natgillin/translations-raw huggingface dataset:
Germany stated that MFAG has not been rated by public credit rating agencies.
Kar zadeva kapitalske injekcije za gradnjo letališča, je Nemčija poudarila, da preskus udeleženca v tržnem gospodarstvu ni veljal, ker je gradnja letališča splošen ukrep gospodarske politike, ki ni predmet nadzora državne pomoči.
Nevertheless, Germany provides some internal bank ratings for MFAG.
ZDRUŽLJIVOST POMOČI
Germany stated that in 2006 Nord LB had rated MFAG with a rating note of […] on its internal rating scale (with a probability of default of […] %) which corresponds to a rating of […] to […] on the Standard & Poor’s rating scale, […] to […] on Moody’s and […] to […] on Fitch.
Natančno opredeljen cilj skupnega interesa
Germany stated further that MFAG is in this rating category since 2006.
Nemčija je dejala, da je financiranje zadevnih naložb v skladu z natančno opredeljenim ciljem skupnega interesa.
Germany clarified further that on 2 August 2011 and 20 April 2012 respectively, this assessment has been confirmed by Nord LB.
V zvezi s tem je navedla, da sektor zračnega tovornega prometa, zlasti hitrega prevoza tovora, kaže znatne stopnje rasti, še zlasti na letališču Leipzig/Halle (med letoma 2007 in 2010 se je obseg tovora povečal s 101364 ton na 663059 ton).
Additionally, Germany stated that also Deutsche Kreditbank AG (DKB) has provided its rating indications, in which it confirms that based on the financial reports of MFAG for the year 2006, the company is assigned a rating of […] on the internal rating scale of the bank, which corresponds to a rating of […] by Standard & Poor’s and […] by Moody’s.
Nadalje je pojasnila, da letalski prevozniki tovora širijo svoje operativne zmogljivosti.
Table 4 summarises the ratings assigned to MFAG from 2006 to 2012 (the period under consideration).
Menila je, da se tri glavna vozlišča za zračni tovorni promet, kot so Frankfurt na Majni, München in Köln/Bonn, srečujejo z omejitvami glede zmogljivosti nočnih letov.
Rating of MFAG in 2006-12
Zato po njenem mnenju letališče FLH prispeva k razbremenitvi drugih nemških letališč, ki oskrbujejo tovor.
Loss given default (LGD) assessment
Kar zadeva prispevek letališča k povezanosti regije, je Nemčija dejala, da je predvideni projekt del strategije za razvoj letališča, ki je zajeta v okvirnem načrtu vseevropskega prometnega omrežja (Obzorje 2020) iz leta 2004, kot „vozlišče Skupnosti“.
With regard to the collateralisation of the loans and the LGD, Germany clarified that the loans are provided by FLH’s shareholders in the form of bridge-financing which means that they should be converted into capital after the authorisation of the Commission.
Dejala je, da se letališče nahaja v regiji osrednje Nemčije (v bližini petih glavnih vseevropskih prometnih osi in vseevropskih koridorjev) med osema, ki povezujeta Severno in Južno Evropo (tj. avtocesta A 9) ter Zahodno in Vzhodno Evropo (tj. avtocesta A 14) z dostopom do železniškega in cestnega omrežja.
In this respect, Germany clarified further that this is why the loans are not collateralised.
Poleg tega je pojasnila, da dostop do železniškega in cestnega omrežja omogoča učinkovitejši prevoz tovora.
Germany submitted that there are no specific repayment modalities for the shareholder loans since it was assumed that the loans will be converted into equity, and therefore, no repayment will take place.
Dejala je tudi, da je projekt usklajen z „razvoj[em] integriranega evropskega omrežja zračnega prevoza“ iz točke 12 Akcijskega načrta za zmogljivost letališč, učinkovitost in varnost v Evropi [27], ki navaja, da „bi bilo zaželeno odpreti obstoječe mirujoče zmogljivosti na regionalnih letališčih, pod pogojem, da države članice spoštujejo pravne instrumente Skupnosti, ki se nanašajo na državne pomoči“.
According to Germany, in the event that the loans would not be converted into equity because the Commission would not approve the financing of the infrastructure measures, pursuant to §488 (3) of the Deutsches Bürgerliches Gesetzbuch (German Civil Code), a loan agreement can be terminated within 3 months.
Nadalje je Nemčija navedla, da bo izvajanje projekta pozitivno učinkovalo na vso regijo ter znatno vplivalo na njen gospodarski in socialni razvoj.
The termination of the agreement leads to the maturity of the loan amount with interest.
Po njenem mnenju bo naložbeni projekt izboljšal dostop do regije in povečal njeno privlačnost za vlagatelje in obiskovalce.
Germany argues that although the loans are not collateralised, the LGD of FLH should be considered to be at least lower than […] % and even close to […] % because the value of the assets of FLH (that is to say EUR […] million in 2010) exceeds the value of the liabilities (EUR […] million in 2010).
V zvezi s tem je trdila, da bo naložbeni projekt pozitivno vplival tudi na zaposlovanje.
In Germany’s view, in the case of bankruptcy, FLH’s assets would be sufficient to cover these claims.
To trditev je podprla z navedbo stopenj brezposelnosti, ki je v Saški regiji 10,3-odstotna, v deželi Saška-Anhalt pa 11,2-odstotna, kar presega 6,9-odstotno nemško povprečje
Germany stated that the assets of FLH, which consist of land property, buildings, technical installations, machines among others, are not pledged in any way towards its shareholders or external creditors.
Zato je dejala, da je državna pomoč v skladu z natančno opredeljenim ciljem skupnega interesa.
No advantage gained from capital injections
Potreba po posredovanju države
Regarding capital injections for the construction of the airport, Germany stressed that the test of the market economy operator (‘MEO test’) was not applicable since the construction of the airport constituted a general economic policy measure that did not fall in the ambit of State aid control.
Nemčija je trdila, da se noben zasebni vlagatelj ne bo zavzemal za financiranje teh infrastrukturnih ukrepov.
COMPATIBILITY OF AID
V zvezi s tem je dejala, da letališče Leipzig/Halle trpi zaradi zaostanka pri naložbah v preteklosti.
Germany submitted that even if the financing of the planned measures constituted State aid, it would be compatible with the internal market as it satisfied the conditions set out in point 61 of the 2005 Aviation Guidelines.
Po njenem mnenju se ti ukrepi nanašajo na dolgoročne infrastrukturne naložbe, ki upoštevajo potrebe letališča glede na prihodnje povečanje tovornega prometa.
After the entry into force of the 2014 Aviation Guidelines Germany submitted that the aid would be also compatible with the common principles as set out in section 5 of those Guidelines.
Neutemeljeno trdi, da ukrepi niso ne nesorazmerni po obsegu ne nesorazmerno dragi.
Well-defined objective of common interest
Po njenem mnenju ni mogoče nadalje zmanjšati državnega financiranja, ker se tako obsežna infrastruktura ne more financirati iz lastnih sredstev upravljavcev letališča.
Germany stated that the financing of the investments at stake serves a well-defined objective of common interest.
Poleg tega je Nemčija izpostavila, da se s prihodki od letaliških storitev ne pokrijejo stroški za gradnjo infrastrukture, in trditev utemeljila na vrzeli v financiranju ter primerjalni oceni dejstev in hipotetičnega scenarija.
In this regard, Germany submitted that the air freight sector, in particular express freight, is showing considerable growth rates in particular at Leipzig/Halle airport (between 2007 and 2010 the freight volume increased from 101364 tonnes to 663059 tonnes).
Zato bo po njenem mnenju pomoč privedla do znatnih izboljšav za naložbeni projekt, ki jih trg more zagotoviti sam, zaradi česar je potrebno posredovanje države.
Germany continued its statement clarifying that air freight carriers are expanding their operational capacities.
Ustreznost ukrepa pomoči
According to Germany, the three main air-freight hubs, Frankfurt/Main, Munich and Köln/Bonn, are facing night flight capacity constraints.
Nemčija je navedla, da bi pomoč pomenila ustrezen ukrep pomoči.
Germany asserts further that according to a judgment of 4 April 2012, Frankfurt/Main Airport is not allowed to carry out any night flight operations anymore.
V zvezi s tem navaja, da je letališče, ki se nahaja v nekdanji Nemški demokratični republiki, oškodovano zaradi zaostanka pri naložbah in mora obsežne naložbe izvesti v krajšem času kot druga letališča.
Hence, in Germany’s opinion, FLH helps to decongest other freight airports in Germany.
Po njenem mnenju se infrastrukturni ukrepi brez državne pomoči sploh ne bi izvedli.
With regard to the contribution of the airport to the connectivity of the region, Germany stated that the envisaged project forms part of the strategy for the development of the airport contained in the Trans-European Transport Network Outline Plan from 2004 valid up to 2020 as a ‘Community connecting point’.
Za zaključek je dejala, da razmerje med obsegom prihodkov in naložb dokazuje, da zadevna podjetja brez javnega financiranja teh ukrepov ne bi izvedla.
According to Germany, the airport is located in the region of Middle Germany (close to five major Trans-European transport axes and Pan-European corridors) between the axes from North to South Europe (that is to say Federal motorway A 9) and from the West to Eastern Europe (that is to say Federal motorway A 14) with an access to rail and road network.
Spodbujevalni učinek
In addition, Germany clarified that the access to rail and road network facilitates more efficient transport of freight.
Kar zadeva spodbujevalni učinek, je Nemčija izpostavila, da sta znesek in intenzivnost državne pomoči za infrastrukturne ukrepe upravičena.
Furthermore, Germany stated that the project is in line with the ‘Development of an integrated European air transport network’ as set out in point 12 of the action plan for airport capacity, efficiency and safety in Europe [27] which notes that ‘it would be desirable to unlock existing latent capacity at regional airports provided that Member States respect Community legal instruments relating to State aid’.
Trdila je, da se infrastrukturni ukrepi brez državnega financiranja sploh ne bi izvedli (glej oddelek 3.4.3).
Germany submitted further that the implementation of the project will have a positive impact on the entire region and will significantly influence its economic and social development.
V nasprotju z mnenjem Komisije je izpostavila, da se spodbujevalni učinek ni zmanjšal, četudi so nekateri naložbeni projekti že izvedeni, ker so se delničarji zavezali k financiranju infrastrukturnih ukrepov že pred začetkom njihovega izvajanja.
According to Germany, the investment project will in particular improve access to the region and increase its attractiveness for investors and visitors.
Po njenem mnenju si Komisija s svojo izjavo, da lahko infrastrukturni projekti ustvarijo občuten donos kapitala, napačno razlaga zadevne ukrepe, poleg tega je njena izjava v nasprotju s predhodno prakso odločanja Komisije.
Hence, Germany submitted that the State aid serves a well-defined objective of common interest.
Nemčija je menila, da sorazmernost infrastrukturnih ukrepov potrjuje tudi dejstvo, da ti prispevajo k zmanjšanju preobremenjenosti drugih nemških letališč za zračni tovorni promet.
Need for State intervention
Poleg tega je Nemčija dejala, da sta bila znesek in intenzivnost financiranja omejena na najnižji znesek, potreben za izvedbo infrastrukturnih ukrepov.
Germany submitted that no private investor would be interested in financing these infrastructure measures.
Po mnenju Nemčije so bili stroški določeni vnaprej na podlagi ocen stroškov in predhodnih načrtov.
In this regard, Germany stated that Leipzig/Halle airport suffers from the historical investment backlog.
Navedla je tudi, da nasprotno s trditvijo Komisije letališče ne more povečati svojih prihodkov s povišanjem letaliških pristojbin.
In addition, according to Germany the measures concern long-term infrastructure investments which address the needs of the airport in view of the future increase of freight transport.
Po njenem mnenju je razlog za to dejstvo, da je večina naložb povezana z infrastrukturnimi ukrepi, za katere se ne more posebej zaračunati pristojbina.
Germany argues, without providing evidence, that the measures are neither disproportionate in size, nor disproportionately costly.
Nadalje je Nemčija dejala, da stroškov naložb za gradnjo letališke infrastrukture na splošno ni mogoče pokriti s povišanjem pristojbin za uporabnike letališča.
In Germany’s opinion, a further reduction of State financing is not possible as infrastructure of this magnitude cannot be financed from own resources of airport operators.
Trdila je, da ker je letališke pristojbine odobrila ustrezna letališka služba v posamezni deželi, v kateri se nahaja zadevno letališče, se stroški naložb za gradnjo letališke infrastrukture ne morejo prenesti na njene uporabnike na podlagi proste presoje upravljavca letališča.
Germany has also raised the argument that revenues from the airport services do not cover the costs of building the infrastructure and substantiated this argument on the basis of a funding gap analysis and counterfactual assessment.
Vsako dodatno povišanje letaliških pristojbin na letališču Leipzig/Halle po njenem mnenju ne bi bilo v skladu s trgom in ne bi zavezovalo letalskih prevoznikov, ki uporabljajo letališče.
Hence, Germany is of the opinion that the aid will bring a material improvement for the investment project that the market itself cannot deliver and that there is a need for state intervention.
Opozorila je, da so pristojbine družbe FLH že višje od običajne tržne ravni.
Appropriateness of the aid measure
Nemčija trdi tudi, da je predvidena intenzivnost pomoči upravičena.
Germany submitted that the aid would be an appropriate aid measure.
Po njenem mnenju se lahko samo s predvidenim obsegom javnega financiranja zagotovi izvedba naložb v zahtevanem obsegu in časovnem okviru.
In this respect, Germany submits that due to the location of the airport in the former German Democratic Republic, the airport suffers from an investment backlog and needs to carry out substantial investments within shorter time period than other airports.
Dejala je, da nezmožnost financiranja tovrstnih infrastrukturnih ukrepov na regionalnem letališču z zasebnimi sredstvi zadostno potrjujeta praksa odločanja Komisije in dejstvo, da ni znan noben primer, ko bi javni vlagatelji financirali take ukrepe na lastne stroške.
Moreover, according to Germany, the infrastructure measures would not have been carried out at all without State aid.
Nemčija je trdila, da je Komisija večkrat in pogosto odobrila do 100-odstotne intenzivnosti pomoči.
To support this, Germany submitted that in 2005, the MFAG group generated revenues of EUR 83,8 to 118 million and FLH EUR 47 to 80 million.
Po njenem mnenju je praksa Komisije v primeru naložb, podobnim zadevnim, pokazala, da mora biti intenzivnost pomoči ob takih naložbah vsaj 75-odstotna, da se lahko izvedejo.
Hence, in Germany’s opinion, the investment volume of EUR 255,625 million is thus 2 to 3 times the consolidated revenue of MFAG and 3 to 5 times the revenue of FLH over the period in which the infrastructure projects were decided upon.
Nemčija je dejala, da ker je bila gradnja letališča FLH v javnem interesu Nemčije, infrastrukturni ukrepi ne temeljijo na poslovnem načrtu, izračunu donosnosti ali računovodskih izkazih.
Finally, Germany stated that the ratio between revenue and investment volume demonstrates that the undertakings concerned would not carry out these measures without public financing.
Na zahtevo Komisije je zagotovila izračune vrzeli v financiranju, ki so povzete v preglednicah 5 in 6.
Incentive effect
Preglednica 5
With regards to the incentive effect, Germany pointed out that the amount and intensity of State aid of the infrastructure measures at stake were justified.
Izračun vrzeli v financiranju – scenarij I – naložbe, ki so se financirale s kapitalskimi injekcijami, izvedenimi leta 2014
Germany claimed that the infrastructure measures would not have been carried out at all without the State financing (see section 3.4.3).
Scenarij I – Naložbe, ki so se financirale s kapitalskimi injekcijami, izvedenimi leta 2014
Contrary to the Commission’s view, Germany pointed out that the fact that some of the investment projects had already been completed did not reduce the incentive effect since the financing commitments by the shareholders were already given before the start of implementing the infrastructure measures.
V mio.
According to Germany, the statement of the Commission that the infrastructure projects might yield any appreciable return on capital clearly mistakes the nature of the measures in question and is also in conflict with the Commission’s previous decision-making practice.
EUR
According to Germany, the Commission had already acknowledged on numerous occasions that measures of this type normally yield no appreciable return on capital.
Diskontna stopnja [28]
Proportionality of the aid (aid limited to the minimum)
Neto sedanja vrednost denarnih tokov Σ družbe FLH 2006–2055
According to Germany, the proportionality of the infrastructure measures could also be inferred from the fact that they help to reduce the congestion at other German cargo airports.
Neto sedanja vrednost priglašenih naložbenih ukrepov M1–M16.2 (vključno s stroški, ki spadajo v pristojnost javne politike)
Furthermore, Germany stated that the amount and intensity of the financing was restricted to the absolute minimum required to carry out the infrastructure measures.
Neto sedanja vrednost vrzeli v financiranju
According to Germany, the costs were determined in advance by obtaining cost estimates and preliminary plans.
Intenzivnost pomoči [29]
Moreover, Germany submitted that contrary to the Commission’s claim, the airport was not able to increase its revenues by augmenting airport charges.
Preglednica 6
In the view of Germany, this is the case because most of the investments relate to infrastructure measures for which no separate charge can be imposed.
Izračun vrzeli v financiranju – scenarij II – naložbe, ki so se financirale s kapitalskimi injekcijami, izvedenimi sočasno z naložbami
Furthermore, Germany stated that it was generally not possible to cover investment costs for the construction of airport infrastructure by increasing charges for airport users.
Scenarij II – Naložbe, ki so se financirale s kapitalskimi injekcijami, izvedenimi v času potrebe po financiranju [30]
Germany argued that since the airport charges were approved by the relevant airport authority of the respective Land in which the airport concerned was located, investment costs for the construction of airport infrastructure could not be passed on to the users of the infrastructure at the discretion of the operator.
Diskontna stopnja
According to Germany, any further increase of the airport charges of Leipzig/Halle airport would not be market conform and not enforceable vis-à-vis airlines using the airport.
Intenzivnost pomoči [31]
According to Germany, it has to be kept in mind that the charges at FLH are already above the usual market level.
Izogibanje nedovoljenim negativnim vplivom na konkurenco in trgovino med državami članicami
Furthermore, Germany argues that the envisaged aid intensity was justified.
Kar zadeva izogibanje nedovoljenim negativnim vplivom na konkurenco in trgovino med državami članicami, je Nemčija poudarila, da bodo infrastrukturni ukrepi na letališču Leipzig/Halle na splošno pozitivno vplivali ter da ne bodo nedovoljeno vplivali na trgovino in konkurenco med državami članicami.
According to Germany, only the envisaged extent of public funding could guarantee that investments can be carried out to the extent and within the time frame that is required.
V zvezi s tem je Nemčija navedla, da zadevni infrastrukturni ukrepi niso ekspanzivni in ne vplivajo na obseg prometa.
Germany stated that the impossibility of financing regional airport infrastructure measures of this kind privately is sufficiently demonstrated both by the Commission’s decision-practice and by the fact that there is not a single known case in which private investors have funded such measures at their own costs.
Izpostavila je, da je Komisija že v okviru drugih sklepov potrdila, da ukrepi, ki niso ekspanzivni, ne vplivajo bistveno na konkurenco med letališči.
Germany argued that the Commission has repeatedly and frequently approved aid intensities up to 100 %.
Nemčija je možne konkurente letališča FLH razdelila v tri glavne kategorije: (i) letališča v bližini letališča Leipzig/Halle, (ii) druga letališča za zračni tovorni promet in (iii) glavna letališča za zračni tovorni promet Unije.
According to Germany, for investments similar to the investments at stake, the Commission practice has shown that such investments have to have an aid intensity of at least 75 % in order to be carried out.
Nemčija je opozorila, da nobeno od letališč v bližini letališča Leipzig/Halle ni specializirano za zračni tovorni promet.
Germany stated that since FLH has been constructed in the public interest of Germany, the infrastructure measures were not based on any business plan, profitability calculation or financial statements.
Trdila je tudi, da nobeno od letališč, kot so Altenburg-Nobitz, Berlin Brandenburg, Dresden, Erfurt, Hof, Magdeburg, Magdeburg-Cochstedt in letališče v Pragi, dejansko ne konkurira letališču Leipzig/Halle.
At the request of the Commission, Germany provided funding gap calculations as summarised in Table 5 and Table 6.
V podporo tej trditvi je navedla, da so geografske razdalje za nekatera od teh letališče prevelike, letališča se nahajajo v različnih gospodarskih regijah, njihova zaledja se precej razlikujejo ali pa so letališča zelo majhna.
Table 5
Kar zadeva druga nemška letališča za zračni tovorni promet, je Nemčija dejala, da je konkurenca letališča Leipzig/Halle omejena, ker glavna vozlišča za zračni tovorni promet v Nemčiji (Frankfurt na Majni, München in Köln/Bonn), ki z njim konkurirajo, niso dovolj zmogljiva ali pa so njihovi nočni leti omejeni.
Funding gap calculation — Scenario I — Investments financed through capital injections carried out in 2014
Po mnenju Nemčije ni bilo prekrivanja konkurence z drugimi letališči za zračni tovorni promet v Uniji, predvsem z letališčem v Bruslju in letališčem Vatry.
Scenario I — Investments financed through capital injections carried out in 2014
V zvezi s tem je dejala, da letališče Leipzig/Halle zaradi svoje osrednje lege v središču Evrope oskrbuje tako Zahodno kot Vzhodno Evropo, in da ne letališče v Bruslju ne letališče Vatry ne moreta zagotoviti zadostnega dostopa do čedalje pomembnejših srednje in vzhodnoevropskih trgov.
In EUR million
Izpostavila je, da je letališče Vatry zelo majhno in da je bil leta 2010 obseg zračnega tovornega prometa na letališču Leipzig/Halle na primer 80-krat večji od obsega enakega prometa na letališču Vatry.
Discount rate [28]
V skladu z njenimi navedbami letališče Vatry tudi nima enako dobrih povezav z železniškim in cestnim omrežjem kot letališče Leipzig/Halle.
NPV of the Σ Cash flows of FLH 2006-55
Glede letališča v Bruslju je trdila, da medtem ko se je obseg zračnega tovornega prometa na letališču Leipzig/Halle v zadnjih letih povečal, se je na letališču v Bruslju v istem obdobju zmanjšal.
NPV of the notified investments measures M1-M16.2 (including costs falling within the public policy remit)
Dejala je še, da so nočni leti na letališču v Bruslju zelo omejeni in je zato omejena tudi konkurenca.
NPV of the funding gap
Nadalje je Nemčija pojasnila, da imajo v nasprotju z mnenjem Komisije vsi možni uporabniki letališča enak in nediskriminacijski dostop do njegove infrastrukture.
Aid intensity [29]
Dejala je, da posamezni uporabniki letališča niso prejeli nobenih neupravičenih znižanj na podlagi obsega prometa.
Table 6
Po njenem mnenju je vprašanje enakega in nediskriminacijskega dostopa do letališča Komisija obravnavala že v predhodnem sklepu o financiranju letališča Leipzig/Halle [32].
Funding gap calculation — Scenario II — Investments financed though capital injections carried simultaneously with investments
Zato Nemčija meni, da se državna pomoč, če ta obstaja, lahko šteje za združljivo z notranjim trgom.
Scenario II — Investments financed through capital injections carried out at the time of the financing need [30]
PRIPOMBE TRETJIH OSEB