natgillin/translations-raw huggingface dataset:
The capital structure deteriorated during the period, as equity decreased by more than half to reach a level of EUR 2,4 million in 2013 for total assets of EUR 41,9 million [66].
Ker obstajajo številna znana letališča, ki se pogosto uporabljajo, morajo šibkejši konkurenti premagati statične nakupovalne navade potrošnikov in najti način za dosledno seznanjanje širokega občinstva s sporočilom svoje blagovne znamke.
Olbia airport: throughout the period 2007-2009, the airport operator registered a significant economic slowdown mainly linked to the reduction in the number of passengers.
Kljub temu so za običajne oblike tržnega sporočanja potrebni izdatki, ki presegajo njihova sredstva.
EBITDA decreased by 22,8 % and EBIT by 41,3 % over the period.
Namesto tega oglaševanje prek družbe AMS:
Despite positive net results, the company did not generate positive net cash flows because of an increase of the working capital and a substantial investment program in the period 2007-2009 (EUR 13,2 million).
omogoča, da se doseže precejšnje občinstvo, sestavljeno iz potrošnikov, ki že razmišljajo o nakupu potovanja;
Global indebtedness increased by EUR 2 million over the period and further debt towards financial institutions was highly improbable as it might have jeopardised the financial balance of the company [67].
obsega razmeroma nizke stroške (dokument s tarifami po komercialnih stopnjah za spletno sporočanje);
In addition, the financial situation of the airport operator meant it was not able to finance the activities with its own resources, as the generation of financial cash flows was not sufficient to cover the investments in working capital and fixed assets.
omogoča sporočanje v fazi nakupa;
A third option could have been a capital increase from the shareholders, in order to guarantee the necessary liquidity to finance the three activities provided for by Law 10/2010.
omogoča kreativno oglaševanje.
To assess whether this would have been a valuable option, the investment required has been assessed from the point of view of a market economy investor.
PRIPOMBE DRUŽBE RYANAIR Z DNE 20.
The analysis carried out by GEASAR [68], on the basis of a standard methodology for the profitability assessment of an investment, shows that the Net Present Value (NPV) and the Internal Rate of Return (IRR) calculated on the agreements concluded between the airport operator and the airline companies were negative, which excludes any interest in a potential capital increase from the shareholders.
DECEMBRA 2013
The period 2010-2013 saw a relative stagnation in terms of EBITDA at a level of EUR 5,9 million.
Družba Ryanair je 20. decembra 2013 predložila pripombe glede plačil družbi AMS, odvisnemu podjetju za spletno oglaševanje v stoodstotni lasti družbe Ryanair.
Although the EBIT margin and the net result slightly improved over the period, the company still had difficulty in generating positive net cash flows because of increases in the working capital and investments [69].
Družba Ryanair se ne strinja z oceno Komisije, da so plačila družbi AMS stroški letališča, ker se s tem pristopom ne upošteva vrednost, ki jo imajo storitve družbe AMS za letališče.
COMMENTS FROM INTERESTED PARTIES
Prav tako je prepričana, da bi bilo treba v okviru analize udeleženca v tržnem gospodarstvu nakup dragocenih tržnih storitev po tržnih stopnjah obravnavati ločeno od povezanih pogodbenih dogovorov med letališčem in letalskim prevoznikom.
COMMENTS FROM RYANAIR
Družba Ryanair je v podporo tem trditvam predložila analizo svetovalne družbe, ki deluje v njenem imenu, v kateri je primerjava cen, ki jih zaračunava družba AMS, s cenami primerljivih storitev, ki jih ponujajo druga spletna mesta, povezana s potovanji.
COMMENTS ON THE OPENING DECISION
Analiza kaže, da so bile cene, ki jih je zaračunala družba AMS, nižje od povprečnih cen ali približno enake srednjim cenam za primerljiva spletna mesta.
General considerations
Po mnenju družbe Ryanair je iz tega razvidno, da so cene družbe AMS v skladu s tržnimi cenami.
Ryanair points out that it flies only to Alghero and Cagliari and not to other Sardinian airports.
Odločitev javnega letališča, da plača storitve družbe AMS, je torej v skladu s preskusom udeleženca v tržnem gospodarstvu.
The company stresses that its right to submit comments is hampered by the absence of a reasonably detailed description of the alleged aid to Ryanair, particularly regarding Cagliari airport.
Družba Ryanair je Komisijo pozvala, naj znova oceni svoj pristop, ki ga je sprejela za analizo pogodb družbe AMS.
AMS and Ryanair are therefore unable to submit comments that fully address the arrangements between Ryanair, AMS and Cagliari airport.
Prepričana je, da bi bilo treba sporazume z družbo AMS obravnavati ločeno od sporazumov o letaliških storitvah, ki jih je sklenila družba Ryanair, torej bi se zanje izvedel ločen preskus udeleženca v tržnem gospodarstvu.
Ryanair commissioned a consultancy firm to prepare a detailed MEIP [70] comparator analysis, demonstrating that the charges paid by Ryanair at Cagliari airport are in line with or exceed those paid by Ryanair at comparable private or public-private airports, therefore complying with the MEIP.
Če bi Komisija vztrajala pri vključitvi sporazumov, ki jih je sklenila družba AMS, in sporazumov o letaliških storitvah, ki jih je sklenila družba Ryanair, v skupni preskus načela udeleženca v tržnem gospodarstvu, bi se vsaj morala upoštevati vrednost, ki jo imajo storitve družbe AMS za letališče.
Ryanair argues that they were not aware of the existence of Sardinian Regional Law 10/2010 when entering into arrangements with Cagliari and Alghero.
V poročilu svetovalne družbe, ki deluje v imenu družbe Ryanair, z dne 20. decembra 2013 o cenah družbe AMS so navedena sklicevanja na ugotovitve iz predhodno predloženih poročil svetovalcev za trženje družb Mindshare (iz leta 2004) in Zenobie Counseil (iz leta 2011), pa tudi poročila prof.
Ryanair argues that AMS negotiated with the airport operators on a commercial basis, with reference to the terms applicable at comparable airports around Europe (in the case of Ryanair) and taking into account the relevant AMS rate card applicable at the time (in the case of AMS).
McLoughlina (iz leta 2012), ki poudarjajo pomen oglaševanja za male znamke.
Ryanair argues that the Sardinian airports were the direct beneficiaries of the alleged aid, whereas the airlines were indirect beneficiaries.
Navedena poročila potrjujejo, da ima družba Ryanair močno vseevropsko znamko, ki lahko določi višjo ceno za svoje storitve oglaševanja.
Ryanair notes that the Commission assumes that the aid has been provided to the airports following a formula, however only the components of that formula are provided in the Opening Decision, not the formula itself.
Te edinstvene značilnosti in široka seznanjenost z blagovno znamko družbi Ryanair omogočajo zaračunavanje premije.
This lack of information denies Ryanair its right to make comments in this respect.
Ugotovljeno je bilo, da so tarife družbe AMS v obeh obdobjih in v vseh sektorjih nižje od cen, ki jih zaračunavajo primerljiva spletna mesta, ali v njihovem razponu.
Furthermore, even if the airports have received aid, the Commission cannot simply conclude that this has been passed on to the airlines, without any specific evidence supporting this assumption.
Družba Ryanair je v podporo tej ugotovitvi predložila podatke o prometu na njeni domači strani za Združeno kraljestvo med novembrom 2012 in novembrom 2013 ter v obdobju 2009–2012, in podatke o storitvah družbe AMS, ki jih je kupilo več letališč, ter o sporazumih družbe AMS z navedenimi letališči.
Ryanair specifies that the Commission has not identified any element in the contracts between Cagliari Airport and Ryanair/AMS that could consist of State aid.
PRIPOMBE DRUŽBE RYANAIR Z DNE 17.
Finally, Ryanair contests the use of the 2005 Aviation Guidelines in the Opening Decision to determine whether aid was granted to the airports.
JANUARJA 2014
In fact, the 2005 Guidelines do not provide a reliable reference framework for the assessment of alleged State aid to airports and low cost airlines.
Družba Ryanair je predložila poročilo, ki ga je svetovalna družba pripravila v zvezi z načeli, za katera meni, da bi se morala uporabljati pri preskusu donosnosti udeleženca v tržnem gospodarstvu, ki obsega sporazume o letaliških storitvah med družbo Ryanair in letališči ter sporazume o trženju med družbo AMS in istimi letališči.
Ryanair's arrangements with airports
Poudarja, da to ne vpliva na njeno mnenje, da bi bilo treba za sporazume z družbo AMS in sporazume o letaliških storitvah opraviti ločena preskusa udeleženca v tržnem gospodarstvu.
Regarding agreements with airports, Ryanair stresses the fact that it negotiates with airports on a genuinely commercial basis, which explains why the outcome of those negotiations varies from airport to airport.
V poročilu je navedeno, da bi bilo treba prihodke, povezane z družbo AMS, v skupni analizi donosnosti vključiti med prihodke, izdatke, povezane z družbo AMS, pa med stroške.
In assessing Ryanair's arrangements with airports, Ryanair points out that the Commission has to:
V ta namen poročilo predlaga metodologijo, ki temelji na denarnem toku, in v skladu s katero bi se odhodki za družbo AMS šteli za dodatne stroške poslovanja.
consider all relevant factors by assessing the agreements with airports, considering the implication of non-aeronautical revenues and network externalities;
V poročilu je navedeno, da dejavnosti trženja prispevajo k ustvarjanju in izboljšanju vrednosti znamke, kar bo verjetno prinašalo posle in dobiček tako v času trajanja sporazumov o trženju kot po njihovem prenehanju.
rely on comparator airports;
Zaradi sporazuma z družbo Ryanair bi bilo letališče verjetno bolj zanimivo za letalske prevoznike, zaradi česar bi se povečali pritok gospodarskih subjektov in prihodki letališča iz neletalskih dejavnosti.
take into account the market position of regional airports in Europe which remain more exposed to strong competition from neighbouring airports, while being barely conceived and managed on a commercial basis;
Če bi Komisija izvedla skupno analizo donosnosti, bi bilo treba upoštevati navedene koristi, tako da bi se odhodki za družbo AMS šteli za dodatne stroške poslovanja, izračun dodatnega dobička pa bi bil zmanjšan za plačila družbi AMS.
consider the airports' long-term planning: regional airports do not respond to the application of a standard 5-year business plan;
Poleg tega bi bilo treba v napovedani dodatni dobiček vključiti končno vrednost, da bi se upoštevala vrednost, ustvarjena po prenehanju sporazuma.
apply the single till approach, taking into account airport revenues generated both from aeronautical and non-aeronautical activities;
Poročilo podpira ta pristop s povzetkom rezultatov študij, ki prikazujejo, kako se lahko z oglaševanjem ustvari vrednost blagovne znamke in izboljša zvestoba strank.
integrate network externalities: an increased number of users of an airport makes it more valuable to other potential users and therefore increases its overall value;
Z oglaševanjem na spletnem mestu ryanair.com se zlasti poveča izpostavljenost blagovne znamke za letališče.
take into account that Ryanair's agreements with airports are not concluded on an exclusive basis: usually the airports under investigation have ample spare capacity to accommodate other airlines.
Zlasti velja, da lahko manjša regionalna letališča, ki želijo povečati svojo bazo prometa, vrednost svoje blagovne znamke povečajo s sklenitvijo sporazumov o oglaševanju z družbo AMS.
In assessing the fees paid by Ryanair to airports for the various services it receives, the significantly reduced needs of Ryanair compared to other airlines, due to its business model, have to be taken into consideration, as well as the substantial non-aeronautical revenues generated by airports thanks to Ryanair.
Nazadnje naj bi bil pristop na podlagi denarnega toka v skladu s sklepi Komisije v zvezi s primeri državne pomoči in drugimi primeri na področju konkurence, namreč v zadevi BayernLB je Komisija navedla, da bo za oceno denarnih tokov uporabila metodo vrednotenja diskontirane dividende in nato določila končno vrednost na podlagi predvidene rasti dividende, v primeru zmanjševanja marž v zvezi z družbo Telefónica pa je v analizo diskontiranega denarnega toka vključila končno vrednost.
Marketing agreements
POROČILO DRUŽBE OXERA Z DNE 31.
Ryanair reiterates that AMS's marketing agreements with airports are negotiated and concluded separately from Ryanair's agreements with the same airports.
JANUARJA 2014: KAKO NAJ BI SE SPORAZUMI Z DRUŽBO AMS OBRAVNAVALI V OKVIRU ANALIZE DONOSNOSTI PRI PRESKUSU UDELEŽENCA V TRŽNEM GOSPODARSTVU?
In particular, Ryanair and AMS specify that there is no advantage for AMS since AMS concludes marketing agreements with public and private airports.
PRAKTIČNA UPORABA
Public and private parties therefore compete for the limited space available for advertisement on Ryanair.com.
Družba Ryanair je 31. januarja 2014 sporočila informacije o preiskavah Komisije v zvezi z državno pomočjo, ki trenutno vključujejo družbo Ryanair.
Thus, AMS does not benefit from any advantage for the purpose of State aid law, as MEIP is satisfied throughout the conclusion of those agreements.
Na podlagi študij, ki jih je naročila pri svetovalni družbi, obravnava praktične vidike vključitve družbe AMS v skupno analizo donosnosti [75] družbe AMS in sporazuma o letaliških storitvah (ASA) [76] ter trdi, da se lahko v skladu z njenim razumevanjem pristopa Komisije sporazumi družbe AMS vključijo v skupno analizo donosnosti in sporazuma o letaliških storitvah.
Moreover, Ryanair argues that the Commission failed to present any legal or factual basis to question the commercial rationale of the decision of the operators of Alghero and Cagliari airport to advertise on Ryanair.com, in circumstances where AMS offers its services at a market price.
Sprejeti pristop upošteva možnost, da se s sporazumom o letaliških storitvah in sporazumom z družbo AMS dobiček letališča ohrani tudi po načrtovanem prenehanju veljavnosti sporazumov o letaliških storitvah.
As a result, AMS is not in a position to exercise its right of defence.
Družba Ryanair trdi, da bi lahko njena prisotnost na letališču k njegovi uporabi privabila druge potnike ali letalske prevoznike.
Ryanair also presented two more studies on the changing trend of airport revenues.
Z oglaševanjem in promocijo na podlagi sporazumov z družbo AMS bi se lahko po načrtovanem prenehanju sporazuma o letaliških storitvah z družbo Ryanair povečal promet potnikov, ki uporabljajo njene storitve, ali tistih, ki jih ne.
Over the years, airports have significantly increased their revenues from non-aeronautical services.
Poleg tega bi se lahko povečali tudi prihodki letališča iz neletalskih dejavnosti.
According to Ryanair, advertising on Ryanair's website increases the proportion of inbound passengers and, therefore, the non-aeronautical revenues.
Po mnenju družbe Ryanair je to logična posledica, saj skoraj vsa podjetja v gospodarstvu vlagajo v oglaševanje, da bi z razlikovanjem proizvodov izboljšala donosnost.
Ryanair states that marketing and advertising on the websites of all airlines has become a mainstream practice; this is particularly the case of airport companies, who have started to promote their brand on the internet especially through airlines' websites.
Glede na običajne koristi oglaševanja in omrežne učinke, povezane z rastjo znotraj letališč, bi bilo zmotno predvidevati, da bodo edini dodatni prihodki, povezani z oglaševanjem družbe AMS, potniki družbe Ryanair, ki bodo zadevno letališče uporabili med trajanjem sporazuma o letaliških storitvah.
Ryanair specifies that AMS does not discriminate between airports, public authorities and other non-airport clients.
PRIPOMBE DRUŽBE RYANAIR Z DNE 12.
Privately owned or controlled airports and other private parties have concluded agreements with AMS based on similar, non-discriminatory terms.
SEPTEMBRA 2014
State aid issues
Družba Ryanair poudarja, da mora presoja dogovora med letališčem in letalskim prevoznikom vključevati analizo udeleženca v tržnem gospodarstvu, kot je navedeno v oddelku 3.5 smernic za letalski sektor iz leta 2014.
Ryanair is of the opinion that there is no imputation to the State in the measures at stake: simple approval by the Sardinian authorities of the airport's plans of activities is not sufficient for the imputation of a measure to the State.
Poleg tega trdi, da je „pristop zmogljivosti“ k razporeditvi stroškov naložbe pravno pravilen na podlagi predhodnega preskusa donosnosti in tudi z gospodarskega vidika.
Ryanair stresses that the selection of airlines on the basis of commercial bids — presented to airport operators following the publication of notices on their websites — represents itself a tender procedure.
„Dejanski običajni pristop“ namreč ne upošteva dejstva, da je treba analizo donosnosti udeleženca v tržnem gospodarstvu izvesti predhodno.
Moreover, there is no need for a tender when the airport-airline deal satisfies the MEIP and there is no SGEI/PSO applicable to the airline, as in this case.
RAZPOREDITEV STROŠKOV NALOŽBE [77]
Ryanair also raises doubts on the selective criteria challenged by the Commission, since any airline wishing to enter into arrangements with Alghero or Cagliari Airport could have done so.
V poročilu svetovalne družbe, ki deluje v imenu družbe Ryanair, je poudarjena točka 64 novih smernic za letalski sektor in je navedeno, da hipotetični novi terminal ali objekti niso potrebni le za enega določenega letalskega prevoznika, ampak lahko imajo od njih korist tudi druge letalske družbe.
Ryanair concludes by asserting that the situation in Sardinia arises out of the inadequacy of the rules governing public service obligations routes under Regulation (EC) No 1008/2008 and their application by the Italian authorities.
Poudarja, da ni pošteno, da se vsi stroški pripišejo eni družbi, čeprav je to edina družba, ki uporablja letališče, izračun stroškov na podlagi uporabe zmogljivosti, ustvarjene z naložbami, pa bi lahko bil ustrezen način.
As a result, Italian airports are faced with the following choices: (i) serving routes with public service obligations operated by traditional airlines, using small aircrafts and delivering small numbers of passengers at the cost of high subsidies (which would nevertheless not be sufficient to ensure low ticket prices); or (ii) entering into business relationships with low cost carriers, with guarantees on passenger volumes, use of large aircraft, delivery of large numbers of passengers, no subsidies and low ticket prices.
Poudarja bistveno razliko v merjenju uporabe glede na zmogljivost namesto na delež prometa.
Faced with such a choice, any market economy investor would have selected the second option.
Kot primer navaja letališče Angouleme, na katerem je 95–97 % prometa ustvarila družba Ryanair, ki pa je uporabila le 25–28 % zmogljivosti.
In the light of those observations, Ryanair concludes that neither Ryanair nor AMS have been a beneficiary of State aid and that the Sardinian airports acted in line with the MEIP.
Svetovalna družba je Komisiji predložila več primerov, tudi zadevo v zvezi z letališčem Alghero [78].
ECONOMIC MEIP ASSESSMENT WITH REGARD TO CAGLIARI INTERNATIONAL AIRPORT [71]
Na letališču Alghero se je leta 2004 odprl nov potniški terminal, s katerim se je potniška zmogljivost letališča precej povečala, s približno 0,8 milijona na 2,5 milijona potnikov.
Ryanair instructed a consultancy firm to prepare a detailed MEIP comparator analysis, demonstrating that the charges paid by Ryanair at Cagliari airport are in line with or exceed those paid by Ryanair at comparable private or public-private airports, therefore complying with the MEIP.
To povečanje zmogljivosti terminalov je razvidno iz poslovnih načrtov družbe SOGEAAL s povečanjem števila obračanj in odhodov potnikov od leta 2004.
The consultancy firm acting on Ryanair's behalf sent the fully confidential version of that report directly to the Commission.
Nazadnje je navedeno, da bi se stroški naložbe ustrezno razporedili glede na pričakovani delež zmogljivosti, ki ga zajema posamezni sporazum z letalskim prevoznikom.
The analysis shows that the overall level of charges paid by Ryanair at Cagliari airport is, on average, higher than the comparable level of charges paid by the airline over the same period at the comparator airports.
VREDNOTENJE ŠIRŠEGA UČINKA SPORAZUMOV Z DRUŽBO AMS NA PROMET NA LETALIŠČU [79]
Specifically, the average charge paid by Ryanair at Cagliari Airport is 2,3 to 2,4 times higher that paid by Ryanair at the comparator airports, on both a per-passenger and per-turnaround basis, over the period between 2006/07 and 2012/13.
Svetovalna družba, ki deluje v imenu družbe Ryanair, je proučila dodatno donosnost sporazumov z vidika letališča, in je poleg stroškov za plačila družbi AMS analizirala tudi koristi zaradi večje privlačnosti letališča ter možnost, da se poveča promet potnikov, ki ne uporabljajo storitev družbe Ryanair, in temu ustrezno ravni neletalskih prihodkov.
The study concluded that the various agreements considered in the procedure were compatible with a level of charges that would have been offered to Ryanair by an airport-owning market economy investor in similar circumstances.
Da bi prikazala širši učinek sporazumov z družbo AMS, je kot študijo primera obravnavala letališče Alghero.
IDENTIFYING THE MARKET BENCHMARK IN COMPARATOR ANALYSIS FOR MEIP TESTS [72]
Iz navedene analize je razviden pozitiven učinek na družbo SOGEAAL zaradi sporazumov o trženju, podpisanih z družbo AMS.
The consultancy firm acting on Ryanair's behalf believes that the Commission's approach of only accepting comparator airports in the same catchment area as the airport under investigation is flawed.
Letališče je imelo zlasti korist zaradi (i) morebitne večje privlačnosti za druge letalske prevoznike, (ii) manjšega zmanjšanja števila potnikov zaradi finančne krize, in (iii) morebitnega občinstva oglaševanja družbe AMS, ki je 50-krat večje kot pri podobnih dogovorih z družbo Alitalia.
It argues that market benchmark prices obtained from comparator airports are not polluted by State aid given to surrounding airports.
Nazadnje je v poročilu navedeno, da je ob odsotnosti vsakršne empirične analize učinka oglaševanja na spletišču ryanair.com zmotna presoja, da je edina korist od oglaševanja na spletišču ryanair.com povečanje prometa družbe Ryanair, in da koristi sporazumov z družbo AMS ne trajajo po prenehanju sporazumov.
Therefore, it is possible to robustly estimate a market benchmark for the MEIP tests, as:
VLOGA PRIMERJALNE ANALIZE V PRESOJI NAČELA UDELEŽENCA V TRŽNEM GOSPODARSTVU (MEOP) [80] [81]
comparator analyses are widely used for MEIP tests outside of the field of State aid;
Družba Ryanair trdi, da Komisija pri izvajanju analiz donosnosti ni opravila nobene presoje učinkovitosti stroškov letališča.
companies affect each other's pricing decisions only if their products are substitutes or complements;
Zato poudarja, da ne more vedeti, ali se za posel pričakuje, da bo za letališče donosen.
airports in the same catchment area do not necessarily compete with each other, and the comparator airports used in the reports submitted face limited competition from State-owned airports within their catchment area (< 1/3 of commercial airports within the catchment area of comparator airports is fully State owned, and none of the airports within the same catchment area as comparator airports was subject to on-going State aid concerns (as of April 2013));
V analizi svetovalne družbe, ki deluje v imenu družbe Ryanair, je poudarjen pomen primerjalne analize pri razumevanju dejanskih stroškov letališča.
even where comparator airports face competition from State-owned airports within the same catchment area, there are reasons to believe their behaviour is in line with the MEIP (for example, where there is a large private ownership stake or where the airport is privately managed).
Navedeni so številni primeri primerjalne analize, ki jo je Komisija uporabila v zadnjih letih, in poudarjeno, da Komisija sama trdi, da je primerjalna analiza zelo pomembna pri presojah načela udeleženca v tržnem gospodarstvu.