natgillin/translations-raw huggingface dataset:
The original 2010 MEIP study resulted in a positive equity value [55] of PLN […] million (that is, around EUR […] million).
Diskontirani denarni tok družbe v obdobju 2010–2040 je tako negativen in znaša – […] milijonov PLN.
This positive equity value is due to the difference with the Terminal Value of PLN […] million, which is greater in absolute terms than the NPV of the Free Cash Flow to the Firm (FCFF) estimated at PLN ([…]) million over the period 2010-2040.
Diskontirana končna vrednost 30. junija 2010 je […] milijonov PLN.
The IRR for the investment project was estimated at […] %, which is higher than the assumed cost of capital of the airport operator ([…] %).
Kar zadeva predpostavke, na katerih temeljijo izračuni, je bila končna vrednost izračunana na podlagi predpostavk, da bo letna stopnja rasti denarnega toka naložbe po letu 2040 vedno znašala […] %.
When expenditure falling within the remit of public policy is excluded, the NPV of the free cash flow to the firm (FCFF) remains negative at PLN ([…]) million and the project becomes profitable only due to the calculated terminal value of PLN […] million.
V skladu z običajno prakso stopnja rasti podjetja ne bi smela biti višja od stopnje rasti gospodarstva, v katerem deluje (tj. v smislu rasti BDP).
The positive equity value of the project (excluding expenditure falling within the remit of public policy) is therefore PLN […] million (that is, around EUR […] million).
Končna vrednost se izračuna za čas, ko naj bi podjetje predvidoma dozorelo, čimer se tako konča obdobje visoke rasti podjetja.
Kosakowo subsequently leased the land for 30 years to Gdynia-Kosakowo Airport Ltd.
Zato bi se lahko izbira […]-odstotne nominalne stopnje rasti za letališče Gdynia na prvi pogled zdela skladna z informacijami, ki so bile na voljo v tistem času, in običajno prakso izbire nižje stopnje rasti od stopnje rasti gospodarstva.
Therefore, according to applicable Polish law (Articles 48 and 191 of the Civil Code), all buildings and facilities constructed on the rented property which are permanently attached to the land are owned by the owner of the property (the State Treasury) and not Gdynia-Kosakowo Airport Ltd or Kosakowo.
Vendar se z izbiro višje dolgoročne stopnje rasti od inflacije (ki je bila aprila 2010 ocenjena na 2,5 %) v poslovnem načrtu predvideva, da bo letališče raslo vsako leto tudi po letu 2040.
The rental agreement stipulates that the rented property has to be returned to landlord within […] after the expiry of the rental agreement (§ 4(16)).
Preglednica 7
The rental agreement does not provide for a unilateral right to extend the rent after that period or a right to obtain any compensation for investments in the airport infrastructure.
Podatki in napovedi MDS glede BDP in inflacije iz aprila 2010
It is also far from clear whether such rights may be claimed under general provisions of Polish civil law.
Vir: Mednarodni denarni sklad, podatkovna zbirka World Economic Outlook Database, april 2010 (preneseno s spletnega naslova http://www.imf.org/external/data.htm).
Moreover, the rental agreement (§ 4(11)) and the lease agreement (§ 5(4)) state that in the event that the airport operator ceases its economic activity, the infrastructure is to be handed over to the State without compensation.
Rast BDP (v %) (stalne cene)
It therefore seems unreasonable to rely on the exact amount specified in the study, as, under the terms of the rental agreement of 9 September 2010, neither the airport operator nor the shareholders own the airport infrastructure.
Rast BDP (v %) (tekoče cene)
Hence, the terminal value of the investment relied upon in the MEIP studies is unreliable and very probably significantly overstated.
Inflacija (v %)
The Commission notes, moreover, that the key value driver of the Gdynia airport operator's future cash flows is the expected revenue, which will depend on passenger numbers and the level of airport charges paid by the airlines.
Komisija poleg tega ugotavlja, da je v tem primeru glede na posebno dolgo obdobje napovedi in časovno oddaljenost datuma, za katerega je bila izračunana končna vrednost, določitev najustreznejše stopnje rasti še bolj zapletena in negotova naloga.
In the 2010 MEIP study, revenue from LCC and charter flights (passenger, landing, parking fees) accounts for [80 - 90] % of all revenue in 2040 and for an average of [80 - 90] % of all revenue over the whole period assessed, namely 2010 to 2040.
Napovedi rasti BDP v resnici redko presegajo pet let, medtem ko je bilo treba v tem primeru z modelom predvideti razumno stopnjo rasti za letališče po 30 letih delovanja.
This contradicts Poland's statements to the effect that Gdynia airport's activities would complement those of Gdańsk airport because Gdynia would focus on general aviation activities.
To dejstvo kaže, da bi preudaren vlagatelj opravil raznovrstne preizkuse občutljivosti.
In fact, as shown by the data presented above, LCC and charter flights are the main source of revenue in most of the years covered by the forecast.
Pri modelu stopnje stabilne rasti, uporabljenem za izračun končne vrednosti, je treba v tem primeru prav tako predvideti datum, na katerega bo podjetje začelo rasti s stabilno stopnjo, ki jo lahko neskončno vzdržuje.
However, as will be explained in greater detail below, the bulk of Gdańsk airport's revenue also comes from LCC and charter flights (see recital 140).
V študiji načela VPTP iz leta 2010 je bilo kot ta datum določeno leto 2040, kar pomeni 30-letno obdobje napovedi (2010–2040).
In the context of demand among passengers and air carriers, the Commission observes that Gdynia airport would have the same catchment area as Gdańsk airport, which is only about 25 km away from Gdynia-Kosakowo airport.
Komisija ugotavlja še, da je v študiji načela VPTP iz leta 2012 izrecno navedeno, da bi preudaren vlagatelj upošteval dejstvo, da je potrebnega posebej veliko časa, preden projekt postane donosen (glej razdelek 4.10.1.2 študije načela VPTP iz leta 2012, v kateri je ugotovljeno, da „pozitivni rezultat neto sedanje vrednosti dokazuje, da je naložba v letališče Gdynia-Kosakowo lahko zanimiva za morebitne vlagatelje.
Gdańsk airport was extended in 2012 to serve up to 5 million passengers and a further extension to serve up to 7 million passengers is planned for 2015.
Vendar bodo morali vlagatelji pred kakršno koli odločitvijo upoštevati tudi dolgoročno naložbeno obdobje, značilno za infrastrukturne naložbene projekte“).
This expansion timetable was already publicly known in 2010, i.e. at the time of preparation the 2010 MEIP study [57].
Projekt preureditve letališča Gdynia-Kosakowo pomeni precejšnje naložbe in dolgo obdobje negativnih denarnih tokov.
Moreover, public funding for the extension of Gdańsk to the capacity of 5 million passengers was also notified to the Commission on 24 September 2008 under State aid case No N 472/08 and was approved by the Commission on 5 February 2009 [58].
Poslovni načrt dejansko kaže, da je kumulativni diskontirani denarni tok v obdobju napovedi 2010–2040 negativen (– […] milijonov PLN ali – […] milijonov EUR).
Poland informed the Commission that the masterplan prepared for Gdańsk airport in 2010 [59] provides for the extension of the runway, aprons and other airport infrastructure, as a result of which Gdańsk airport would in future be able to handle over 10 million passengers a year.
Po poslovnem načrtu projekt doseže pozitivne rezultate samo na podlagi diskontirane končne vrednosti […] milijonov PLN, izračunane za leto 2040 in naprej, ob predpostavki, da letališče letno in za vedno raste z nominalno stopnjo […] %.
The Commission further observes that in 2010 Gdańsk airport handled 2,2 million passengers (i.e. it used 45 % of its capacity, including the capacity under construction).
Vendar, kot je pojasnjeno v uvodni izjavi 135, se zdi, da je zemljišče še naprej v lasti ministrstva za državno blagajno, in ne upravljavca letališča ali njegovih delničarjev, zato končna vrednost, predstavljena za letališče, ni zanesljiva.
According to the forecasts provided for Gdańsk airport, only 50 to 60 % of the available capacity will be used by 2020 [60].
Poleg tega poslovni načrt kljub pomembnim negotovostim, značilnim za tako dolgoročen projekt, ne vsebuje analize občutljivosti, zaradi česar se razlikuje od analize, ki bi jo preudaren vlagatelj opravil v zvezi s takim projektom.
These forecasts do not take into account the start of operations at Gdynia airport (i.e. it is assumed that all demand in the catchment area will be met by Gdańsk airport).
Analiza Komisije poleg tega ugotavlja, da poslovni načrt temelji na raznovrstnih predpostavkah, ki so preveč optimistične in nerealne glede na bližino letališča Gdańsk, ki ima enak poslovni model, neizkoriščene zmogljivosti in širitvene načrte.
The Commission notes that Gdańsk airport will be able to meet demand in the region for a long period of time, i.e. until at least 2030, even if dynamic growth in passenger traffic is assumed.
Več preizkusov občutljivosti kaže, da postane neto sedanja vrednost projekta negativna ob manjših realnih spremembah osnovnih predpostavk.
As indicated above, the 2010 MEIP study for Gdynia airport expects the bulk of its revenue ([80 - 90] % on average for the whole period 2012 - 2040) to be generated by LCCs and charter airlines.
Uporaba načela VPTP na podlagi študije načela VPTP iz leta 2011 in študije načela VPTP iz leta 2012
In this context, the Commission notes that also Gdańsk airport mainly handles LCC and charter traffic.
Uporaba načela VPTP na podlagi študije načela VPTP iz leta 2011
In 2010 LCC and charter flights accounted for 72 % of all passengers handled by Gdańsk airport [61].
V študiji načela VPTP iz leta 2011 so prihodki iz projekta ostali nespremenjeni, naložbe v osnovna sredstva pa so se povečale (glej Figure 2, ki prikazuje kumulativne naložbe v osnovna sredstva).
In view of the close proximity to another established and uncongested airport pursuing the same business model with significant spare capacity in the long run, the Commission considers that the ability of the operator of Gdynia airport to attract traffic and passengers will largely depend on the level of airport charges offered to airlines, notably in comparison with those of its closest competitors.
V tej študiji se upoštevajo tudi predhodne dokapitalizacije in že opravljene naložbe v osnovna sredstva.
In this context, the Commission observes that the 2010 MEIP study foresees a passenger charge for charter and LCC flights of PLN 25/PAX (EUR 6,25) until 2014 and PLN 40/PAX (EUR 10) from 2015 (to 2040).
Povprečni tehtani stroški kapitala so se malce znižali (z […] % na […] %), dolgoročna stopnja rasti pa se je znižala z […] % na […] %.
The landing charge for such flights was set at PLN 25/tonne (EUR 6,25) for the whole period (the average MTOW (maximum take-off weight) was presumed to be 70 tonnes) while the parking charge was estimated at PLN 4 (EUR 1,0) per 24h/tonne (with an average MTOW of 70 tonnes).
Zaradi teh sprememb se je neto sedanja vrednost precej znižala, na […] milijonov PLN (približno […] EUR).
According to the 2010 MEIP study, prices were set at levels comparable to those at other regional airports at the time the 2010 MEIP study was conducted.
Vzrok za to so bile večje izgube (diskontirani denarni tok v obdobju 2011–2030 bi bil – […] milijonov PLN), končna vrednost pa bi se malce znižala, na […] milijonov PLN.
Prices at Gdynia airport were also set on the assumption that there would be no competition from Gdańsk airport.
Komisija v zvezi s potniškim povpraševanjem in povezanimi prihodki meni, da argumenti, predstavljeni v uvodnih izjavah 136–141 v zvezi s konkuriranjem letališča Gdynia letališču Gdańsk glede letalskih družb in potnikov, veljajo tudi za preučitev študije načela VPTP iz leta 2011.
The Commission also notes that the schedule of tariffs applied by Gdańsk airport since 31 December 2008 fixes the standard passenger charge at PLN 48/PAX (EUR 12,0), the standard landing charge for aircraft above 2 tonnes (i.e. including all charter and LCC aircraft) at PLN 25/tonne (EUR 6,25) and the parking charge at PLN 4,5/24h/tonne (EUR 1,25).
Komisija ugotavlja zlasti, da je raven letaliških pristojbin, navedena v študiji načela VPTP iz leta 2011, enaka kot v študiji načela VPTP iz leta 2010.
The Commission, however, notes that the schedule of tariffs applied at Gdańsk airport also offers various discounts and rebates concerning, inter alia, LCC flights.
Ker so letališča Gdańsk, Bydgoszcz in Szczecin leta 2011 uporabljala enake tarife kot leta 2010 (vključno z enakimi popusti), je Komisija raven pristojbin za letališče Gdynia v študiji načela VPTP iz leta 2011 ocenila enako kot v študiji načela VPTP iz leta 2010 (glej uvodne izjave 141–147).
The parking charge is waived completely if the frequency of a connection is at least 6 times a week.
Komisija je opravila več izračunov občutljivosti in ugotavlja, da zmanjšanje letnih prihodkov iz potniških pristojbin, povezanih z nizkocenovnimi prevozniki in čarterskim prometom, za samo […] % (v obdobju napovedi 2010–2040) zadostuje za to, da projekt postane nedonosen, kljub znatni končni vrednosti.
In addition, the standard passenger charge is first reduced by PLN 23 for all departing passengers on scheduled domestic connections.
Nadaljnji preizkusi občutljivosti kažejo, da bi projekt postal nedonosen, če bi bil skupni prihodek nižji za samo […] % na leto v celotnem obdobju napovedi ali če bi bil prihodek nižji za […] %, stroški poslovanja pa za […] % višji.
An appropriate discount is then applied.
Komisija poleg tega ugotavlja, da so pozitivni rezultati študije načela VPTP iz leta 2011 tudi zelo odvisni od končne vrednosti naložbe na koncu obdobja, zajetega v poslovnem načrtu (tj. leta 2040).
The Commission considers, taking into account the discounts and rebates applied at Gdańsk airport, airport charges at Gdynia airport were on average significantly higher than at the established neighbouring airport.
Kot je pojasnjeno v uvodni izjavi 135, je dvomljivo, da bo končna vrednost infrastrukture v celoti ali vsaj deloma pripadala upravljavcu letališča in njegovima delničarjema.
By applying the airport charges in question, Gdynia airport, as a new entrant, will not be able to attract significant traffic when there is an established airport with spare capacity in the same catchment area applying lower net charges for new connections and increases in frequency on existing connections.
Na podlagi tega Komisija ugotavlja, da študija načela VPTP iz leta 2011 temelji na nerealnih predpostavkah, zlasti kar zadeva napovedi prometa in letališke pristojbine, tako kot študija načela VPTP iz leta 2010.
The Commission also notes that the schedule of airport charges for Gdańsk airport provides for the discounted charges to apply until 31 December 2028.
Torej je tudi na podlagi študije načela VPTP iz leta 2011 odločitev občin Gdynia in Kosakowo, da financirata preureditev letališča Gdynia-Kosakowo (Gdynia-Oksywie) v letališče za civilno letalstvo, neskladna z načelom VPTP in zato upravljavcu letališča omogoča gospodarsko prednost, ki je pod običajnimi tržnimi pogoji ne bi pridobil.
Since the 2010 MEIP study (based on the airport operator's business plan at that point in time) views airport charges as the airport operator's main source of revenue, the Commission considers this solution as proof that the 2010 MEIP study is not solid and credible enough to demonstrate that the investment project in question would have been pursued by a private investor.
Uporaba načela VPTP na podlagi študije načela VPTP iz leta 2012
Given that both Gdynia airport and Gdańsk airport would focus mainly on low-cost and charter carriers, that Gdańsk airport does not use its full capacity, that its actual charges are lower than those assumed in the Gdynia business plan and the close proximity of the two airports, the Commission also considers the assumption that there will be no price competition between the two airports to be mistaken.
Študija načela VPTP iz leta 2012 kaže, da je rezultat financiranja, zagotovljenega družbi Gdynia-Kosakowo Airport Ltd, pozitivna vrednost lastniškega kapitala v višini […] milijonov PLN (približno […] milijonov EUR) za njene delničarje.
The Commission also notes that at the time of the preparation of the 2010 MEIP study the net charges (standard charges after applicable discounts) applied at Bydgoszcz airport (located 196 kilometres and 2 hours 19 minutes by car from Gdynia airport) and Szczecin airport (located 296 kilometres and 4 hours 24 minutes by car from Gdynia airport), the second and third closest Polish regional airports, were significantly lower [62].
Poleg tega je notranja stopnja donosa naložbenega projekta, ki znaša […] %, višja od predvidenih stroškov kapitala upravljavca letališča ([…] %) [65].
In view of the above, the Commission considers, given the close proximity of another uncongested airport pursuing the same business model, the airport charges in the 2010 MEIP study, which are higher than those applied in Gdańsk and at other regional airports nearby, to be unrealistic.
V študiji načela VPTP iz leta 2012 se primerja vrednost lastniškega kapitala družbe z nadaljnjimi naložbami v okoliščinah, v katerih novo letališče začne delovati („osnovni scenarij“), z vrednostjo lastniškega kapitala družbe brez nadaljnjih naložb v okoliščinah, v katerih se junija 2012 naložbeni projekt opusti („hipotetični scenarij“) [66].
Taking into account the competitive situation of Gdynia airport, the traffic forecasts included in the 2010 MEIP study were based on unrealistic assumptions.
Ta pristop je v osnovi napačen za presojo, ali preureditev vojaškega letališča v civilno letališče vključuje državno pomoč, saj ne upošteva znatnih zneskov kapitala, ki so bili že vloženi v letališče.
It should also be noted that the 2010 MEIP study involved neither a sensitivity analysis nor any assessment of the probability of an outcome (such as a worst-case, best-case and base-case scenario).
Pravilni hipotetični scenarij bi bil, da se projekt sploh ne začne izvajati.
The Commission performed a number of sensitivity calculations and notes that reducing the annual revenue from passenger charges linked to the LCC and charter traffic by […] % (over the projection period of 2010-2040) suffices to render the project unprofitable despite the significant terminal value, which is itself uncertain, as explained in recital 135.
Komisija ugotavlja, da osnovni scenarij iz študije načela VPTP iz leta 2012, ki jo je predložila Poljska, temelji na poslovnem načrtu, ki obravnava denarne tokove vlagateljev kapitala v obdobju 2012–2030 (tj. v obdobju visoke rasti) [67].
Such a fall in revenue could occur if charges and/or traffic were lower than assumed.
Preglednica 8
In this respect, it is worth noting that the airport charges in the business plan used for the 2010 MEIP study are already […] % higher than at Gdańsk airport [63].
Napovedi potniškega prometa za letališče Gdynia (v tisočih)
In this context, it is highly unlikely that Gdynia airport would be able to attract traffic without providing any significant rebate on the PLN 40 (EUR 10) charge in the business plan.
Predvideni razvoj potniškega prometa
The high sensitivity of the NPV to a seemingly marginal reduction in airport charges (resulting from realistic assumptions) therefore casts significant doubt on the credibility of the initial business plan.
V skladu s študijo VPTP iz leta 2012 se predvideva, da bo imel po letu 2030 upravljavec letališča stopnjo neskončne stabilne rasti, ki znaša […].
While the 2010 MEIP study was based on traffic projections available at that time and ex-post information should not be used to assess directly the MEIP study, the Commission nevertheless notes the extent to which such projections were over-optimistic.
Na podlagi te predpostavke je Poljska izračunala končno vrednost upravljavca letališča leta 2030.
Indeed, a comparison of the 2010 and 2012 traffic projections shows significant differences.
Komisija ugotavlja, da so tako kot v študijah načela VPTP iz let 2010 in 2011 ključni dejavnik za ustvarjanje vrednosti prihodnjih denarnih tokov upravljavca letališča Gdynia pričakovani prihodki od letalstva, ki bodo odvisni od števila potnikov in ravni letaliških pristojbin, ki jih plačujejo letalske družbe.
Not only was the start of the project delayed, but in addition and over the ‘positive EBITDA’ period, traffic projections were reduced by […] to […] % in each year.
V zvezi s predvidenim razvojem potniškega prometa Poljska trdi, da se bo povpraševanje po storitvah potniškega prometa v zračnem prevozu sčasoma povečalo s pričakovanim dvigom poljskega BDP in razvojem regije.
It further bears out the fact that the sensitivity checks performed by the Commission (the scope of which is much narrower in comparison) highlight the unrealistic nature of the assumptions underpinning the conclusion that the project was worthwhile.
Po mnenju Poljske je v posodobljeni napovedi prometa v regiji iz marca 2013 predviden večji promet kot v študiji načela VPTP iz leta 2012.
Table 6
Poljska trdi, da je v poslovnem načrtu predvideno, da bo imelo letališče Gdynia manj kot […] % regionalnega potniškega prometa.
Total pax in 2010 MEIP Study
Komisija v zvezi s potniškim povpraševanjem in povezanimi prihodki meni, da argumenti, predstavljeni za študiji načela VPTP iz let 2010 in 2011 v uvodnih izjavah 136 – 147 in 161 – 165, veljajo tudi za preučitev študije načela VPTP iz leta 2012.
Total pax in 2012 MEIP Study
Komisija meni, da vlagatelj pod tržnimi pogoji ne bi določil višje ravni svojih pristojbin na podlagi predpostavke, da se bodo pristojbine na letališču Gdańsk dolgoročno zvišale.
Difference
Komisija v zvezi s tem ugotavlja, da je na seznamu pristojbin, ki se uporabljajo na letališču Gdańsk, predvidena uporaba popustov do leta 2028 (tj. samo za dve leti krajše obdobje kot v poslovnem načrtu za študijo načela VPTP iz leta 2012).
Further sensitivity tests show that the project would become unprofitable if overall revenue were just […] % a year lower over the whole projection period or revenue […] % lower and operating expenditure […] % higher.
Tudi če bi se letališke pristojbine na letališču Gdańsk višale po letu 2028, Komisija na podlagi tega meni, da so predvidene povprečne letališke pristojbine v obdobju poslovnega načrta (tj. do leta 2030) še vedno višje od povprečne ravni na konkurenčnih letališčih.
The profitability of the investment is therefore highly sensitive to small changes in the basic assumptions.
Poljska je potrdila, da so v študiji načela VPTP iz leta 2012 upoštevani stroški poslovanja, povezani z vojaško dejavnostjo na letališču.
The Commission considers such changes to be marginal in comparison with the changes made in the successive MEIP studies.
Te stroške naj bi pokrila država.
The Commission observes, moreover, that the positive results of the 2010 MEIP study also depend to a great extent on the terminal value of the investment at the end of the period covered by the business plan (i.e. in 2040).
Poljska je potrdila tudi, da še ni bil sklenjen formalni sporazum o delitvi stroškov (stroškov poslovanja in naložbenih stroškov) med letališčem Gdynia in vojaškim uporabnikom.
Indeed, the discounted cash flow of the company for the period 2010-2040 is negative and amounts to PLN (– […] million).
Komisija medni, da bi vlagatelj pod tržnimi pogoji svojo presojo utemeljil izključno na rezultatih, ki bi jih bilo mogoče predvideti v času odločitve o naložbi.
The discounted terminal value on 30 June 2010 amounts to PLN […] million.
Komisija zato meni, da se pri preučitvi skladnosti z načelom VPTP ne bi smelo upoštevati morebitno znižanje stroškov zaradi delitve stroškov z vojaškim uporabnikom letališča (in učinek na celotne stroške in prihodke letališča).
With respect to the assumptions underlying the calculations, the terminal value was calculated on the basis of assumptions that the annual growth rate for the investment's cash flow after 2040 would forever amount to […] %.
V študiji načela VPTP iz leta 2012 znižanje stroškov, ki bi ga v zvezi s tem lahko dosegel upravljavec letališča, dejansko ni količinsko opredeljeno.