vse prihodnje dobičke, kot je denarni tok (točka 43 smernic za reševanje in prestrukturiranje).
As indicated in the opening decision, the Commission considers that the compatibility of measure 4 can only be assessed under Article 107(3)(c) TFEU, in particular under the provisions on restructuring aid of the R&R Guidelines.
Lastni prispevek sam po sebi ne sme vsebovati dodatne državne pomoči.
According to point 33 of the R&R Guidelines, only firms in difficulty within the meaning of points 9 to 13 of the R&R Guidelines are eligible to receive restructuring aid.
Vendar lahko Komisija v izjemnih okoliščinah in primerih posebnih težav sprejme nižji prispevek (točka 44 smernic za reševanje in prestrukturiranje).
In this sense, the Commission has already concluded that Adria was a firm in difficulty in 2011, at the time when measure 4 was granted (see recital 66).
Ob upoštevanju skupnih stroškov prestrukturiranja v višini […] EUR predlagani lastni prispevek Adrie znaša […] EUR, kar pomeni približno [50–54] % skupnih stroškov prestrukturiranja.
Point 12 of the R&R Guidelines states that a newly created firm is not eligible for rescue or restructuring aid even if its initial financial position is unsecure.
Lastni prispevek se v skladu z načrtom prestrukturiranja razčleni na:
A firm is in principle considered as newly created for the first three years following the start of operations in the relevant field of activity.
celotno prodajo AAT (tj. 14,7 milijona EUR);
Adria was founded in 1961 and cannot be regarded as a newly created firm.
celotno pretvorbo dolga v lastniški delež, ki so jo izvedle banke v okviru ukrepa 4 (19,7 milijona EUR).
Also, Adria does not belong to a business group in the sense of point 13 of the R&R Guidelines
V zvezi s točko (a) Komisija meni, da so ti ukrepi sprejemljivi in se upravičeno obravnavajo kot lastni prispevek.
Restoration of long-term viability
Poleg tega je Slovenija predložila dokaze, da so preostala sredstva trenutno v prodajnem postopku, njihova vrednost pa je bila določena v skladu z zunanjimi vrednotenji, vključno z vrednotenjem AVAC v primeru letal (glej uvodno izjavo 97).
According to point 34 of the R&R Guidelines, the grant of restructuring aid must be conditional on implementation of a restructuring plan which must be endorsed by the Commission in all cases of individual aid.
V zvezi s točko (b) je Komisija v uvodni izjavi 118 ugotovila, da ukrep 5 ne vsebuje državne pomoči, zato se zdi smiselno, da se prihodki od prodaje AAT obravnavajo za element lastnega prispevka.
Point 35 explains that the restructuring plan, the duration of which must be as short as possible, must restore the long-term viability of the firm within a reasonable timescale and on the basis of realistic assumptions as to future operating conditions.
V zvezi s točko (c) o pretvorbi dolga v lastniški delež Slovenija meni, da bi se morala celotna pretvorba dolga v lastniški delež, ki so jo izvedle banke v okviru ukrepa 4, šteti za lastni prispevek.
The plan must provide for a turnaround that will enable the company, after completing its restructuring, to cover all its costs including depreciation and financial charges.
Vendar je Slovenija v zadevi Adria pokazala, da je bil dolg, pretvorjen v lastniški delež, v celoti zavarovan v veliki meri, tj. v višini [10–20] milijona EUR od skupaj 19,7 milijona EUR (glej uvodno izjavo 97).
The expected return on capital must be high enough to enable the restructured firm to compete in the marketplace on its own merits (point 37 of the R&R Guidelines).
Tako bi banke lahko izterjale v celoti zavarovan znesek, če bi bila Adria likvidirana.
As indicated in the opening decision, the Commission had doubts as to whether the restructuring plan was sufficiently solid in order to restore the long-term viability of Adria, as some of its predictions appeared to be based on non-quantified, uncertain or unclear assumptions.
Iz tega sledi, da so se banke odpovedale v celoti zavarovani terjatvi, ki bi jo lahko v celoti izterjale, in jo zamenjale z lastniškim deležem Adrie v enaki vrednosti.
In addition, the Commission was uncertain whether the company would reach viability by the end of 2013, as indicated in the original restructuring plan.
Tako so banke prevzele novo tveganje s pretvorbo dolga v lastniški delež za vsaj [10–20] milijona EUR, saj ni gotovo, da bo njihova naložba v Adrio donosna.
According to the updated plan, Adria will return to viability in 2014 or 2015.
Ob upoštevanju zgoraj navedenega bi stopnja skupnega prispevka Adrie dosegla […] EUR oziroma [46–48] % stroškov prestrukturiranja.
The duration of the restructuring is thus of a maximum of 5 years, in line with previous case-practice in the passenger air transport sector [44].
Za veliko podjetje, kot je Adria, bi stopnja lastnega prispevka običajno znašala 50 %.
The Commission furthermore observes that especially in the air transport sector in the current economic circumstances, the stabilisation of operational and services performance has to be achieved in order to ensure a long-term viability as a solid base for future growth and not only a short-term turnaround, which by nature takes several years.
Vendar je lahko Komisija v skladu s točko 56 smernic za reševanje in prestrukturiranje manj stroga pri višini lastnega prispevka na območjih, ki prejemajo pomoč, med katera je spadala Slovenija v času izvedbe ukrepov (glej uvodno izjavo 150).
The restructuring plan highlights that the main goal of restructuring process of Adria is a long-term viability, whose primary aim is to adopt a clear strategy and market orientation with several key objectives: increased financial strength and no losses from 2013 onwards, reduction of complexity costs and achieving a clear, competitive and sustainable unique selling proposition.
V predhodnih zadevah, na primer v zadevi Air Malta, je Komisija sprejela stopnjo lastnega prispevka v višini približno 45 %.
According to the plan, by achieving these objectives, the company […].
Zato Komisija meni, da so bile zahteve iz točke 43 smernic za reševanje in prestrukturiranje izpolnjene.
The restructuring plan also describes the circumstances that led to Adria's difficulties, which were mainly caused by the global financial crisis, the small size of Adria's primary market (Slovenia and neighbouring countries), the low capacity of its fleet (mainly CRJ200 aircraft), […].
Načelo enkratne pomoči
Moreover, the restructuring plan includes best-case, worst-case and base-case scenarios as well as an analysis of the risks that could have an impact on the restructuring of Adria, like for instance changes in the price of fuel, risk deriving from changes on the currency exchange rate or potential risks regarding the fleet.
Pomoč mora biti skladna tudi s točko 72 smernic za reševanje in prestrukturiranje, ki določa, da podjetje, ki je prejelo pomoč za reševanje in prestrukturiranje v zadnjih desetih letih, ni upravičeno do pomoči za reševanje in prestrukturiranje (načelo enkratne pomoči).
In all cases Adria is expected to return to viability by the end of the restructuring period.
Ker ukrepi 1, 2, 3 in 5 ne vsebujejo državne pomoči in ker Adria ni prejela pomoči za reševanje in prestrukturiranje v zadnjih desetih letih, je Komisija sklenila, da je ukrep 4 v skladu z načelom enkratne pomoči.
Under the base-case scenario, Adria is expected to reach a net profit margin of […] % in 2014 and of […] % in 2015, a debt-to-equity ratio of […] in 2014 and of […] in 2015; and a return-on-equity ratio of […] % in 2014 and of […] % in 2015.
Sklepne ugotovitve o ukrepu 4
In the worst-case scenario, the net profit margins would decrease to […] % in 2014 and to […] % in 2015, the debt-to-equity ratio would go up to […] in 2014 and to […] in 2015, while the return-on-equity ratio would be of […] % in 2014 and of […] % in 2015.
Ob upoštevanju zgoraj navedenega Komisija meni, da je Slovenija nezakonito izvedla dokapitalizacijo leta 2011 v korist Adrie in kršila člen 108(3) Pogodbe o delovanju Evropske unije.
The main focus of the plan is to restructure and reduce Adria's network, which was loss-making due to overcapacity in fleet, flying personnel and other staff.
Vendar Komisija meni, da ukrep in načrt prestrukturiranja izpolnjujeta pogoje iz smernic za reševanje in prestrukturiranje.
In order to do so, the restructuring plan foresees a significant reduction of routes and frequencies, as well as a reduced and more fuel-efficient fleet consisting of […] aircraft by 2015 ([…]), mostly […].
Komisija zato meni, da je pomoč združljiva z notranjim trgom –
The restructuring plan foresees the closure of […] routes and additional reduction of frequencies.
SPREJELA NASLEDNJI SKLEP:
Overall, during the restructuring period, Adria would have reduced its capacity by [11-14] % in terms of ASK.
Dokapitalizacije družbe Adria Airways d.d. v letih 2007, 2009 in 2010, ki jih je Republika Slovenija izvedla v korist Adrie Airways d.d., ne pomenijo pomoči v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
[45]
Tudi prevzem družbe Adria Airways Tehnika d.d., ki sta ga izvedla PDP in Aerodrom Ljubljana d.d. v letih 2010 in 2011, ne pomeni pomoči v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
The restructuring measures foreseen in the plan as regards cost reductions (e.g. […], etc.) and revenue increases (e.g. […] etc.) are an additional step in the right direction to reach a more sustainable viability.
Člen 2
In addition, the additional restructuring measures (see recital 31) foresee increased revenues and reduced costs with a total positive effect of EUR […] in 2014 and EUR […] in 2015, thus strengthening Adria's return to viability.
Dokapitalizacija v višini 50 milijonov EUR v korist Adrie Airways d.d., ki jo je Republika Slovenija izvedla leta 2011, pomeni pomoč v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
The Commission is therefore of the view that the initiatives on cost reductions and revenue increases are capable to enable Adria to achieve the return to long-time viability by 2015.
Pomoč je združljiva z notranjim trgom v smislu člena 107(3)(c) Pogodbe o delovanju Evropske unije.
In addition, the evidence provided by Slovenia shows that Adria currently is on track to meet most of the objectives fixed in the restructuring plan, which is an additional indicator of the reliability of the plan.
Člen 3
As regards return to viability, on the basis of the updates to the restructuring plan submitted by Slovenia, the Commission concludes that the impact of the different restructuring measures is duly quantified and viability is foreseen at adequate levels under all scenarios for the entire restructuring period until 2014 and 2015.
Ta sklep je naslovljen na Republiko Slovenijo.
Therefore, in view of the significant restructuring measures undertaken and the progress made to date, the Commission considers that the restructuring plan will enable Adria to restore its long-term viability within a reasonable timescale.
V Bruslju, 9. julija 2014
Avoidance of undue distortions of competition (compensatory measures)
Za Komisijo
According to point 38 of the R&R Guidelines, compensatory measures must be taken in order to ensure that the adverse effects on trading conditions are minimised as much as possible.
Podpredsednik
These measures may comprise divestment of assets, reductions in capacity or market presence and reduction of entry barriers on the markets concerned (point 39 of the R&R Guidelines).
Državna pomoč – Slovenija – Državna pomoč SA.32715 (2012/C) (ex 2012/NN) – Domnevna pomoč družbi Adria Airways – Poziv k predložitvi pripomb na podlagi člena 108(2) Pogodbe o delovanju Evropske unije (UL C 69, 8.3.2013, str. 53).
In this regard, closure of loss-making activities which would at any rate be necessary to restore viability will not be considered as a reduction of capacity or market presence for the purpose of the assessment of the compensatory measures (point 40 of the R&R Guidelines).
(v nadaljnjem besedilu: KAD), Slovenske odškodninske družbe d.d.
Slovenia proposes the following compensatory measures for Adria: (a) […] scheduled routes; (b) surrender of slots at several airports, including coordinated airports; (c) reduction of fleet; and (d) the sale of AAT.
(v nadaljnjem besedilu: SOD) in Družbe za svetovanje in upravljanje d.o.o.
Slovenia has provided evidence which demonstrates that the routes cancelled under the restructuring plan were profitable on the basis of the C1 contribution margin, following the Commission's practice in previous cases [46].
(v nadaljnjem besedilu: DSU).
Indeed, the C1 contribution margin takes account of flight, passenger and distribution costs (i.e. variable costs) attributable to each individual route.
Glej opombo 1.
Therefore, all routes which have a positive C1 contribution generate sufficient revenues to not only cover the variable costs of a route but also to contribute to the fixed costs of the company.
Letno poročilo 2013 Aerodroma Ljubljana d.d., dostopno na: http://www.lju-airport.si/pripone/1949/Letno%20porocilo%20AL%202013.pdf
From the Commission's point of view, the C1 contribution margin appears to be the appropriate figure for assessing whether a particular route contributes to the profitability of the airline.
Glej prejšnjo opombo.
As regards capacity, the restructuring plan provides that the total capacity of the company was […] ASK in 2011, while at the end of the restructuring period in 2015, Adria's capacity is expected to be around […] ASK, i.e. a reduction of approximately [11-14] %.
Glej: http://www.dutb.eu/si/o-nas.
When routes with a negative C1 contribution are excluded, this figure goes down to [6-8] %.
Na dan 31. decembra 2010 je imela Slovenija v (neposredni ali posredni) lasti 48,8 % NLB.
The Commission moreover observes that as a result of the alterations to the route network, Adria has released several airport slots, some of which are coordinated [47] airports like for instance Dublin and Copenhagen.
Vendar je imelaSlovenija po dokapitalizaciji NLB v okviru njenega reševanja, ki je bila odobrena s Sklepom Komisije z dne 7. marca 2011 (SA.32261), v (neposredni ali posredni) lasti približno 55,7-odstotni delež NLB.
These slots allow competing airlines to operate certain routes and to increase their capacity.
Glej: http://www.sdh.si/sl-si/Novica/294
Finally, as regards the reduction of fleet, the Commission notes that Adria has reduced its fleet from […] aircraft in 2011 to […] aircraft, which according to the restructuring plan should remain unchanged until the end of the restructuring period in 2015.
NFD 1 delniški investicijski sklad d.d. je 48,5-odstotna odvisna družba NFD Holdinga (glej naslednjo opombo).
In relation to the sale of AAT, the Commission considers that this measure is acceptable as a compensatory measure, in particular bearing in mind the conclusion reached in recital 118 that it does not entail State aid.
Preostali lastniki so večinoma zasebna podjetja – glej letna poročila (samo v slovenščini) na: http://arhiva.alpeninvest.com/dokumenti
When assessing whether the compensatory measures are appropriate, the Commission will take account of the market structure and the conditions of competition to ensure that any such measure does not lead to deterioration in the structure of the market (point 39 of the R&R Guidelines).
NFD Holding d.d. je delniška družba, katere glavna dejavnost je upravljanje finančnih naložb.
The compensatory measures must be in proportion to the distortive effects of the aid and, in particular, to the size and the relative importance of the firm on its market or markets.
Zdi se, da je v zasebni lasti – glej letna poročila (samo v slovenščini) na: http://www.nfdholding.si/dokumenti.php
The degree of reduction must be established on a case-by-case basis (point 40 of the R&R Guidelines).
Infond d.o.o. je slovenska družba za upravljanje investicijskih skladov.
The Commission first notes that Adria has a market share of the entire Union airline industry's productive capacity and output (in terms of passengers) of only 0,15 % (1,17 million passengers in 2011).
Družba je v 72-odstotni lasti banke Nova KBM, ki je bila takrat v 42,3-odstotni lasti Slovenije, 4,8-odstotni lasti KAD in 4,8-odstotni lasti SOD.
For a small carrier like Adria, further fleet and capacity reductions might have a negative effect on its viability, without providing any meaningful market opportunities for competitors.
Glej: http://www.nkbm.si/porocila
As to the most important part of the compensatory measures, the capacity reduction, the Commission considers a reduction on profitable routes of approximately [6-8] % between 2011 and 2015 to be sufficient, in particular when compared to other airline restructuring cases [48].
Poslovna skrivnost.
This capacity reduction on profitable routes is higher than in the Air Malta case.
Slovenska Odškodninska družba.
Moreover, the overall capacity reduction of [11-14] % is similar to the 15 % reduction accepted in the Austrian Airlines case [49].
Na podlagi razpoložljivih informacij se zdi, da je na določeni stopnji pred dokapitalizacijo leta 2007 NLB kupila delnice NFD 1 delniškega investicijskega sklada d.d. in NFD Holdinga d.d.
Finally, the Commission observes that Slovenia is an assisted area for regional investment aid purposes under Article 107(3)(a) TFEU [50].
Zadeva C-482/99, Francija proti Komisiji (Stardust Marine), Recueil 2002, str.
According to point 56 of the R&R Guidelines, ‘the conditions for authorising aid [in assisted areas] may be less stringent as regards the implementation of compensatory measures and the size of the beneficiary's contribution.
I-4397.
If needs of regional development justify it, in cases in which a reduction of capacity or market presence appear to be the most appropriate measure to avoid undue distortions of competition, the required reduction will be smaller in assisted areas than in non-assisted areas’.
Glej zadevi T-358/94, Compagnie nationale Air France proti Komisiji, Recueil 1996, str.
Against this background, the Commission considers the compensatory measures proposed by Slovenia to be sufficient and proportionate under the R&R Guidelines in order to ensure that the adverse effects on trading conditions resulting from the granting of restructuring aid to Adria are minimised as much as possible.
II-2109, odstavka 148 in 149, in T-296/97, Alitalia – Linee aeree italiane SpA proti Komisiji, Recueil 2000, str.
Aid limited to the minimum (own contribution)
II-3871, odstavek 81.
According to point 43 of the R&R Guidelines, in order to limit the amount of aid to the strict minimum of the restructuring costs necessary, a significant contribution to the restructuring from the beneficiary's own resources is necessary.
UL C 244, 1.10.2004, str. 2.
This can include the sale of assets that are not essential to the firm's survival, or external financing at market conditions.
Glej v tem smislu sodbo Sodišča Efte v združenih zadevah E-10/11 in E-11/11, Hurtigruten ASA, Norveška proti Nadzornemu organu Efte, ki še ni objavljena, odstavki 228 in 234–240.
The own contribution must be real, i.e. actual, excluding all future profits such as cash flow (point 43 of the R&R Guidelines).
Sklep Komisije 2012/661/EU z dne 27. junija 2012 o državni pomoči št.
Inherently, the own contribution must not include any further State aid.
SA.33015 (2012/C), ki jo namerava Malta dodeliti za Air Malta plc.
For large firms, the Commission usually considers a contribution of at least 50 % of the restructuring costs to be appropriate.
(UL L 301, 30.10.2012, str.
However, in exceptional circumstances and in cases of particular hardship, the Commission may accept a lower contribution (point 44 of the R&R Guidelines).
29).
In view of total restructuring costs of EUR […], the proposed own contribution of Adria is composed of EUR […], i.e. approximately [50-54] % of the total restructuring costs.
Sklep Komisije 2013/151/EU z dne 19. september 2012 o državni pomoči SA.30908 (11/C, ex N 176/10), ki jo je Češka republika odobrila podjetju České aerolinie, a.s.
The own contribution breaks down as follows in accordance with the restructuring plan:
(ČSA – Czech Airlines – Načrt prestrukturiranja) (UL L 92, 3.4.2013, str. 16).
the totality of the sale of AAT (i.e. EUR 14,7 million);
Poročilo AVAC je poročilo, ki ga redno izdaja Aircraft Value Analysis Company, tj. družba za analizo vrednosti letal, ki določa vrednosti letal vseh znamk in modelov.
the totality of the debt-to-equity conversion carried out by the banks under measure 4 (EUR 19,7 million).
Družba Ryanair se je sklicevala na zadevo C-405/11 P, Buczek Automotive, ki še ni objavljena, odstavki 55–57.
As regards point (a) of recital 154, the Commission considers that these measures are acceptable and appear justified as own contribution.
EBT.
Most of the assets have actually been sold and therefore the proceedings resulting for the sale clearly can be counted as own contribution.
Podatki iz decembra 2011.
In addition, Slovenia has provided evidence that the rests of assets are currently in the process of being sold and their value has been determined in accordance with external valuations, including the AVAC valuation in the case of aircraft (see recital 97).
Glej računovodsko poročilo Adrie za leto 2011, dostopno na: https://www.adria.si/assets/Uploads/Adria-Airways-letno-porocilo-2011-poslovni-in-racunovodski-del2.pdf
In relation to point (b) of recital 154, since the Commission has concluded in recital 118 that measure 5 does not entail State aid, it appears reasonable to consider that the proceeds from the sale of AAT should be considered as an element of own contribution.
Glej računovodsko poročilo Adrie za leto 2012, dostopno na: https://www.adria.si/assets/Letna-porocila/SLO/AA-Letno-porocilo-2012-V1.pdf
Finally, as regards the debt-to-equity conversion referred to in point (c) of recital 154), Slovenia considers that the totality of the debt-to-equity conversion carried out by the banks under measure 4 should count as own contribution.
Glej na primer: http://atwonline.com/finance-amp-data/adria-airways-narrows-net-loss-2013
In this respect, the Commission is of the view that the conversion of unsecured debt would normally not demonstrate the confidence of the market into the company, as the unsecured creditors do not assume new risks related to the implementation of the restructuring plan.
Odločba Komisije v zadevi C 38/2007, Arbel Fauvet Rail, UL L 238, 5.9.2008, str. 27.
However, in Adria's case, Slovenia has shown that the debt converted into equity was fully collateralised to a significant extent, i.e. EUR [10-20] million out of the total of EUR 19,7 million (see recital 97).
Združeni zadevi T-102/07, Freistaat Sachsen proti Komisiji, in T-120/07, MB Immobilien in MB System proti Komisiji, ZOdl.
Thus, had Adria been liquidated, the banks would have been able to recover the fully-collateralised amount.
2010, str. II-585, odstavki 95–106.
It follows that the banks gave up a fully-collateralised claim, which they would have been able to fully recover, and replaced it with equity of Adria of equal value.
Glej: http://www.rtvslo.si/gospodarstvo/adria-airways-v-prostovoljno-poravnavo/246290 (v slovenščini) ali: http://www.bloomberg.com/news/2010-12-15/slovenia-s-adria-airways-may-file-for-bankruptcy-tvs-reports.html (v angleščini).
Therefore, the banks assumed new risk by converting the debt into equity for at least EUR [10-20] million, since they have no certainty that their investment in Adria will be profitable.
Pričakovani prosti tok so denarna sredstva, ki ostanejo po plačilu vseh stroškov podjetja, tj. denarna sredstva, ki so na razpolago delničarjem podjetja.