natgillin/translations-raw huggingface dataset:
In addition, in some cases, the conditions of the outstanding debt (interest rate, repayment schedule, etc.) […].
Komisija je zato sklenila, da odločitvi PDP in Aerodroma Ljubljana o sodelovanju pri ukrepu 5 nista vključevali neupravičene prednosti Adrii, saj sta oba vlagatelja ravnala kot preudarna udeleženca na trgu in sprejela svoji odločitvi o naložbi iz ekonomsko smotrnih razlogov.
On the other hand, Slovenia assumed full risk for at least EUR 49,5 million since it only became shareholder of Adria upon the 2011 capital injection.
Zato ni treba oceniti, ali so bili preostali kumulativni pogoji iz člena 107(1) PDEU izpolnjeni.
The banks assumed new risk but not at the same level as Slovenia, given that they saw their position improved as a result of the debt conversion.
Sklep o obstoju pomoči
On this basis, it appears that when the banks decided to invest into Adria they were not in a comparable position to the State.
Na podlagi navedenih razlogov Komisija sprejema sklep, da ukrepi 1, 2, 3 in 5 niso vsebovali državne pomoči Adrii.
Adria's 2011 annual report notes that ‘[t]he Government of […] Slovenia clearly formulated its opinion on 20 January 2011 and took a position on the importance of Adria Airways as the national air carrier for the Slovenian economy, Slovenian citizens and guests from abroad.
Zakonitost pomoči – ukrep 4
In its decision the Government set out its plan for Adria Airways to remain Slovenia's national air carrier […]’.
Člen 108(3) PDEU določa, da država članica ne sme izvajati ukrepa pomoči, dokler Komisija ni sprejela sklepa o odobritvi tega ukrepa.
This decision, taken well before the adoption of the restructuring plan in September 2011, could have eased the decision of the banks to invest, given that they State had already signalled its strong interest in supporting Adria [41].
Komisija ugotavlja, da je Slovenija sodelovala pri dokapitalizaciji leta 2011 (ukrep 4), ne da bi jo pred tem priglasila Komisiji, da jo odobri.
On the basis of the arguments above, the Commission excludes the arguments of Slovenia that the State and the banks invested on pari passu terms.
Komisija obžaluje, da Slovenija ni spoštovala obveznosti neukrepanja in da je s tem kršila svoje obveznosti iz člena 108(3) PDEU.
However, the Commission must analyse whether Slovenia's investment in Adria would be market-conform.
Združljivost pomoči – ukrep 4
Slovenia claims that it decided to participate in measure 4 on the basis of the restructuring plan of September 2011, which should be considered MEIP-conform.
Če bi Komisija ugotovila, da je ukrep 4 vseboval državno pomoč, je ta po mnenju Slovenije združljiva z notranjim trgom na podlagi člena 107(3)(c) PDEU in zlasti pomoči za prestrukturiranje iz smernic za reševanje in prestrukturiranje.
In addition, according to the case-law, a private investor contemplating a recapitalisation of an undertaking with significant debts would have required a restructuring plan capable of making the company viable [42].
Kot je navedeno v sklepu o začetku postopka, Komisija meni, da se združljivost ukrepa 4 lahko oceni le na podlagi člena 107(3)(c) PDEU, zlasti v skladu z določbami o pomoči za prestrukturiranje smernic za reševanje in prestrukturiranje.
In the case at hand, the Slovenian authorities claim that they decided to participate in the 2011 capital increase on the basis of the restructuring plan of September 2011.
Upravičenost
However, the Commission has already concluded that Adria was in difficulty in 2011 (see recital 66).
V skladu s točko 33 smernic za reševanje in prestrukturiranje so do pomoči za prestrukturiranje upravičena le podjetja v težavah v smislu točk 9–13 smernic za reševanje in prestrukturiranje.
In itself, this makes it unlikely that the State could expect Adria to produce a normal return on the capital invested within a reasonable time.
V zvezi s tem je Komisija že ugotovila, da je bila Adria leta 2011 ob odobritvi ukrepa 4 podjetje v težavah (glej uvodno izjavo 66).
Moreover, the Commission maintains its views of the opening decision that the restructuring plan cannot be deemed sufficient to justify the 2011 capital increase as MEIP-conform.
Točka 12 smernic za reševanje in prestrukturiranje določa, da novoustanovljeno podjetje ni upravičeno do pomoči za reševanje in prestrukturiranje, tudi če je njegov začetni položaj negotov.
First, the restructuring plan (in its original version of September 2011) foresaw viability in 2013 with very low profit (EBT) margins (the realistic scenario foresaw profit margins of […] % in 2013, […] % in 2014 and […] % in 2015).
Podjetje načeloma velja za novoustanovljeno prva tri leta po začetku poslovanja na zadevnem področju.
The insufficient return for the shareholders is also demonstrated by the fact that the plan forecasted particularly low levels of equity for the same period, in the range of EUR […] in 2011 to EUR […] in 2015.
Adria je bila ustanovljena leta 1961 in se ne more obravnavati za novoustanovljeno podjetje.
This would mean that the capital injected in September 2011 — EUR 69,7 million — was significantly reduced during the restructuring period and thus would not bring any actual return.
Adria tudi ne pripada poslovni skupini v smislu točke 13 smernic za reševanje in prestrukturiranje.
Slovenia provided a number of interim reports prepared by Airconomy and Adria dated April-September 2011 (i.e. predating the restructuring plan of September 2011), which were supposed to include the quantifications missing in the restructuring plan and which apparently were provided to all shareholders of Adria at the time as well as to the State.
Komisija je zato sprejela sklep, da je Adria upravičena do pomoči za prestrukturiranje.
However, the Commission observes that the interim reports refer to the period 2011-2012, whereas the restructuring plan included forecasts until 2015, […].
Ponovno doseganje dolgoročne rentabilnosti
On this basis, the Commission is of the opinion that the interim reports did not provide the necessary missing information in order for the restructuring plan to fulfil the MEIP test.
V skladu s točko 34 smernic za reševanje in prestrukturiranje mora biti dodelitev pomoči za prestrukturiranje pogojena z izvajanjem načrta prestrukturiranja, ki ga mora v vseh primerih posameznih pomoči potrditi Komisija.
On the basis of the above, the Commission concludes that the 2011 capital increase conferred an undue advantage to Adria.
V točki 35 je pojasnjeno, da mora načrt prestrukturiranja, katerega trajanje mora biti čim krajše, obnoviti dolgoročno sposobnost preživetja podjetja v smiselnem časovnem okviru in na podlagi realističnih predvidevanj prihodnjih pogojev poslovanja.
This advantage was selective in nature given that its sole beneficiary was Adria.
V skladu s točko 36 smernic za reševanje in prestrukturiranje morajo biti v načrtu opisane okoliščine, ki so privedle do težav podjetja, ter upoštevano sedanje stanje in pričakovane tržne napovedi v prihodnosti ter zajeti najbolj optimistični, najbolj pesimistični in osnovni scenariji.
Finally, the Commission has to consider whether measure 4 was likely to distort competition and affect trade between Member States, by providing Adria with an advantage over competitors not receiving public support.
Načrt mora vsebovati preobrat, ki bo podjetju omogočil, da bo po zaključku prestrukturiranja vse svoje stroške krilo samo, vključno z amortizacijo in finančnimi dajatvami.
It seems clear that measure 4 was able to affect intra-EU trade and competition as Adria competes with other EU airlines, in particular since the entry into force of the third stage of liberalisation of air transport (‘third package’) on 1 January 1993.
Pričakovan donos kapitala mora biti dovolj velik, da prestrukturiranemu podjetju omogoča samostojno konkuriranje na trgu (točka 37 smernic za reševanje in prestrukturiranje).
In addition, for travels of relatively shorter distances within the EU, air travel is in competition with road and rail transport, and therefore road and rail carriers might also be affected.
Kot je navedeno v sklepu o začetku postopka, je Komisija imela pomisleke, ali je imel načrt za prestrukturiranje dovolj trdno podlago za doseganje dolgoročne rentabilnosti Adrie, saj se zdi, da so nekatere napovedi iz načrta temeljile na količinsko neopredeljenih, negotovih ali nejasnih predpostavkah.
Measure 4 thus enabled Adria to continue operating so that it does not have to face, as other competitors, the consequences normally deriving from its difficult financial results.
Poleg tega Komisija ni mogla zagotovo vedeti, ali bo podjetje doseglo rentabilnost do konca leta 2013, kot je navedeno v prvotnem načrtu prestrukturiranja.
On account of the arguments above, the Commission concludes that measure 4 involved State aid for the benefit of Adria within the meaning of Article 107(1) TFEU.
Slovenija je med formalnim postopkom preiskave predložila številne spremembe k načrtu prestrukturiranja.
Measure 5: the sale of AAT in 2010-2011
Komisija poleg tega navaja, da je treba v sedanjih gospodarskih razmerah zlasti v sektorju zračnega prometa doseči stabilizacijo uspešnosti poslovanja in storitev, da se zagotovi dolgoročna rentabilnost kot trdna podlaga za rast v prihodnosti in ne zgolj kratkoročni preobrat, ki po svoji naravi poteka več let.
In its opening decision, for the reasons stated in recitals 41 and 42, the Commission came to the preliminary conclusion that the acquisition of shares of AAT by PDP and Aerodrom Ljubljana conferred an undue advantage to Adria.
V načrtu prestrukturiranja je izpostavljeno, da je glavni cilj prestrukturiranja Adrie dolgoročna rentabilnost, glavni cilj Adrie pa je sprejeti jasno strategijo in tržno usmeritev z več ključnimi cilji: povečanje finančne moči in preprečevanje izgub od leta 2013, zmanjšanje kompleksnih stroškov in doseganje jasne, konkurenčne in trajnostne edinstvene prodajne ponudbe.
Given the different nature of the contributions of PDP and Aerodrom Ljubljana (cash v debt-to-equity conversion), and in view of the reasoning in relation to measure 4 (see recitals 94 to 101), the Commission concludes that the pari passu line of argumentation can be excluded for measure 5 mutatis mutandis.
Glede na načrt bi podjetje z dosego teh ciljev […].
The Commission must nonetheless assess whether the investment decisions of PDP and Aerodrom Ljubljana were economically rational, in the sense that a prudent operator in a market economy in comparable circumstances would have acted in the same way.
Načrt prestrukturiranja prav tako opisuje okoliščine, ki so povzročile težave Adrie in ki so bile zlasti posledica svetovne finančne krize, majhnega primarnega trga Adrie (Slovenija in sosednje države), nizke zmogljivosti njene flote (predvsem letal CRJ200) […].
In this respect, the Commission observes in the first place that the total price paid by Aerodrom Ljubljana and PDP, i.e. EUR 14,7 million, was within the value range set in the valuation report of AAT.
Poleg tega načrt prestrukturiranja zajema najbolj optimistične in najbolj pesimistične scenarije ter osnovni scenarij in analizo tveganj, ki bi lahko vplivala na prestrukturiranje Adrie, na primer spremembe cen goriva, tveganje, ki izhaja iz sprememb menjalnega tečaja, ali morebitna tveganja v zvezi s floto.
However, the Commission raised doubts about the valuation report, alleging that it should have assessed the value of AAT (at the time Adria's maintenance unit known as SVL) as a stand-alone entity discarding intra-group synergies.
V vseh primerih se pričakuje, da bo Adria ponovno dosegla rentabilnost do konca obdobja prestrukturiranja.
The Commission also noted that there was a significant time gap between the moment when AAT/SVL was valued ([…]) and the sale of AAT (November 2010-March 2011).
Glavni namen načrta je prestrukturirati in zmanjšati omrežje Adrie, ki je prinašalo izgubo zaradi prevelike flote, letalskega osebja in drugega osebje.
The Commission must first note that the valuation report was prepared by an independent expert (KPMG) and there are no reasons to believe that the expert did not carry out its task in full independence.
Za ta namen načrt prestrukturiranja predvideva precejšnje zmanjšanje števila prog in pogostosti letov ter manjšo floto z učinkovitejšo rabo goriva do leta 2015, ki jo sestavlja […] letal ([…]), zlasti […].
As regards the time gap between the moment of the valuation and the sale of the shares, Slovenia has explained that the valuation report was based on the financial situation of Adria as of 31 December 2009, i.e. the latest externally audited data.
Načrt prestrukturiranja predvideva ukinitev […] prog in dodatno zmanjšanje pogostosti letov.
The Commission notes that measure 5 was first implemented in November 2010, i.e. less than a year after the value date of AAT according to the valuation report.
Ukrepi za prestrukturiranje, predvideni v načrtu, v zvezi z zmanjšanjem stroškov (npr. […] itn.) in povečanjem prihodkov (npr. […] itn.) je dodaten korak v pravi smeri, da se doseže bolj trajnostna rentabilnost.
In addition, while the valuation report of AAT takes into account the negative forecasts of Adria, it assessed in detail the maintenance, repair and overhaul services business segment and concluded that the negative trend of the company did not apply to AAT and that ATT constituted a profitable unit.
Poleg tega dodatni ukrepi za prestrukturiranje (glej uvodno izjavo 31) predvidevajo višje prihodke in nižje stroške s skupnim pozitivnim učinkom v višini […] EUR leta 2014 in […] EUR leta 2015, s čimer se bo okrepilo ponovno doseganje rentabilnosti Adrie.
Furthermore, a detailed assessment of the valuation report shows that it assessed AAT/SVL as a separate business unit without actually considering the potential synergies with Adria.
Komisija tako meni, da bodo pobude o zmanjšanju stroškov in povečanju prihodkov Adrii omogočile, da ponovno doseže dolgoročno rentabilnost do leta 2015.
In this respect, it appears that the valuation report was prepared at a time when it was known that AAT would start performing maintenance, repair and overhaul services for other external clients, notably Spanair, which would eventually replace Adria as the main client of AAT.
Poleg tega dokazi Slovenije kažejo, da je Adria na dobri poti, da bo dosegla večino ciljev, določenih v načrtu prestrukturiranja, kar je dodaten pokazatelj, da je načrt zanesljiv.
On the basis of the above, given that the report included the latest available audited financial data on AAT, that it was prepared by an independent expert and that it was credibly based on all relevant business aspects, its use as reference for the measure in question is acceptable.
Preprečevanje neupravičenega izkrivljanja konkurence (izravnalni ukrepi)
Finally, although it is true that the crisis was not yet over, it appears that 2009 was the year when the Slovenian economy was hit the hardest.
V skladu s točko 38 smernic za reševanje in prestrukturiranje je treba sprejeti izravnalne ukrepe, ki bodo čim bolj zmanjšali škodljive učinke na pogoje poslovanja.
Indeed, in November 2010, when PDP and Aerodrom Ljubljana decided to purchase AAT, the forecasts of GDP growth for Slovenia for 2010, 2011 and 2012 were back to positive figures (1,1 %, 1,9 % and 2,6 % respectively) [43].
Ti ukrepi lahko vsebujejo prenos sredstev, zmanjševanje zmogljivosti ali prisotnosti na trgu in zmanjševanje vstopnih ovir na zadevnih trgih (točka 39 smernic za reševanje in prestrukturiranje).
In these circumstances, a private investor would not necessarily carried out a new valuation, as it could assume that the valuation report based on 2009 figures, provided an accurate view of the business.
V zvezi s tem se opustitev deficitnih dejavnosti, ki bi jih bilo v vsakem primeru treba izvesti zato, da se obnovi sposobnost podjetja za preživetje, ne šteje za zmanjševanje zmogljivosti ali prisotnosti na trgu z namenom ocenitve izravnalnih ukrepov (točka 40 smernic za reševanje in prestrukturiranje).
More importantly, Slovenia has provided evidence showing that AAT was profitable, had no overdue debt and its debt could be serviced by its profits at the time when measure 5 was carried out.
Slovenija za Adrio predlaga naslednje izravnalne ukrepe: (a) […] rednih prog; (b) prepustitev slotov na več letališčih, vključno na koordiniranih letališčih; (c) zmanjšanje flote in (d) prodaja AAT.
In addition, Slovenia has provided the forecasts of AAT until 2014, which show that AAT would make profits after tax of EUR […] in 2010 and would remain profitable thereafter, reaching profits of approximately EUR […] in 2014.
Slovenija je predložila dokaze, ki kažejo, da so bile proge, ukinjene v skladu z načrtom prestrukturiranja, donosne na podlagi stopnje kritja C1 v skladu s prakso Komisije v predhodnih zadevah [46].
It appears that these forecasts were available to PDP and Aerodrom Ljubljana when making their investment decisions.
Stopnja kritja C1 upošteva stroške leta, potnikov in distribucije (tj. variabilne stroške), ki se pripišejo vsaki posamezni progi.
Slovenia has also provided evidence that Aerodrom Ljubljana took its decision to invest on AAT on the basis of economic considerations.
Tako vse proge s pozitivno stopnjo kritja C1 ustvarjajo zadostne prihodke, da ne krijejo le variabilnih stroškov proge, temveč prispevajo tudi k stalnim stroškom podjetja.
In August and September 2010, the Management and Supervisory Boards of Aerodrom Ljubljana assessed the possibility of acquiring shares in AAT.
Mnenje Komisije je, da se stopnja kritja C1 zdi ustrezen podatek za ocenjevanje, ali določena proga prispeva k donosnosti letalskega prevoznika.
Aerodrom Ljubljana assessed the convenience of settling a number of outstanding claims against Adria in view of the terms of the operation, which included a fixed return of 8 % on AAT preference shares, […].
Načrt prestrukturiranja v zvezi z zmogljivostjo navaja, da je leta 2011 skupna zmogljivost podjetja znašala […] ASK, pričakuje pa se, da bo zmogljivost Adrie ob koncu obdobja prestrukturiranja leta 2015 znašala približno […] ASK, kar je približno [11–14]-odstotno zmanjšanje.
Although another valuation suggested a lower price for the shares, the Supervisory Board of Aerodrom Ljubljana concluded that the terms of the conversion ([…]) justified a higher share price.
Če se izključijo proge z negativno stopnjo kritja C1, se ta vrednost zmanjša na [6–8] %.
As for the second stage of the sale of AAT, the minutes of the meeting of the Supervisory Board of Aerodrom Ljubljana of 21 January 2011 indicate that the advantages and disadvantages of different share prices and the termination of Aerodrom Ljubljana's put option were discussed.
Komisija poleg tega ugotavlja, da je zaradi sprememb omrežja prog Adria prepustila več slotov na letališčih, od katerih so nekatera na koordiniranih letališčih [47], kot sta na primer letališči v Dublinu in Københavnu.
In particular, the put option was waived at the time of acquiring the ordinary shares in early 2011, but the Supervisory Board of Aerodrom Ljubljana nonetheless concluded that it was economically rational to do so because in exchange of waiving the put option Aerodrom Ljubljana managed to obtain equal co-management of AAT despite having fewer shares than PDP.
Ti sloti omogočajo konkurenčnim letalskim prevoznikom, da uporabljajo določene proge in povečajo svojo zmogljivost.
In addition, the Supervisory Board noted that buying AAT would have a positive impact for Aerodrom Ljubljana: if Adria were to stop operations, this would have reduced the airport's estimated revenue in 2011 by […] %.
Pri presojanju ustreznosti izravnalnih ukrepov bo Komisija upoštevala strukturo trga in pogoje konkurence ter tako preprečila, da bi kateri od teh ukrepov povzročil poslabšanje strukture trga (točka 39 smernic za reševanje in prestrukturiranje).
Slovenia has also provided evidence that the management of PDP decided to acquire the preferential shares and the ordinary shares of AAT on the basis of economically rational grounds.
Izravnalni ukrepi morajo biti sorazmerni z izkrivljajočimi učinki pomoči in zlasti z velikostjo in relativno pomembnostjo podjetja na njegovem trgu ali trgih.
Indeed, the minutes of the management meetings of PDP show that it carried out its own valuation of AAT, which suggested a price of between EUR […] and EUR […], within the range of the of the valuation report referred to in recital 34.
Stopnjo zmanjševanja je treba ugotoviti za vsak primer posebej (točka 40 smernic za reševanje in prestrukturiranje).
Although the internal rate of return of PDP's investment would amount to […] %, PDP managed to get better conditions from AAT, including a fixed dividend of 8 %.
Komisija najprej ugotavlja, da tržni delež Adrie glede na celotno produktivno zmogljivost in rezultate letalskega sektorja EU (v smislu potnikov) znaša le 0,15 % (1,17 milijona potnikov leta 2011).
The Commission therefore concludes that the decisions of PDP and Aerodrom Ljubljana to participate in measure 5 did not entail an undue advantage to Adria, since both investors behaved as prudent market operators and adopted their investment decisions on economically sound grounds.
Ker je Adria manjši letalski prevoznik, bi dodatno zmanjšanje flote ali zmogljivosti lahko imelo negativen vpliv na njeno rentabilnost, pri čemer ne bi zagotovilo nobenih smiselnih tržnih priložnosti za konkurente.
It is therefore not necessary to assess whether the rest of the cumulative conditions of Article 107(1) TFEU would be met.
V zvezi z zmanjšanjem zmogljivosti, ki je najpomembnejši del izravnalnih ukrepov, Komisija meni, da je približno [6–8]-odstotno zmanjšanje donosnih prog v obdobju 2011–2015 zadostno, zlasti v primerjavi z drugimi zadevami v zvezi s prestrukturiranjem letalskih prevoznikov [48].
Conclusion as regards the existence of aid
To zmanjšanje zmogljivosti pri donosnih progah je večje kot v zadevi Air Malta.
On the one hand, for the reasons stated above, the Commission concludes that measures 1, 2, 3 and 5 did not entail State aid to Adria.
Poleg tega je skupno [11–14]-odstotno zmanjšanje zmogljivosti podobno 15-odstotnemu zmanjšanju, sprejetemu v zadevi Austrian Airlines [49].
On the other hand, as explained in Section 7.2.3, Commission considers that measure 4 involved State aid and will therefore assess its lawfulness and compatibility with the internal market.
Komisija ugotavlja tudi, da je Slovenija območje, ki prejema regionalno pomoč za namene iz člena 107(3)(a) PDEU [50].
Legality of the aid — measure 4
V skladu s točko 56 smernic za reševanje in prestrukturiranje „so lahko pogoji za odobritev pomoči [območjem, ki prejemajo regionalno pomoč,] manj strogi glede izvajanja izravnalnih ukrepov in višine prispevka upravičenca.
Article 108(3) TFEU states that a Member State shall not put an aid measure into effect before the Commission has adopted a decision authorising this measure.
V primerih, ko se zmanjševanje zmogljivosti ali prisotnosti na trgu zdi najprimernejši ukrep za preprečevanje neupravičenih izkrivljanj konkurence, je, če to opravičujejo potrebe regionalnega razvoja, zahtevano zmanjšanje v območjih, ki prejemajo podporo, manjše kot v ostalih območjih.“
The Commission observes that Slovenia participated to the 2011 capital injection (measure 4) without notifying it previously to the Commission for approval.
Na podlagi tega Komisija meni, da so izravnalni ukrepi, ki jih je predlagala Slovenija, ustrezni in sorazmerni v skladu s smernicami za reševanje in prestrukturiranje za zagotovitev, da se čim bolj zmanjšajo škodljivi učinki na pogoje trgovanja, ki so posledica dodelitve pomoči za prestrukturiranje Adrii.
The Commission regrets that Slovenia did not comply with the stand-still obligation and has therefore violated its obligation according to Article 108(3) TFEU.
Omejenost pomoči na najmanjši znesek (lastni prispevek)
Compatibility of the aid — measure 4
V skladu s točko 43 smernic za reševanje in prestrukturiranje je potreben precejšen prispevek k prestrukturiranju iz lastnih sredstev upravičenca, da se omeji količina pomoči na najnižjo vsoto stroškov, potrebnih za prestrukturiranje.