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ASSESSMENT OF THE MEASURE — PRESENCE OF STATE AID ACCORDING TO ARTICLE 107(1) OF THE TREATY
O ukrepu za nakup zemljišča pod stadionom in kompleksa za treniranje De Herdgang za 48385000 EUR in nato povratni zakup PSV se je odločila občina.
According to Article 107(1) of the Treaty, State aid is aid awarded 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 in so far as it affects trade between Member States.
Ta ukrep vključuje proračun občine in s tem uporabo državnih sredstev.
The conditions laid down in Article 107(1) of the Treaty are cumulative and therefore for a measure to be classed as State aid all the conditions must be fulfilled.
Zato ga je mogoče pripisati državi.
State resources and imputability to the state
Mogoči učinki pomoči na trgovino in konkurenco
The measure to buy the land under the stadium and the training complex De Herdgang for EUR 48385000 and subsequently to lease it back to PSV was decided on by the municipality.
Nizozemska dvomi o učinku morebitnih pomoči na notranjem trgu za klube, ki ne igrajo nogometa na evropski ravni.
This measure involves the budget of the municipality and thereby the use of state resources.
Vendar se profesionalni nogometni klubi štejejo za podjetja in so predmet nadzora državne pomoči.
Hence it is imputable to the state.
Nogomet je oblika plačane zaposlitve in zagotavlja storitve za plačilo; razvil je visoko raven profesionalnosti in s tem povečal svoj gospodarski učinek [5].
Possible effect of the aid on trade and competition
Profesionalni nogometni klubi opravljajo gospodarske dejavnosti na več trgih, poleg udeležbe na nogometnih tekmovanjih, ki imajo mednarodno razsežnost, so to še trg za prestop profesionalnih igralcev, oglaševanje, sponzorstvo, trženje in medijska pokritost.
The Netherlands has questioned the impact of possible aid on the internal market for clubs not playing football at European level.
Pomoč profesionalnemu nogometnemu klubu krepi njegov položaj na vsakem od teh trgov, ki večinoma vključujejo več držav članic.
However, professional football clubs are considered to be undertakings and are subject to State aid control.
Če se torej državna sredstva uporabljajo za dajanje selektivne prednosti profesionalnemu nogometnemu klubu, ne glede na ligo, v kateri igra, taka pomoč verjetno lahko izkrivlja konkurenco in vpliva na trgovino med državami članicami v smislu člena 107(1) Pogodbe [6].
Football takes the form of gainful employment and provides services for remuneration; it has developed a high level of professionalism and thereby increased its economic impact [5].
Selektivna prednost
Professional football clubs carry on economic activities in several markets, other than participating in football competitions, which have an international dimension, such as the transfer market for professional players, publicity, sponsorship, merchandising or media coverage.
Da bi ukrep pomenil državno pomoč, mora nuditi gospodarsko prednost, ki je prejemnik ne bi mogel pridobiti pod običajnimi tržnimi pogoji.
Aid to a professional football club strengthens its position on each of those markets, most of which cover several Member States.
Pri nakupu zemljišč od PSV in poznejšem zakupu bi šlo za tako ugodnost, če bi bili pogoji za PSV ugodnejši, kot jih upravičujejo pogoji na trgu.
Therefore, if State resources are used to provide a selective advantage to a professional football club, regardless of the league in which it plays, such aid is likely to have the potential of distorting competition and to affect trade between Member States within the meaning of Article 107(1) of the Treaty [6].
Običajni interesi vlagatelja/najemodajalca v poslovnem postopku prodaje in povratnem zakupu so primerna donosnost naložbe v obliki zakupnine med trajanjem zakupa in lastništvo nad sredstvom, ki ga že uporablja zanesljiv najemnik.
Selective advantage
Vlagatelj/najemodajalec bo tako imel v dolgoročni uporabi, v celoti zakupljeno sredstvo s stabilnim dotokom prihodkov.
In order to constitute State aid, a measure needs to bestow an economic advantage on the recipient undertaking which it would not have obtained under normal market conditions.
Uporaba sporočila o prodaji zemljišč
The acquisition of land from PSV and the subsequent lease to it would constitute such an advantage if the terms were more advantageous for PSV than justified by market conditions.
Nizozemska se za to oceno sklicuje na sporočilo o prodaji zemljišč.
The typical interests for the investor/landlord in a commercial sale-and-lease-back operation are a fair return on the investment in the form of rent during the lease term and ownership of an asset already occupied by a reliable tenant.
Glede na navedeno sporočilo prodaja zemljišč in objektov s strani javnega organa ne pomeni pomoči, prvič, kadar javni organ sprejme najboljšo ali edino ponudbo na podlagi brezpogojnega razpisnega postopka, in drugič, kadar je pri neobstoju takega razpisnega postopka prodajna cena vsaj enaka vrednosti, določeni v neodvisni strokovni oceni.
The investor/landlord will hold a long-term, fully leased asset with a steady income stream.
Komisija poudarja, da smernice v sporočilu o prodaji zemljišč, kot je navedeno v uvodu, „zadeva samo prodajo zemljišč in objektov v javni lasti.
Application of the land sales communication
Ne nanašajo se na javne nakupe zemljišč in objektov ali oddajo oziroma zakup zemljišč in objektov s strani javnih organov.
The Netherlands refers for this assessment to the land sales communication.
Take transakcije lahko prav tako vsebujejo elemente državne pomoči.“ Poleg tega v zadevnem primeru samo določitev vrednosti zemljišča ne zadostuje.
According to that communication, a sale of land and buildings by a public authority does not constitute aid, first, where the public authority accepts the highest or only bid following an unconditional bidding procedure and, second, where in the absence of such a bidding procedure the sales price is set at least at the value established by an independent expert valuation.
Postopek prodaje in povratnega zakupa vsebuje tudi zakupnino.
The Commission reiterates that the guidance provided by the land sales communication, as stated in its introduction, only ‘concerns sales of publicly owned land and buildings.
Ugotoviti je treba tudi tržno skladnost te zakupnine.
It does not concern the public acquisition of land and buildings or the letting or leasing of land and buildings by public authorities.
Vsekakor so mehanizmi v sporočilu za prodajo zemljišč zgolj sredstva za to, da se ugotovi, ali je država ravnala kot vlagatelj v tržnem gospodarstvu in so zato specifični primeri za uporabo preizkusa načela vlagatelja v tržnem gospodarstvu za transakcije zemljišč med zasebnimi in javnimi subjekti [7].
Such transactions may also include State aid elements.’
Spoštovanje načela vlagatelja v tržem gospodarstvu
Furthermore, in the case at hand, the land value determination is in itself not sufficient.
Komisija mora zato oceniti, ali bi zasebni vlagatelj vstopil v obravnavane posle pod enakimi pogoji.
The sale-and-lease-back operation also contains a lease fee.
Hipotetični zasebni vlagatelj deluje kot preudaren vlagatelj, katerega namen je zagotoviti običajen pričakovan donos, ob upoštevanju ravni tveganja, ki je sprejemljiva za zadevno stopnjo donosa.
The market conformity of this fee also needs to be established.
Načelo vlagatelja v tržnem gospodarstvu ne bi bilo upoštevano, če bi bila cena za zemljišče določena na ravni, ki je višja od tržne cene, zakupnina pa na nižji ravni.
In any case, the mechanisms in the land sales communication are only tools to establish whether the state acted as a market economy investor and are therefore specific examples for the application of the MEIP test to land transactions between public and private entities [7].
Nizozemska in občino trdita, da je občina ravnala na podlagi (predhodne) ocene neodvisnega cenilca in zato v skladu z načelom vlagatelja v tržem gospodarstvu.
Observance of the market economy investor principle
Transakcija je bila izvedena na podlagi tržne vrednosti zemljišča, zato ni dala prednosti PSV.
The Commission therefore has to assess whether a private investor would have entered into the transactions under assessment on the same terms.
Komisija meni, da se skladnost s tržnimi pogoji načeloma lahko določi z neodvisno strokovno oceno vrednosti.
The attitude of the hypothetical private investor is that of a prudent investor whose goal of a normal expected return is tempered with caution about the level of risk acceptable for a given rate of return.
Glede skladnosti rezultatov ocene zunanjega cenilca, na katere se je oprla občina, je bila Nizozemska v odločitvi o sprožitvi postopka pozvana, naj utemelji, zakaj so cenilci pri svojih izračunih uporabili ceno zemljišča za mešano uporabo namesto cene zemljišča za nogometni stadion.
The MEIP would not be respected if the price for the land was set at a higher level than the market price and the fee for the lease at a lower level.
Komisija je tudi želela utemeljitev stopenj dobička in tveganja, ki se uporabljajo za izračun vrednosti zemljišča za prihodnji razvoj po koncu dolgoročnega zakupa.
The Netherlands and the municipality claim that the municipality acted on the basis of an (ex ante) independent expert valuation and therefore in compliance with the MEIP.
Na podlagi informacij, ki sta jih predložili Nizozemska in občina, Komisija ugotavlja, da je občina pridobila zemljišče po oceni zemljišč, ki jo je izvedlo podjetje za neodvisno vrednotenje zemljišč Trooswijk.
The transaction was made on the basis of the market value of the land and, hence, did not provide an advantage to PSV.
Ko so se januarja 2011 začela posvetovanja o sklenitvi sporazuma o prodaji in povratnem zakupu s PSV, je bil osnovni cilj pomagati PSV s transakcijo, ki klubu ne bi zagotovila finančne prednosti, ki je ne bi mogel pridobiti pod tržnimi pogoji.
The Commission considers that compliance with market terms can in principle be determined by independent expert valuation.
Zato je občina prosila Troostwijk, naj določi tržno ceno zadevnih zemljišč in zakupnino za letni zakup, skladno s tržnimi pogoji.
Regarding the market conformity of the results of the outside expert's valuation relied on by the municipality, the Netherlands was requested in the opening decision to justify why the experts used the price of land for mixed use rather than the price of land for a stadium for their calculations.
Predpostavke, na katerih temelji vrednotenje, se zdijo razumne.
The Commission also wished to see a justification for the profit and risk margins that are used for calculating the value of the land for future development after the long-term lease has ended.
Troostwijk je v poročilu o vrednotenju iz marca 2011 ocenilo tržno ceno zemljišča na podlagi njegovega takratnega stanja in ob upoštevanju njegovih razvojnih možnosti ter tako določilo ceno 41160000 EUR.
On the basis of the information supplied by the Netherlands and the municipality, the Commission observes that the land acquisition by the municipality was preceded by a valuation of the land carried out by Troostwijk, an independent land valuation firm.
Metodologijo za določitev vrednosti zemljišča in zakupnino za zakup je potrdila zunanja računovodska družba, ki dela za občino.
When in January 2011 deliberations started on entering into a sale-and-lease-back agreement with PSV, the underlying objective was to help PSV with a transaction which would not confer a financial advantage on the club that it might not have obtained under market conditions.
Poročilo o vrednotenju podjetja Troostwijk upošteva mogoče realne in predvidljive prihodnje dogodke, ki vplivajo na zemljišče.
Therefore the municipality asked Troostwijk to determine the market price for the land concerned and a market-compliant amount for the annual lease fee.
V poročilu o vrednotenju je poudarjeno, da je ta predpostavka realna predvsem zato, ker je zemljišče v središču mesta.
The assumptions underlying the valuation appear to have been reasonable.
Za zemljišča v središču mesta je možnost za postopen razvoj vrednosti veliko večja kot za tista na obrobju.
In its valuation report of March 2011, Troostwijk assessed the market price for the land under the stadium on the basis of its then state and in consideration of its development prospects and determined a price of EUR 41160000.
Poročilo o vrednotenju se poleg tega sklicuje na splošni standard vrednotenja, pri čemer je osnova za določitev vrednosti zemljišča največja in najboljša uporaba območja.
The methodology of the determination of the land value and the lease fee was approved by the external accountancy firm working for the municipality.
Prihodnja uporaba, kot jo opisuje Nizozemska, je tudi skladna z dolgoročno strategijo urbanega razvoja občine za celotno območje stadiona, kot je opisano v uvodni izjavi 22.
The valuation report by Troostwijk takes into consideration possible realistic and foreseeable future developments affecting the land.
Kot je opisala občina, bi bila verjetnost pridobitve spremembe namembnosti zemljišča zelo visoka za vsakega lastnika zadevnih zemljišč.
The valuation report underlines that this assumption is realistic in particular because the land is situated in the centre of the town.
V vsakem primeru pa ima po navedbah Nizozemske sedanja namembnost zemljišča za stadion in njegova poslovna uporaba tudi velik gospodarski potencial.
For centrally situated plots of land the potential for a progressive value development is much higher than for land on the periphery.
Zato je mogoče skleniti, da se zdi sprejemljivo, da se v strokovni oceni zemljišče ovrednoti na podlagi mešane uporabe.
The valuation report also refers to a general valuation standard whereby the basis for determining the value of the land is the highest and best use of the area.
Komisija je že sprejela, da občina lahko pri vrednotenju zemljišč izhaja iz dolgoročne perspektive za razvoj vrednosti zemljišča na območju, kjer se lahko pričakujejo izboljšave v skladu s poslovno strategijo načrtovanja [8].
The future use as described by the Netherlands also fits within the longer term urban development strategy of the municipality for the entire area where the stadium is situated, as described in recital 22.
PSV bo plačal občini dolgoročno zakupnino, ki jo je določilo neodvisno podjetje za vrednotenje in je izračuna na podlagi cene, ki se predvideva za zemljišče ob upoštevanju njegove poznejše morebitne uporabe za stanovanja in pisarne in glede na dolgoročne obrestne mere za državne obveznice v letu 2011, povišane za premijo za tveganje v višini 1,5 %.
As described by the municipality, the likelihood of obtaining the re-zoning of the land would be very high for any owner of the land in question.
Tako zakupnina že izraža ceno, ki je ocenjena za zemljišče za drug namen in ne za športno uporabo.
In any event, according to the Netherlands the current zoning of the land for stadium and commercial use also has a substantial economic potential.
Zato je višja kot zakupnina, izračunana na podlagi sedanje rabe zemljišča.
It can therefore be concluded that it seems acceptable that the expert valuation values the land on the basis of mixed use.
Poročilo ugotavlja, da dolgoročni zakup za več kot 15 let lahko vključuje določena tveganja v smislu nihanja vrednosti zemljišča.
The Commission has already accepted that a municipality may base the valuation of land on the long-term prospect of the development of the value of a plot of land in an area which may be subject to expected improvements in line with a business planning strategy [8].
Ta tveganja pa so omejena z več dejavniki, ki bodo natančneje obravnavani v uvodnih izjavah 56 do 59.
PSV will pay the municipality a long-lease rent determined by the independent valuation firm and calculated on the basis of the price assumed for the land in view of its later possible use for apartments and offices and with reference to the interest rate for long-term government bonds in 2011 plus a risk premium of 1,5 %.
Predpostavke v poročilu o vrednotenju se lahko štejejo za previdne.
Thus, the lease fee already reflects the price estimated for the land for a purpose other than sport use.
Poročilo o vrednotenju določa pričakovano mogočo vrednost pisarn in stanovanj glede na nedavni razvoj na sosednjih območjih, dodaten blažilnik tveganj glede morebitne prodajne cene stanovanj pa je le 80-odstotni indeks talne površine v primerjavi s podobnimi projekti.
It is therefore higher than a lease fee calculated on the basis of the current use of the land.
Glede predvidenega povečanja vrednosti zemljišča v višini 1,7 %, ki je predvidena stopnja inflacije, vrednotenje vključuje popravni ukrep: po 20 letih je izveden odbitek od akumulirane vrednosti zemljišča v višini 22,5 %, ki je vključen kot varnostna rezerva.
The report acknowledges that a long-term lease of more than 15 years may include certain risks in terms of fluctuation of the land value.
Pri združitvi obeh predpostavk, bi pričakovana rast znašala 1,01 % letno za 40-letno obdobje zakupa in 0,4 % letno za prvih 20 let.
Those risks are, however, limited by several factors, which will be discussed further in recitals 56 to 59.
Tako je prvotna predpostavka 1,7 % v povezavi z varnostno rezervo smiselna, glede na to, da je zadevno sredstvo zemljišče, za katero se lahko pričakuje, da bo ohranilo vrednost ali jo povečalo, in da je v središču mesta (čeprav je zemljišče trenutno opredeljeno kot zemljišče za komercialne namene, zakupnina že temelji na predvideni vrednosti za mešano rabo zemljišča).
The assumptions of the valuation report can be considered conservative.
Poleg tega je stopnja inflacije za Nizozemsko leta 2011 znašala 2,3 % [9], ciljna stopnja inflacije ECB pa 2 %.
The valuation report determines the expected possible value of the offices and apartments by reference to neighbouring recent developments and inserts as an additional risk buffer on the possible sale price of the apartments a floor space index of only 80 % compared with similar projects.
Obe vrednosti sta znatno višji od pričakovanih stopenj rasti za ocenjeno vrednost zemljišč, ki jo je uporabil cenilec.
Regarding the assumed land value increase of 1,7 %, taken as the assumed inflation rate, the valuation includes a correction mechanism: after 20 years a deduction from the accumulated value of the land of 22,5 % is included as a safety margin.
Poleg teh zaščitnih ukrepov glede zakupnine vsebuje zakupna pogodba, ki jo je sklenila občina, različna druga določila za kritje morebitnih tveganj, zlasti glede tveganja neplačila PSV.
Combining both assumptions together, the expected increase is estimated to be 1,01 % per year over the 40 years lease period and 0,4 % per year for the first 20 years.
Nogometni klub zagotavlja jamstvo za zakupnino s prihodki od prodaje letnih vstopnic.
Thus, the initial assumption of 1,7 % in combination with the safety margin appears reasonable given that the asset concerned is land which can be expected to retain its value or increase in value and that it is located in the town centre (although the land is currently classified for commercial use, the lease fee rate is already based on the assumed value of a mixed-use plot of land).
PSV je prav tako zagotovil jamstvo v višini 5 milijonov EUR, kar ustreza približno dvoletni zakupnini, ki je odvzeta iz nakupne cene in je v hrambi pri notarju za deset let.
Furthermore, the 2011 inflation rate for the Netherlands was 2,3 % [9], while the ECB has an inflation target of 2 %.
Pogodbenici sta se dogovorili, da se bo zakupnina v celoti pregledala po 20 letih na zahtevo katere koli pogodbenice.
Both these values are significantly above the expected growth rates for the ground value which the valuer has used.
Ta pregled bo temeljil na novem poročilu o vrednotenju.
Apart from those safeguards regarding the lease fee, the lease contract negotiated by the municipality contains various other provisions to cover possible risks, in particular the risk of default by PSV.
Na podlagi vrednosti zemljišča se bo takrat, skupaj z ustrezno donosnostjo državnih vrednostnih papirjev in premijo za tveganje, določila nova zakupnina za zemljišče.
The football club will provide a guarantee for the rent payments with its income from the sale of season tickets.
Strani so se strinjale, da se za občino določi nadaljnji zaščitni ukrep, in sicer da pravice do uporabe zemljišč in stadiona preidejo na občino, če PSV ne bi spoštoval plačila zakupnine ali bi šel v stečaj.
PSV has also provided a surety of EUR 5 million corresponding to about two years' rent, which is taken from the purchase price and kept by the notary involved for 10 years.
Ta določba pomeni odstopanje od običajnih posledic po nizozemskem civilnem pravu, v skladu s katerim zakupne pravice postanejo del stečajne mase, s čimer se izognejo nadzoru s strani lastnika zemljišča.
The parties have agreed that the lease fee amount can be fully reviewed after 20 years at the request of either party.
V tem primeru občina po izteku zakupa ostane lastnik zemljišča in nadzoruje njegovo uporabo.
This review will be based on a new valuation report.
Medtem ko se predpostavke v poročilu o vrednotenju zdijo primerne, kot je navedeno v uvodnih izjavah 48 do 57, ostaja primerjava z drugimi gospodarskimi posli težavna, saj se zakupne pogodbe, ki jih je Nizozemska predložila za primerjalne analize, lahko nanašajo na različne sektorje (kot je stanovanjski sektor v Amsterdamu).
The ground value at that time together with an appropriate return on government securities and a risk premium will determine the new ground lease fee.
Zato je Komisija pri presoji, ali je sedanja transakcija skladna z načelom vlagatelja v tržnem gospodarstvu, preverila, ali bi bila lahko referenčno merilo drugačna osnova za trgovinski posel, ki temelji na posojilu občine Eindhoven klubu PSV in v katerem zemljišče služi za zavarovanje.
As a further safeguard for the municipality, the parties have agreed that the rights of use of the land and of the stadium would fall to the municipality if PSV failed to honour its lease fee payments or fell into bankruptcy.
Komisija ugotavlja, da bo zakupnina, ki jo plača PSV, višja od tržne obrestne mere za posojilo, po tem, ko se upoštevajo razlike med prodajo in povratnim zakupom posla ter posojilom.
This clause constitutes a deviation from the standard consequence under Dutch civil law, according to which a leasehold right would become part of the bankruptcy estate and hence escape control by the land owner.
Najpomembnejša razlika se nanaša na dejstvo, da če bi PSV po prejemu posojila od občine postal plačilno nesposoben, občina ne bi dobila nazaj nominalnega zneska posojila.
In the current case, at the end of the lease, the municipality will remain the owner of the land and control its use.
Ne bi mogla izkoristiti morebitnega povečanja vrednosti zemljišča preko nominalnega zneska posojila.
Whilst the assumptions in the valuation report appear to be reasonable as indicated in recitals 48 to 57, a comparison with other commercial transactions remains difficult since the lease agreements presented by the Netherlands for benchmarking purposes may concern different sectors (such as the Amsterdam housing sector).
V sporazumu o prodaji in povratnem najemu občina postane lastnik zemljišča na začetku zakupne pogodbe in bo imela vse lastninske pravice v primeru neizpolnjevanja obveznosti.
Therefore, in assessing whether the current transaction is MEIP compliant, the Commission has ascertained whether a different basis for a commercial transaction — based on a loan transaction by Eindhoven to PSV, with the land as collateral — would have served as a benchmark.
Občina se je pri odločanju o ukrepu osredotočila na ta vidik, zlasti ker zagotovljeno popolno razpolaganje z zemljiščem po morebitnem neplačilu PSV odstopa od splošnih določb nizozemskega prava v korist občine (uvodna izjava 59).
The Commission observes that the lease fee to be paid by PSV is higher than the market rate of such a loan, once the differences between a sale-and-lease-back transaction and a loan are taken into account.
Vsako povečanje vrednosti zemljišča (po določitvi posojilnih pogojev) bo zato le v korist občine.