natgillin/translations-raw huggingface dataset:
A similar argument can be applied to SAS, who decided to participate in the 2010 capital injection but not in proportion to its stake and therefore was diluted to just 10 % from its previous 49 % stake.
V skladu s členom 108(3) Pogodbe država članica ne sme izvajati ukrepa pomoči, dokler Komisija ne sprejme sklepa o odobritvi tega ukrepa.
The Estonian authorities also argue that a valuation undertaken by the State in 2010 came to the conclusion that the airline would have positive value following the investment.
Komisija najprej ugotavlja, da je Estonija ukrepe 3, 4 in 5 izvedla, ne da bi jih predhodno priglasila Komisiji v odobritev.
This valuation calculated the value of equity based on discounted cash flow analysis taking into account expected cash flows in the years 2010-2019 plus a terminal value after 2019 of EUR [0-10] million (discounted) and deducting net debt of EUR [0-10] million.
Komisija obžaluje, da Estonija ni spoštovala obveznosti neukrepanja in da je s tem kršila svojo obveznost iz člena 108(3) Pogodbe.
On this basis, the resulting total value of equity in a post-investment scenario would amount to EUR [0-10] million.
V zvezi z ukrepom 6 Komisija razume, da kapitalska injekcija v višini 40,7 milijona EUR še ni bila izvedena.
Based on an alternative valuation method, it valued the airline by comparison with financial indicators for five smaller publicly-traded companies, resulting in a value of Estonian Air of around EUR [5-15] million.
Zato se je upošteval člen 108(3) Pogodbe v zvezi s priglašenim ukrepom prestrukturiranja.
However, the Commission cannot consider this valuation as a valid basis for accepting the investment by a hypothetical private investor.
Sprejemljivost spremenjenega načrta prestrukturiranja z dne 31. oktobra 2014
First, the valuation itself points out substantial risks, uncertainties and sensitivity to the assumptions used and states that its forecasts should be regarded with caution [38].
Pred analizo združljivosti ugotovljenih ukrepov pomoči, opisanih v oddelku 7.1, mora Komisija ugotoviti, katerega od predloženih načrtov prestrukturiranja bi bilo treba analizirati.
Secondly, the valuation states that the measures of the 2010 business plan may not be sufficient to solve some of the sustainability problems of Estonian Air (e.g. the loss-making operation of the turboprop aircraft Saab 340).
Poleg tega zadnji del načrta prestrukturiranja za obdobje 2015–2016, ki upošteva vstop skupine Infortar, ponovno predvideva omejeno razširitev.
Therefore, the cash-flow-based calculation assumes additional changes and thus deviates from the 2010 business plan which represents the basis for the investment.
Načrt prestrukturiranja bi tako združeval več izredno različnih poslovnih strategij, ki temeljijo na različnih poslovnih načrtih, pripravili pa sta jih različni vodstveni skupini s popolnoma drugačnimi poslovnimi cilji.
Thirdly, the valuation based on comparison with other airlines is extremely fragile.
Očitno je, da strategije, opisane v oddelku 4.7, sprva (ob odobritvi tretjega ukrepa novembra 2010) niso bile obravnavane kot en neprekinjen načrt prestrukturiranja.
It compares Estonian Air with only five airlines, of which three have capacities several times bigger than Estonian Air’s.
Poleg tega se tako razlikujejo, da se ne morejo obravnavati kot zgolj prilagoditve prvotnega načrta, priglašenega junija 2013, ki so posledica dogodkov med njegovim izvajanjem.
Further, due to the bad financial situation of Estonian Air, the only reference basis that could realistically be used is the price-to-sales-revenue ratio whereas ratios based on other indicators give very different results.
V en načrt so bile združene naknadno z edinim očitnim ciljem, da se v pomoč za prestrukturiranje vključijo državni ukrepi v obdobju 2010–2012 (in sicer ukrepa 3 in 4), da bi se preprečila kršitev načela enkratnosti pomoči pri prvotni priglašeni pomoči za prestrukturiranje.
Fourthly, even accepting its results, the valuation does not explain why a private investor would have agreed to inject EUR 17,9 million in fresh capital to hold 90 % of the shares of a company whose total value of equity is estimated at only EUR [0-10] million (or as a maximum EUR [5-15] million).
Poleg tega bi sprejetje spremenjenega načrta prestrukturiranja povzročilo absurden položaj, pri katerem bi se del ocenjene pomoči za prestrukturiranje uporabil v letih 2011 in 2012 za razširitev zmogljivosti in dejavnosti podjetja Estonian Air, del pomoči za prestrukturiranje pa bi se nato uporabil za zmanjšanje njegovih zmogljivosti in dejavnosti od leta 2013.
Finally, the Estonian authorities did not analyse any counterfactual situation to the capital increase in order to compare the expected return on their investment with results of possible alternative scenarios.
Noben načrt prestrukturiranja ne bi vključeval obeh medsebojno nezdružljivih strategij.
While it might make economic sense for an existing shareholder to invest additional capital into an ailing company to safeguard its investment, such an investor would normally compare such investment to the costs/revenues of possible alternative scenarios, possibly including the liquidation of the company.
Poleg tega Komisija navaja, da ne bi bilo mogoče zanikati, da bi nova pomoč leta 2013 kršila načelo enkratnosti pomoči, če bi Estonija priglasila ukrepa 3 in 4 kot pomoč za prestrukturiranje in če bi ju Komisija odobrila.
In addition, the submission of the Estonian authorities of 9 April 2014 suggests that the capital increase was not motivated solely by the economic attractiveness of the investment.
Če bi torej Komisija sprejela spremenjen načrt prestrukturiranja, ki zaradi podaljšanja obdobja prestrukturiranja v preteklost vključuje ukrepa 3 in 4, bi bila Estonija v boljšem položaju, če pomoči ne bi priglasila, kot če bi jo.
Estonia acknowledges that the objective of the 2010 business plan to secure long-term flight connections to important business destinations ‘coincided with the State’s own macroeconomic policy goals’.
V preteklosti je Komisija sprejela obstoj nepretrganega prestrukturiranja na podlagi enotne strategije prestrukturiranja z nekaj spremembami in postopnimi posodobitvami, vendar nikoli s popolnoma nasprotujočimi si poslovnimi strategijami, kot so na primer v tem primeru.
Although Estonia argues that these considerations were not the sole drivers of the State’s investment decision, this suggests that the State was not solely taking into consideration profit-seeking motives.
Komisija je na primer v zadevi Varvaressos [44] menila, da je treba ukrepe, ki so bili podjetju odobreni med letoma 2006 in 2009, oceniti kot del nepretrganega prestrukturiranja na podlagi načrta prestrukturiranja iz leta 2009 (ki je zajemal obdobje 2006–2011).
In this respect, it appears that members of the Estonian Government at the time of measure 3 stated that ‘[the Government’s] stance has been that Estonian Air is a strategic company for the country and we are prepared to take a majority stake’ [39] and that ‘it’s very important to have flights from […] Tallinn to some other important cities’ [40], which do not appear to be concerns that a prudent market investor would take into consideration at the time of making an investment decision.
Načrt prestrukturiranja podjetja Varvaressos iz leta 2009 se je štel za razvoj „strateškega in poslovnega načrta“ iz leta 2006, temeljil pa je na isti poslovni strategiji s pravzaprav istimi ukrepi prestrukturiranja, ki so se začeli izvajati leta 2006 in so se izvajali do leta 2009 in še po letu 2009.
In this respect, the Commission recalls that in the Boch judgement the Court indicated that ‘the test is, in particular, whether in similar circumstances a private shareholder, having regard to the foreseeability of obtaining a return and leaving aside all social, regional policy and sectoral consideration would have subscribed the capital in question’ [41].
Dejstva v zadevi Varvaressos so se zato bistveno razlikovala od dejstev v trenutni zadevi, pri kateri se je poslovni model med podaljšanim obdobjem prestrukturiranja dvakrat temeljito spremenil.
Overall, taking into account the absence of any private investor willing to invest fresh money into Estonian Air in a way similar to the State, the weaknesses of the 2010 business plan and the existence of macroeconomic objectives not relevant for any private investor, the Commission concludes that measure 3 was not MEIP-conform.
Iz teh razlogov Komisija meni, da spremenjenega načrta prestrukturiranja iz oktobra 2014 ni mogoče sprejeti kot osnovo za ocenjevanje priglašene pomoči za prestrukturiranje.
In addition, for a measure to constitute State aid, it must stem from State resources and be imputable to the State.
Ocena pomoči bo tako temeljila na prvotno priglašenem načrtu prestrukturiranja iz junija 2013.
This criterion is not disputed in relation to the 2010 capital injection, given that it was the Ministry of Economic Affairs and Communication of Estonia, as shareholder of the airline, who injected the cash from the State budget.
Komisija navaja tudi, da bi, če bi hipotetično sprejela spremenjeni načrt prestrukturiranja kot osnovo za oceno pomoči za prestrukturiranje (quid non), še vedno obstajale bistvene težave z združljivostjo (kot sta nenavadno dolgo obdobje prestrukturiranja, daljše od šestih let [45], in očitno pomanjkanje ustreznih izravnalnih ukrepov, ki so bili kljub zvišanju skupnega zneska pomoči še manj pomembni kot v načrtu prestrukturiranja iz junija 2013).
Finally, the Commission observes that the measure affects trade and threatens to distort competition between Member States as Estonian Air is in competition with other airlines of the European Union, in particular since the entry into force of the third stage of liberalisation of air transport (‘third package’) on 1 January 1993 [42].
Tudi privatizacija podjetja Estonian Air s prodajo […] % državnih delnic skupini Infortar za negativno ceno brez razpisnega postopka bi lahko pomenila dodatne pomisleke o morebitni pomoči skupini Infortar.
Measure 3 thus enabled Estonian Air to continue operating so that it would not have to face, as other competitors, the consequences normally deriving from its poor financial results.
Kljub študiji neodvisnega strokovnjaka, ki so jo predložili estonski organi in ki navaja, da je skupna vrednost lastniškega kapitala podjetja Estonian Air ob pridobitvi navedenih delnic s strani skupine Infortar med […] milijoni EUR, skupina Infortar državi dejansko ne bi plačala nič za njen poslovni delež.
The Commission therefore concludes that measure 3 entailed State aid in favour of Estonian Air.
Združljivost pomoči
Measure 4
Če ukrepi 3, 4, 5 in 6 pomenijo državno pomoč v smislu člena 107(1) Pogodbe, je treba njihovo združljivost oceniti ob upoštevanju izjem iz odstavkov 2 in 3 navedenega člena.
As regards the EUR 30 million cash injection decided by Estonia in December 2011 (measure 4), Estonia is of the opinion that it did not entail State aid.
V skladu s sodno prakso Sodišča so države članice tiste, ki morajo uveljavljati morebitne razloge za združljivost in dokazati, da so pogoji za takšno združljivost izpolnjeni [46].
No other investor participated in this capital injection, as a result of which SAS’s stake was diluted from 10 % to 2,66 %, while the State’s stake increased from 90 % to 97,34 %.
Estonski organi menijo, da ukrepa 5 in 6 vsebujeta državno pomoč, zato so predložili utemeljitve za ocenjevanje njune združljivosti s členom 107(3)(c) Pogodbe in zlasti s smernicami za reševanje in prestrukturiranje iz leta 2004.
The Commission remains unconvinced by the arguments provided by the Estonian authorities in the course of the formal investigation procedure.
Vendar na podlagi prvotno priglašenega načrta prestrukturiranja estonski organi menijo, da ukrepa 3 in 4 ne vsebujeta državne pomoči, zato niso predložili morebitnih razlogov za združljivost.
In the first place, the decision to invest was made by the State alone without any private intervention: SAS decided not to participate in this capital injection and the private bank […], who initially considered granting a loan to Estonian Air, refused to provide it in the end.
Kljub temu je Komisija ocenila, ali bi se lahko za navedene ukrepe uporabljali možni razlogi za združljivost iz Pogodbe.
Therefore, the investment cannot be deemed pari passu.
Kot je navedeno v sklepih o začetku postopka v zvezi s pomočjo za reševanje, Komisija meni, da se izjeme iz člena 107(2) Pogodbe ne uporabljajo zaradi narave ukrepov 3 in 4.
In addition, the 2011 business plan, on the basis of which the investment decision was taken, foresees an expansionary strategy and a radical change of business model from point-to-point to hub-and-spoke on the basis of a regional network.
Ista ugotovitev bi se uporabljala za izjeme iz točk (d) in (e) člena 107(3) Pogodbe.
Estonia has provided a presentation of the plan according to which the airline would acquire new aircraft (passing from seven planes in 2011 to 13 in 2013 and 2014) and make Tallinn a hub for Europe-Asia flights.
Zaradi težavnega finančnega položaja podjetja Estonian Air ob zagotovitvi ukrepov 3 in 4 (glej uvodne izjave 24 do 26) se ne zdi, da bi se lahko uporabljala izjema v zvezi z razvojem nekaterih območij ali sektorjev iz člena 107(3)(a) Pogodbe.
According to this presentation, Estonian Air would require EUR 30 million from its shareholder and EUR […] million from a […] loan.
To velja kljub dejstvu, da je podjetje Estonian Air znotraj območja, ki prejema pomoč, in bi bilo lahko upravičeno do regionalne pomoči.
Despite the fact that […] decided not to provide the loan in the end, the Commission highlights that Estonia granted EUR 30 million, without giving any kind of consideration to the impact that […] decision would have for the outcome of the 2011 business plan.
Komisija ugotavlja tudi, da ukrepa 3 in 4 ne izpolnjujeta pogojev za veljavnost pravil glede krize iz začasnega okvira [47].
This cannot be seen as the rational behaviour of an informed market operator.
Zato se zdi, da se lahko združljivost ukrepov 3 in 4 oceni le v skladu s členom 107(3)(c) Pogodbe, ki navaja, da se pomoč lahko odobri za pospeševanje razvoja določenih gospodarskih dejavnosti, kadar takšna pomoč ne spreminja trgovinskih pogojev v obsegu, ki bi bil v nasprotju s skupnimi interesi.
It also appears unrealistic to consider that Estonian Air would be able to almost triple its revenue in just 4 years and pass from EBT of EUR –15,45 million in 2011 to EUR 4,2 million in 2014, in particular in a context of economic and financial crisis.
Komisija bo zato ocenila, ali je bilo podjetje Estonian Air v času ukrepov 3, 4, 5 in 6 upravičeno do pomoči za reševanje in/ali pomoči za prestrukturiranje v skladu s smernicami za reševanje in prestrukturiranje iz leta 2004 (ukrepi 3, 4 in 6) in smernicami za reševanje in prestrukturiranje iz leta 2014 (ukrep 5).
In this respect, the Commission recalls that according to the December 2011 financial forecast of IATA [43], profit margins in the airline industry in 2011 were squeezed as oil and fuel prices surged.
Težave podjetja Estonian Air
For 2012, IATA foresaw that the European airline industry would face pressure due to the economic turmoil that would result from a failure of governments to resolve the euro area sovereign debt crisis.
Točka 9 smernic za reševanje in prestrukturiranje iz leta 2004 določa, da Komisija šteje podjetje za podjetje v težavah, ko ni zmožno z lastnimi sredstvi ali s sredstvi, ki jih lahko pridobi od svojih lastnikov/delničarjev ali upnikov, preprečiti izgube, ki bi brez zunanjega posredovanja državnih organov kratkoročno ali srednjeročno skoraj gotovo ogrozile obstoj družbe.
Considering that the European airlines were likely to be hit badly by recession in their home markets, IATA’s 2012 forecast for European airlines was an earnings before interest and taxes (EBIT) margin of 0,3 %, with net losses after tax of USD 0,6 billion (namely EUR 0,46 billion).
Točka 10 smernic za reševanje in prestrukturiranje iz leta 2004 pojasnjuje, da se družba z omejeno odgovornostjo šteje za podjetje v težavah, če je izgubljena več kot polovica njenega osnovnega kapitala, in je bila v preteklih 12 mesecih izgubljena več kot četrtina tega kapitala ali če po domači zakonodaji izpolnjuje kriterije za uvedbo kolektivnih postopkov insolventnosti.
It also appears unrealistic to consider that Estonian Air would increase the number of seats from 1 million in 2011 to 2,45 million in 2014 while substantially increasing the load factor from 59,2 % to 72,3 % in the same period.
Točka 11 smernic za reševanje in prestrukturiranje iz leta 2004 dodaja, da se podjetje lahko šteje za podjetje v težavah, tudi če ni izpolnjena nobena od okoliščin določenih v točki 10, zlasti ob prisotnosti običajnih znakov podjetja v težavah, kot so naraščajoče izgube, upadanje prometa, kopičenje zalog, presežki prostih zmogljivosti, padanje denarnih tokov, naraščajoči dolgovi, naraščajoči stroški obresti ali zmanjševanje čiste vrednosti sredstev.
The key risks also appear undervalued and the mitigation measures do not seem sufficiently assessed.
Komisija ugotavlja, da je podjetje Estonian Air od leta 2006 stalno beležilo znatne izgube:
The hub-and-spoke model was abandoned very rapidly by mid-2012 in view of the extremely negative results of the airline.
Preglednica 6:
In addition, the 2011 business plan explicitly takes into account various macroeconomic and political benefits to the State which are irrelevant from the perspective of a private investor.
Neto rezultati podjetja Estonian Air od leta 2006
For instance, the plan indicates that the benefits of the investment for Estonia are significant and explicitly states that ‘the chosen network model is preferred taking into account current needs of business people and government directives’.
Vir:
In addition, the plan indicates that as a result of the investment, 2000 jobs would be created and that Estonia would improve its position in global competitiveness rankings.
letna poročila podjetja Estonian Air, dostopna na http://estonian-air.ee/en/info/about-the-company/financial-reports/.
Moreover, the Estonian authorities state that the proposed strategy fed into the Government Action Plan for 2011-2015 to develop direct air links to all major European business centres and to turn Tallinn Airport into a hub for Asia-Europe flights.
Od leta 2006 do leta 2010 so zneski v letnih poročilih podjetja Estonian Air izraženi v EEK.
For the reasons explained in recital 128, such considerations would not have been taken into account by a prudent market investor.
Uporabljeni devizni tečaj je 1 EUR = 15,65 EEK.
Therefore, the Commission considers that measure 4 entailed a selective undue advantage to Estonian Air.
(v tisoč EUR)
For the same reasons stated in recitals 130 and 131, the Commission considers that measure 4 stems from State resources and is imputable to the State and that it affects trade and threatens to distort competition between Member States.
Znatne izgube podjetja Estonian Air so prvi znak težav letalskega prevoznika.
The Commission therefore concludes that measure 4 entailed State aid in favour of Estonian Air.
Poleg tega se zdi, da so bili prisotni tudi nekateri običajni znaki podjetja v težavah.
Measure 5
Zdi se na primer, da so se odhodki za obresti podjetja Estonian Air od leta 2008 stalno zviševali:
The Commission comes to the conclusion that the rescue loan facility should be considered State aid within the meaning of Article 107(1) of the Treaty since the loan, stemming from State resources, entails a selective advantage for Estonian Air which affects trade between the Member States and threatens to distort competition (see recital 131).
Preglednica 7
In view of the financial situation of Estonian Air (it had been loss-making since 2006 and, by the end of July 2012, it had reached a state of technical bankruptcy under Estonian law — see details in Section 7.4.1), it was highly unlikely that a private creditor would be willing to provide any additional loans to cover the severe liquidity problems of Estonian Air.
Odhodki za obresti podjetja Estonian Air od leta 2006
The Estonian authorities themselves regard this measure as State aid within the meaning of Article 107(1) of the Treaty since they claimed the fulfilment of rescue aid conditions of the 2004 R&R Guidelines.
(v EUR)
Measure 6
Donos na sredstva in donosnost lastniškega kapitala podjetja Estonian Air sta bila stalno negativna od leta 2006, razmerje med dolžniškim in lastniškim kapitalom pa se je med letoma 2006 in 2008 stalno povečevalo in doseglo [80–90] %.
The decision of the Estonian authorities to inject EUR 40,7 million into Estonian Air in the form of equity should be considered State aid.
To razmerje se je v letih 2009 in 2010 zmanjšalo zaradi dokapitalizacij v navedenih letih in ne zaradi zmanjšanja dolga podjetja Estonian Air.
The capital injection comes directly from the State budget and thus from State resources.
Poleg tega so estonski organi pojasnili, da je imel letalski prevoznik ob koncu novembra 2011 le 3,1 milijona EUR denarnih sredstev in bi kršil denarni dogovor z […] ob koncu leta, kar pomeni, da ne bi odplačeval posojil […].
Moreover, since it exclusively benefits one undertaking (namely Estonian Air) and is provided subject to conditions that a prudent market economy investor would normally not accept (financial difficulties of Estonian Air, investment not based on an appropriate analysis of return on the investment but on public interest considerations such as connectivity of Estonia and strategic importance of Estonian Air for the Estonian economy), the planned capital injection entails a selective advantage to Estonian Air.
Neplačilo je običajen znak podjetja v težavah.
Moreover, the measure affects trade between Member States and threatens to distort competition (see recital 131).
Zato se zdi, da je merilo iz točke 10(a) smernic za reševanje in prestrukturiranje iz leta 2004 prav tako izpolnjeno.
The measure in question thus enables Estonian Air to continue operating so that it does not have to face, as other competitors, the consequences normally deriving from its poor financial results.
Kljub kapitalskim injekcijam decembra 2011 in marca 2012 (ukrep 4) se je finančni položaj letalskega prevoznika leta 2012 poslabšal in do konca julija 2012 je bilo podjetje Estonian Air v položaju tehničnega stečaja v skladu z estonskim pravom (glej uvodno izjavo 25).
The Estonian authorities themselves regard this measure as State aid within the meaning of Article 107(1) of the Treaty since they claimed the fulfilment of restructuring aid conditions of the 2004 R&R Guidelines.
Zato bi se lahko podjetje Estonian Air od takrat obravnavalo kot podjetje v težavah tudi na podlagi točke 10(c) smernic za reševanje in prestrukturiranje iz leta 2004.
The Commission therefore concludes that the notified restructuring measure constitutes State aid within the meaning of Article 107(1) of the Treaty.
Točka 12 smernic za reševanje in prestrukturiranje iz leta 2004 in točka 21 smernic za reševanje in prestrukturiranje iz leta 2014 določata, da novoustanovljeno podjetje ni upravičeno do pomoči za reševanje ali prestrukturiranje, četudi je njegov začetni finančni položaj negotov.
This is not disputed by the Estonian authorities.
Podjetje načeloma velja za novoustanovljeno prva tri leta po začetku poslovanja na zadevnem področju.
Conclusion as regards the existence of aid
Podjetje Estonian Air je bilo ustanovljeno leta 1991 in se ne more obravnavati kot novoustanovljeno podjetje.
For the reasons stated in recitals 108-119, the Commission concludes that measures 1 and 2 did not entail State aid to Estonian Air within the meaning of Article 107(1) of the Treaty.
Poleg tega Estonian Air ne pripada poslovni skupini v smislu točke 13 smernic za reševanje in prestrukturiranje iz leta 2004 in točke 22 smernic za reševanje in prestrukturiranje iz leta 2014.