natgillin/translations-raw huggingface dataset:
In addition, Estonia considers that Ryanair’s claim that Estonian Air should be liquidated is not supported by data.
V skladu z načrtom bi podjetje Estonian Air doseglo prag donosnosti že leta 2013, če bi spremenilo floto v skladu z načrtom, in bi ostalo zelo donosno vsaj do leta 2020.
Finally, Estonia reiterates that there is no breach of the ‘one time, last time’ principle in relation to measures 1 to 3.
Komisija priznava, da je v poslovnem načrtu iz leta 2010 analiziran položaj letalskega prevoznika, vendar ima vseeno pomanjkljivosti, zato ni zanesljiva osnova za tržno usmerjeno odločitev o naložbi.
ASSESSMENT OF THE MEASURES AND THE RESTRUCTURING PLAN
Finančne napovedi na primer temeljijo na preveč ambiciozni rasti števila potnikov (v obdobju 2010–2020 je predvidena več kot 6-odstotna povprečna letna rast).
By virtue of Article 107(1) of the Treaty, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market.
Vendar je Mednarodno združenje letalskih prevoznikov navedlo tudi, da bo to okrevanje geografsko zelo neenakomerno in da v Evropi ni mogoče pričakovati hitrega okrevanja [37].
The concept of State aid thus applies to any advantage granted directly or indirectly, financed out of State resources, granted by the State itself or by any intermediary body acting by virtue of powers conferred on it.
Dodatna pomanjkljivost je, da je analiza občutljivosti iz poslovnega načrta iz leta 2010 nezadostna.
To be State aid, a measure must stem from State resources and be imputable to the State.
V zvezi s tveganjem manjšega števila potnikov načrt navaja, da bi se neto rezultat za prvi dve leti zaradi 10-odstotnega zmanjšanja števila potnikov zmanjšal za približno 6,4 milijona EUR, kar bi bilo več kot dvakrat več od negativnih neto rezultatov, pričakovanih za navedeni leti.
In principle, State resources are the resources of a Member State and of its public authorities as well as the resources of public undertakings on which the public authorities can exercise, directly or indirectly, a controlling influence.
Vendar poslovni načrt iz leta 2010 ne navaja, kakšne bi bile posledice za celotno analizirano obdobje in katere posebne popravne ukrepe bi bilo treba sprejeti.
In order to determine whether the different measures assessed conferred an economic advantage to Estonian Air and therefore whether the measures involve State aid, the Commission will assess whether the airline received an economic advantage which it would not have obtained under normal market conditions.
Komisija izpostavlja tudi, da je banka Cresco sprejela odločitev, da v Estonian Air ne bo vložila dodatnih denarnih sredstev in da bo namesto tega prodala svoj delež skupini SAS.
The Commission applies the MEIP test in its assessment.
Čeprav je banka Cresco morda imela več različnih razlogov za svojo odločitev, se zdi smiselno domnevati, da poslovni načrt iz leta 2010 ni zadostoval in zasebnega vlagatelja ni prepričal o donosnosti naložbe.
According to the MEIP test, no State aid would be involved where, in similar circumstances, a private investor of a comparable size to that of the bodies concerned in the public sector, operating in normal market conditions in a market economy, could have been prompted to provide to the beneficiary the measures in question.
Podobno se lahko trdi za skupino SAS, ki se je odločila, da bo sodelovala pri kapitalski injekciji leta 2010, vendar ne sorazmerno s svojim deležem, zato se je njen delež z 49 % zmanjšal na zgolj 10 %.
The Commission therefore has to assess whether a private investor would have entered into the transactions under assessment on the same terms.
Estonski organi trdijo tudi, da je bilo na podlagi vrednotenja, ki ga je država opravila leta 2010, ugotovljeno, da bi bila vrednost letalskega prevoznika po naložbi pozitivna.
The attitude of the hypothetical private investor is that of a prudent investor whose goal of profit maximisation is tempered with caution about the level of risk acceptable for a given rate of return.
Vendar Komisija ne more obravnavati tega vrednotenja kot veljavno osnovno, na podlagi katere bi hipotetični zasebni vlagatelj sprejel odločitev o naložbi.
In principle, a contribution from public funds does not involve State aid if it is pari passu, namely if it takes place at the same time as a significant capital contribution on the part of a private investor made in comparable circumstances and on comparable terms.
V vrednotenju so namreč izpostavljena bistvena tveganja, negotovosti in občutljivost na uporabljene predpostavke, navedeno pa je tudi, da bi bilo treba napovedi obravnavati z nekaj rezerve [38].
Finally, the measures in question must distort or threaten to distort competition and be liable to affect trade between Member States.
Poleg tega nekatere ključne predpostavke, na katerih temelji vrednotenje, niso utemeljene.
Inasmuch as the measures under assessment entail State aid within the meaning of Article 107(1) of the Treaty, their compatibility must be assessed in the light of the exceptions laid down in paragraphs 2 and 3 of that Article.
Zlasti ni navedena osnova za določitev znatne končne vrednosti (ki predstavlja več kot 60 % izračunanega skupnega diskontiranega denarnega toka).
Existence of State aid
Če bi se izbrala nižja končna vrednost, bi bila lahko skupna vrednost lastniškega kapitala negativna.
Measure 1
Poleg tega je v vrednotenju navedeno, da ukrepi iz poslovnega načrta iz leta 2010 morda ne bodo zadostovali za rešitev nekaterih težav s trajnostjo podjetja Estonian Air (npr. uporaba turbopropelerskega letala tipa Saab 340, ki je ustvarjala izgubo).
The Commission will first assess the presence of aid in respect of the EUR 2,48 million capital injection of 2009 (measure 1).
Zato izračun, ki temelji na denarnem toku, predvideva dodatne spremembe in odstopa od poslovnega načrta iz leta 2010, ki je osnova za naložbo.
As explained in recital 105, it is considered that a contribution from public funds does not entail an undue advantage — and does not constitute aid — if it is carried out in pari passu terms.
Poleg tega je vrednotenje na podlagi primerjave z drugimi letalskimi prevozniki izjemno šibko.
In that respect, the Commission notes that measure 1 was carried out by the shareholders of Estonian Air at the time in proportion to their stakes, namely 34 % by Estonia (EUR 2,48 million), 49 % by SAS (EUR 3,57 million) and 17 % by Cresco (EUR 1,23 million).
Podjetje Estonian Air se primerja le s petimi letalskimi prevozniki, od tega imajo trije letalski prevozniki mnogokrat večje zmogljivosti od podjetja Estonian Air.
Estonia was confirmed that the State and Cresco injected cash only while SAS provided EUR 1,21 million in cash and EUR 2,36 million in the form of a loan-to-equity conversion.
Zaradi slabega finančnega položaja podjetja Estonian Air je edina referenčna osnova, ki bi se lahko realno uporabila, multiplikator prodaje (kazalnik „P/S“), saj so rezultati količnikov, ki temeljijo na drugih kazalnikih, zelo različni.
In addition, Estonia explained that SAS provided loans to Estonian Air of USD […] million in 2008 and of EUR […] million in 2009 (see recital 84).
Tudi če se sprejmejo rezultati vrednotenja, v njem ni pojasnjeno, zakaj bi zasebni vlagatelj vložil nov kapital v višini 17,9 milijona EUR, da bi imel 90-odstotni delež v podjetju, katerega skupna vrednost lastniškega kapitala je ocenjena na le [0–10] milijonov EUR (ali največ [5–15] milijonov EUR).
In the rescue aid opening decisions the Commission noted that the different nature of the contributions (fresh money increase v conversion of debt by SAS) was sufficient to create reasonable doubts about whether measure 1 was pari passu.
Poleg tega estonski organi niso analizirali nobenega hipotetičnega scenarija poleg dokapitalizacije, da bi primerjali pričakovano donosnost naložbe z rezultati morebitnih alternativnih scenarijev.
However, the information provided by Estonia has allayed the doubts of the Commission, given that the capital contribution was carried out on clear pari passu terms at least with Cresco.
Čeprav je morda z ekonomskega vidika smiselno, da obstoječi delničar vloži dodatni kapital v podjetje v težavah, da zaščiti svojo naložbo, bi tak vlagatelj običajno primerjal to naložbo s stroški/prihodki pri morebitnih alternativnih scenarijih, ki morda vključujejo tudi likvidacijo podjetja.
Both the State and Cresco contributed rather significant amount of fresh money in cash in proportion to their shareholding.
Poleg tega dopis estonskih organov z dne 9. aprila 2014 kaže, da razlog za dokapitalizacijo ni bila zgolj gospodarska privlačnost naložbe.
In addition, the overall contributions of Cresco and SAS in cash are significant and comparable to that of the State.
Estonija priznava, da je cilj zagotovitve dolgoročnih letalskih povezav s pomembnimi poslovnimi destinacijami iz poslovnega načrta iz leta 2010 „sovpadal s cilji makroekonomske politike države“.
Moreover, the loan-to-equity conversion of SAS is to be seen in the broader context of its previous loans to Estonian Air in 2008 and 2009, which demonstrate that SAS believed in the viability of the airline.
Čeprav Estonija trdi, da ti dejavniki niso bili edini dejavniki, na podlagi katerih je država sprejela odločitev o naložbi, to kaže, da država ni upoštevala zgolj donosnosti.
In addition, the Commission observes that according to the 1994 Aviation guidelines [34] ‘[c]apital injections do not involve State aid when the public holding in a company is to be increased, provided the capital injected is proportionated to the number of shares held by the authorities and goes together with the injection of capital by a private shareholder; the private investor’s holding must have real economic significance’.
Če se na splošno upoštevajo dejstvo, da noben zasebni vlagatelj ni želel vložiti novih denarnih sredstev v podjetje Estonian Air na podoben način, kot je to storila država, slabosti poslovnega načrta iz leta 2010 in obstoj makroekonomskih ciljev, ki niso pomembni za zasebne vlagatelje, je Komisija sklenila, da ukrep 3 ni bil skladen z načelom vlagatelja pod tržnimi pogoji.
Therefore, it results that this is the case for measure 1.
Poleg tega mora ukrep, ki je državna pomoč, izhajati iz državnih virov in se pripisati državi.
On that basis, the Commission considers that the decision Cresco to invest in Estonian Air was made pari passu with that of the State and that the investment of both Cresco and SAS was significant.
To merilo pri kapitalski injekciji leta 2010 ni sporno, saj je denarna sredstva iz državnega proračuna vložilo Ministrstvo za gospodarske zadeve in komunikacije Estonije kot delničar letalskega prevoznika.
In addition, the Commission has no reasons to doubt that SAS and Cresco decided to invest in Estonian Air for profit-seeking motives.
Poleg tega Komisija opaža, da je ukrep prizadel trgovino in bi lahko izkrivljal konkurenco med državami članicami, saj Estonian Air konkurira z drugimi letalskimi prevozniki Evropske unije, zlasti od začetka veljavnosti tretje faze liberalizacije letalskega prevoza (v nadaljnjem besedilu: tretji sveženj) 1. januarja 1993 [42].
The Commission therefore concludes that financing of Estonian Air through the EUR 2,48 million capital injection (measure 1) did not entail an undue advantage to Estonian Air and therefore excludes the presence of State aid, without it being necessary to assess further whether the rest of the cumulative conditions of Article 107(1) of the Treaty would be met.
Ukrep 3 je tako omogočil podjetju Estonian Air nadaljnje poslovanje, da se mu v nasprotju s konkurenti ni bilo treba soočiti s posledicami slabih finančnih rezultatov.
Measure 2
Komisija je zato sklenila, da je ukrep 3 vseboval državno pomoč v korist podjetju Estonian Air.
In June 2009, Estonian Air sold its ground handling business to the 100 % State-owned Tallinn Airport for EUR 2,4 million (measure 2).
Ukrep 4
In order to determine the price, no open, transparent and unconditional tender took place and no valuation was carried out by independent valuators.
Estonija meni, da kapitalska injekcija denarnih sredstev v višini 30 milijonov EUR, za katero se je odločila decembra 2011 (ukrep 4), ni vsebovala državne pomoči.
Instead, the price was fixed through direct negotiations between Tallinn Airport and Estonian Air.
Pri tej kapitalski injekciji niso sodelovali drugi vlagatelji, zato se je delež skupine SAS zmanjšal z 10 % na 2,66 %, delež države pa se je povečal z 90 % na 97,34 %.
The Commission observes that in the absence of a tender or an independent valuation it cannot exclude the presence of aid.
Komisije utemeljitve estonskih organov med formalnim postopkom preiskave niso prepričale.
Therefore, the Commission needs to assess the transaction and its context in detail to determine whether it provided Estonian Air with any undue advantage.
Odločitev o naložbi je sprejela država sama brez morebitne zasebne intervencije, saj se je skupina SAS odločila, da ne bo sodelovala pri tej kapitalski injekciji, zasebna banka […], ki je sprva nameravala dodeliti posojilo podjetju Estonian Air, pa se je na koncu odločila, da ga ne bo zagotovila.
In addition, the transaction took the form of an asset sale excluding liabilities and employees and other ‘legacy costs’.
Kljub dejstvu, da se je banka […] na koncu odločila, da ne bo zagotovila posojila, Komisija izpostavlja, da je Estonija dodelila 30 milijonov EUR, ne da bi upoštevala učinke, ki bi ga odločitev […] imela na rezultat poslovnega načrta iz leta 2011.
In order to determine the price, the book value of the assets was established as a floor price.
To se ne more obravnavati kot racionalno ravnanje obveščenega udeleženca na trgu.
Furthermore, the Estonian authorities submitted their internal analysis demonstrating that the enterprise value-to-sales multiple (EV/sales) [35] for the transaction corresponds to multiples observed in several other transactions where a target company was a ground handling business.
Prav tako se zdi nerealno, da bi lahko podjetje Estonian Air skoraj potrojilo svoje prihodke v zgolj štirih letih in spremenilo dobiček pred davki z –15,45 milijona EUR leta 2011 na 4,2 milijona EUR leta 2014, zlasti zaradi gospodarske in finančne krize.
That would seem to suggest that the transaction took place on market terms.
V zvezi s tem Komisija ponovno navaja, da so se v skladu s finančnimi napovedmi Mednarodnega združenja letalskih prevoznikov iz decembra 2011 [43] profitne marže v letalski industriji leta 2011 znižale, saj so se cene nafte in goriva skokovito zvišale.
Moreover, Estonia claims that Tallinn Airport, despite being 100 % State-owned, is independent from the State and that the members of the management and supervisory boards are independent business people and not representatives of the State.
Za leto 2012 je Mednarodno združenje letalskih prevoznikov predvidelo, da se bo evropska letalska industrija soočala s pritiskom zaradi gospodarskega kaosa, ki bo posledica neuspešnosti vlad pri reševanju dolžniške krize v euroobmočju.
In the rescue aid opening decisions, the Commission raised doubts as to whether the actions of Tallinn Airport could be deemed imputable to the State in view of the fact that the Ministry of Economic Affairs and Communications was the only shareholder of Tallinn Airport and that it came within the Ministry’s jurisdiction.
Ker bo evropske letalske prevoznike recesija na domačih trgih verjetno zelo prizadela, je Mednarodno združenje letalskih prevoznikov za leto 2012 za evropske letalske prevoznike napovedalo 0,3-odstotno stopnjo dobička pred obrestmi in davki (EBIT) s čistimi izgubami po davku v višini 0,6 milijarde USD (in sicer 0,46 milijarde EUR).
However, the Court of Justice of the European Union has consistently held that measures taken by public undertakings under State control are not per se attributable to the State.
Prav tako se zdi nerealno, da bi podjetje Estonian Air povečalo število sedežev z 1 milijona leta 2011 na 2,45 milijona leta 2014, pri čemer bi v istem obdobju bistveno povečalo faktor zasedenosti z 59,2 % na 72,3 %.
Indeed, the Court of Justice explained in Stardust Marine and subsequent case-law that in order to conclude on imputability it is necessary to ‘examine whether the public authorities must be regarded as having been involved, in one way or another, in the adoption of [the] measures’ [36].
Zdi se, da so bila ključna tveganja prenizko ocenjena, blažilni ukrepi pa niso bili zadostno ocenjeni.
Since Tallinn Airport’s decision to participate to measure 2 was not imputable to the State and since the transaction seemingly took place on market terms, the Commission excludes the presence of State aid in relation to measure 2, without it being necessary to assess further whether the rest of the cumulative conditions of Article 107(1) of the Treaty are met.
Poleg tega načrt navaja, da bi se zaradi naložbe ustvarilo 2000 delovnih mest, Estonija pa bi izboljšala svoj položaj na lestvici globalne konkurenčnosti.
Measure 3
Estonski organi navajajo tudi, da se predlagana strategija odraža v akcijskem načrtu vlade za obdobje 2011–2015 o razvoju neposrednih letalskih povezav z vsemi glavnimi evropskimi poslovnimi središči ter spremembi letališča v Talinu v vozlišče za lete med Evropo in Azijo.
In relation to the 2010 capital injection (measure 3), Estonia explained in the course of the formal investigation procedure that the State injected EUR 17,9 million in cash while SAS converted into equity a EUR 2 million loan.
Iz istih razlogov, pojasnjenih v uvodni izjavi 128, preudarni tržni vlagatelj ne bi upošteval teh dejavnikov.
At the same time, SAS acquired Cresco’s stake in Estonian Air for EUR […] million (in exchange for a EUR […] million loan write-off that Cresco held with SAS).
Zato Komisija meni, da je ukrep 4 vseboval selektivno neupravičeno prednost za Estonian Air.
As a result, Cresco ceased to be a shareholder, the State’s participation increased to 90 % and SAS’s participation was diluted to 10 %.
Iz razlogov, navedenih v uvodnih izjavah 130 in 131, Komisija meni, da ukrep 4 izhaja iz državnih virov in se pripiše državi ter je prizadel trgovino in bi lahko izkrivljal konkurenco med državami članicami.
Estonia argues that its decision to invest again in Estonian Air was based on the 2010 business plan.
Komisija je zato sklenila, da je ukrep 4 vseboval državno pomoč v korist podjetju Estonian Air.
The Commission first notes that the injections of the State and SAS took place under different forms and in amounts not in proportion to the shareholdings.
Ukrep 5
An injection of EUR 17,9 million of fresh money by the State is not comparable to SAS’ debt-to-equity swap of EUR 2 million, in particular since Estonia has not provided evidence that the loan was fully collateralised and thus that SAS would have assumed new risk by converting the loan into equity.
Komisija je sklenila, da bi se moralo posojilo za reševanje šteti za državno pomoč v smislu člena 107(1) Pogodbe, saj posojilo, ki izhaja iz državnih virov, vsebuje selektivno prednost za Estonian Air, ki prizadene trgovino med državami članicami in bi lahko izkrivljala konkurenco (glej uvodno izjavo 131).
As regards the debt write-off by SAS of a EUR […] million that Cresco held with SAS in exchange for Cresco’s shares in Estonian Air, the Commission observes that this operation did not entail fresh money for Estonian Air.
Ob upoštevanju finančnega položaja podjetja Estonian Air (od leta 2006 je ustvarjalo izgubo in do konca julija 2012 je bilo v položaju tehničnega stečaja v skladu z estonskim pravom – glej podrobne podatke v oddelku 7.4.1) ni bilo verjetno, da bi bil zasebni upnik pripravljen zagotoviti morebitna dodatna posojila za kritje resnih likvidnostnih težav podjetja Estonian Air.
Moreover, it is uncertain whether SAS run new risk by accepting the debt write-off in exchange for Cresco’s shares in Estonian Air.
Tudi estonski organi obravnavajo ta ukrep kot državno pomoč v smislu člena 107(1) Pogodbe, saj trdijo, da so izpolnjeni pogoji pomoči za reševanje iz smernic za reševanje in prestrukturiranje iz leta 2004.
These elements are sufficient to allow the Commission to conclude that measure 3 was not carried out on pari passu terms.
Ukrep 6
The Estonian authorities argue that measure 3 was MEIP-conform since it was adopted on the basis of the 2010 business plan, which they consider robust and credible.
Odločitev estonskih organov, da bodo v Estonian Air vložili 40,7 milijona EUR v obliki lastniškega kapitala, bi se morala šteti za državno pomoč.
According to the plan, Estonian Air would break even already in 2013 if it changed the fleet in accordance with the plan, and would remain significantly profitable thereafter until at least 2020.
Kapitalska injekcija je bila izvedena neposredno iz državnega proračuna in tako z državnimi viri.
The Commission acknowledges that the 2010 business plan analyses the situation of the airline, but it nonetheless has shortcomings that do not make it a reliable basis for a market-oriented investment decision.
Poleg tega koristi izključno enemu podjetju (tj. Estonian Air) in zagotovljena je bila pod pogoji, ki jih preudarni vlagatelj pod tržnimi pogoji običajno ne bi sprejel (finančne težave podjetja Estonian Air in naložba ni temeljila na ustrezni analizi donosnosti naložb, temveč javnem interesu, kot sta povezljivost Estonije in strateška pomembnost podjetja Estonian Air za estonsko gospodarstvo), zato načrtovana kapitalska injekcija vsebuje selektivno prednost za Estonian Air.
For instance, the financial forecasts are based on overly ambitious passenger growth numbers (average annual growth above 6 % for the period 2010-2020).
Poleg tega je ukrep prizadel trgovino med državami članicami in bi lahko izkrivljal konkurenco (glej uvodno izjavo 131).
Such growth prospects seem very much optimistic in view of the 2009 global economic and financial crisis.
Zadevni ukrep tako omogoča podjetju Estonian Air nadaljnje poslovanje, da se mu v nasprotju s konkurenti ni treba soočiti s posledicami slabih finančnih rezultatov.
The 2010 business plan refers to IATA estimations of more than 5 % average growth for the next four years.
Tudi estonski organi obravnavajo ta ukrep kot državno pomoč v smislu člena 107(1) Pogodbe, saj trdijo, da so izpolnjeni pogoji pomoči za prestrukturiranje iz smernic za reševanje in prestrukturiranje iz leta 2004.
However, IATA also indicates that this recovery will be very unevenly divided geographically and that a rapid recovery is not to be expected in Europe [37].
Komisija je zato sklenila, da je priglašeni ukrep prestrukturiranja državna pomoč v smislu člena 107(1) Pogodbe.
Another shortcoming is that the sensitivity analysis of the 2010 business plan appears insufficient.
Estonski organi tega ne zanikajo.
As regards the risk of lower passenger numbers, the plan states that a 10 % decrease in the number of passengers would reduce by approximately EUR 6,4 million the net result for the first two years, which would more than double the negative net results expected for those two years.
Sklep o obstoju pomoči
However, the 2010 business plan does not indicate the consequences for the overall period analysed and specific corrective actions to be taken.
Iz razlogov, navedenih v uvodnih izjavah 108 do 119, je Komisija sklenila, da ukrepa 1 in 2 nista vsebovala državne pomoči za Estonian Air v smislu člena 107(1) Pogodbe.
The Commission also highlights that Cresco decided not to invest further in Estonian Air and instead decided to sell its stake to SAS.
Vendar je Komisija iz razlogov, navedenih v uvodnih izjavah 120 do 143 sklenila, da so ukrepi 3, 4, 5 in 6 državna pomoč v smislu člena 107(1) Pogodbe, zato bo ocenila njihovo zakonitost in združljivost z notranjim trgom.
While Cresco may have had various reasons for doing so, it appears logical to consider that the 2010 business plan was not sufficient to reassure the private investor about its return on investment.
Zakonitost pomoči