natgillin/translations-raw huggingface dataset:
The concept of State aid applies to any advantage granted through State resources by the State itself or by any intermediary body acting by virtue of powers conferred on it.
Poljski organi trdijo, da se pogodbenici takrat nista dogovorili glede teh predpostavkah o prometu.
In the present case, the compensation was paid to Autostrada Wielkopolska by the National Road Fund (NRF).
Po tem modelu je bila pričakovana interna stopnja donosnosti […]-odstotna.
The NRF is a state fund established within the Bank Gospodarstwa Krajowego (hereinafter: ‘BGK’) - the State Development Bank of Poland.
Podjetje Autostrada Wielkopolska je s tem modelom dokazalo, da tudi z najvišjimi dovoljenimi cenami prikritih cestnin ne bi doseglo […]-odstotne interne stopnje donosnosti, ki bi jo po pričakovanjih doseglo tik pred zakonodajno spremembo.
The main source of NRF's funding are the incomes from the fuel fee (a parafiscal tax) imposed on motor fuels and gas introduced into the Polish market (paid by the producers and importers of motor fuels) and the motorway toll collected directly by GDDKiA — the central administration authority in charge of the national road system.
V njem je bila izračunana pričakovana interna stopnja donosnosti leta 2007 […]-odstotna.
Therefore, the Commission considers that the compensation payments to Autostrada Wielkopolska were financed from State resources.
Zato je model preverjanja po navedbah podjetja Autostrada Wielkopolska pokazal, da […]-odstotna interna stopnja donosnosti pred zakonodajno spremembo (glej model dejanskega cestninjenja) ni bila dosežena.
The NRF was designated as the source of compensation payment by the Polish Parliament in the Amendment Act.
V preglednici 2 so prikazani vsi finančni modeli, ki sta jih pogodbenici uporabljali med pogajanji, skupaj z njihovimi značilnostmi, ter različice modelov, ki jih je družba PwC prilagodila in uporabila v svojem poročilu, da bi ocenila prekomerno nadomestilo (glej točko 6.1.3.5).
Moreover, the Amendment Act specified that the compensation payments from the NRF to Autostrada Wielkopolska were to be executed at the request of the General Director for National Roads and Motorways.
Preglednica 2
Thus, the Commission considers that the compensation payments to Autostrada Wielkopolska are imputable to the State.
Finančni modeli, ki sta jih uporabljali pogodbenici
In this section, the Commission first examines and establishes the right for the concession holder to compensation due to the legislative change.
Model dejanskega cestninjenja (1)
The Commission acknowledges that only the excess to that compensation gives the concession holder an undue advantage.
Vinjetni model (2)
Secondly, the Commission discusses the models provided by the parties in the process of the negotiations.
Model dejanskega cestninjenja družbe PwC (3)
Thirdly, the Commission establishes that the use of the outdated traffic study led to overcompensation.
Vinjetni model družbe PwC (4)
Fourthly, the Commission examines and approves the process of the verification of the AGRi rates performed in 2007.
Model preverjanja (5)
Fifthly, the overcompensation amount is established based on a report of PwC.
Model preverjanja družbe PwC (6)
Additionally some comments raised by the concession holder are addressed.
Model uporabljen za
Finally, it is concluded on the existence of an economic advantage.
pogajanje o cenah AGRi
The Commission notes at the outset that tolls were the main source of income for the concession holder.
preračun cen AGRi
The concession holder was free to set the toll rates at its own discretion within the limits set by the Concession Agreement.
preverjanje cen AGRi
Both Poland and Autostrada Wielkopolska indicate that the Concession Agreement gave the concession holder the right to be compensated for damages due to the legislative change at stake.
preračun (prilagojenih) cen AGRi
The Concession Agreement clearly states that the State has to compensate the concession holder in case it is prevented by actions of the State from changing or adjusting the toll rates (see Article 12.6 of the Concession Agreement cited in recital 51 above).
Referenčno leto
The Amendment Act deprived the concession holder not only of the possibility to adjust the toll rates for HVGs (within certain limits), but of the very right to charge tolls for the use of the motorway by HGVs.
Uporabljena napoved prometa
In view of the above, the Commission considers that, in the specific circumstances of the present case (among others, the fact that the concession was the object of a tender), the concession holder had a right to be compensated for the change of the law which deprived it of its right to charge tolls in a drastic manner.
študija WSA iz leta 1999
The Commission also recognises that a compensation which merely restores the effects of the legislative change does not constitute as such State aid.
„nove predpostavke podjetja AW S.A. o prometu“
However the Commission considers that a compensation that exceeds what is normally due to restore the effects of the legislative change confers a selective advantage to the undertaking.
študija WSA iz leta 2004
The models used for establishing the compensation
dejansko cestninjenje (cene iz študije WSA iz leta 1999)
To assess the question whether the level of compensation paid to Autostrada Wielkopolska entailed an undue advantage, by improving its financial situation as compared to the situation prevailing without the relevant legislative change, the Commission examined in detail the process through which the compensation payments were determined as well as the financial models used to that end.
prikrito cestninjenje (70 % najvišjih dovoljenih cen cestnin za težka tovorna vozila)
This analysis is presented below.
dejansko cestninjenje (cene iz študije WSA iz leta 2004)
A possible indicator of the financial situation of the concession holder is the internal rate of return (IRR) of the cash flows which the concession holder expected just before the legislative change.
prikrito cestninjenje (preračunane cene)
Among the feasible IRR indicators, the Polish State and Autostrada Wielkopolska agreed in Annex 6 to the Concession Agreement to use the real annual total shareholder return on equity and subordinated debt expressed in EUR.
prikrito cestninjenje (70 % najvišjih dovoljenih cen cestnin za težka tovorna vozila)
A widely accepted standard methodology to determine the return on investments is to calculate the IRR.
Interna stopnja donosnosti
Therefore the Commission considers the use of this indicator to be reasonable and, therefore, does not object to it.
Uporaba napačne študije o prometu in ugotovitev obstoja prekomernega nadomestila
During the negotiations of the shadow toll rates between the concession holder and the Polish authorities, Autostrada Wielkopolska presented three financial models.
Zato Komisija meni, da bi moralo podjetje Autostrada Wielkopolska namesto navedene napovedi uporabiti razpoložljivo posodobljeno napoved prometa in prihodkov iz študije WSA iz leta 2004.
These are the Base model, the Real Toll model and the Vignette model presented in recital 29 above.
Študija WSA iz leta 2004 zagotavlja take posodobljene podatke.
The Base model presents the financial situation of the concession holder with an IRR of […] % at Financial Closure in 2000 as described in recital 29(a) above.
Temelji na izkušnjah na področju dejanskega razvoja prometa in prihodkov na prvotnem odseku avtoceste, pa tudi gospodarskem razvoju Poljske do zadevnega obdobja.
The Commission considers however that the IRR that could be expected by the concession holder at the beginning of the concession is not relevant in the present case, as the Concession Agreement does not guarantee any level of IRR during the term of the concession, but rather transfers the market and financial risks as well as the opportunities to the concession holder.
Zato natančneje izraža dejansko stanje na trgu v času zakonodajne spremembe.
Therefore the expected IRR can be different in each moment in time of the duration of the concession depending on the realisation of the risks and opportunities.
Zato po navedbah Komisije študija WSA iz leta 2004 predstavlja natančnejšo napoved prometa in prihodkov za čas zakonodajne spremembe kot napoved iz študije WSA iz leta 1999.
For that reason the Commission considers that the relevant IRR in this case can only be the one that could be expected by the concession holder just before the legislative change and the related introduction of the shadow toll mechanism in 2005.
V primerjavi s študijo WSA iz leta 1999 študija WSA iz leta 2004 kaže nekoliko večji promet vozil kategorije 1 in precej manjši promet vozil kategorij 2 in 3.
This return could be higher or lower than the one that could be expected at the beginning of the concession.
Poleg tega je Poljska obvestila Komisijo, da se je študija svetovalnega podjetja Faber Maunsell iz leta 2005, ki jo je v svojih pripombah omenilo podjetje Autostrada Wielkopolska (glej uvodno izjavo 87), osredotočala le na napovedi prometa in ne na napovedi prihodkov (kar pomeni, da se v njej ni upoštevala optimizacija cen za povečanje prihodkov).
The Real Toll model as described in recital 29(b) above (see for more details model 1 in Table 2 below) uses the traffic and revenues forecasts from the 1999 WSA study for the forecast period (from 2005 until the end of the concession in 2037).
Zato je bila neuporabna za izračun interne stopnje donosnosti projekta.
It represents the financial situation of the concession holder as of 31 December 2004 in the counterfactual situation without the legislative change, namely the scenario in which the concession holder would collect tolls from all vehicles using the A2 motorway until the end of the concession.
Iz teh razlogov Komisija meni, da je bila zaradi uporabe modela dejanskega cestninjenja, ki temelji na stari študiji WSA iz leta 1999, interna stopnja donosnosti višja, kot bi jo bilo mogoče razumno pričakovati v času zakonodajne spremembe.
According to this model the expected IRR was […] %.
Rezultat tega je bilo prekomerno nadomestilo v obliki višjih plačil prikritih cestnin.
The Vignette model described in recital 29(c) above (see for more details model 2 in Table 2 below) represents the financial situation of the concession holder with the legislative change, namely a scenario in which HGVs would use the A2 motorway free of charge and shadow toll compensation would be paid by the State at 70 % of the maximum allowed toll rates.
Preverjanje prikritih cestnin leta 2007 – priznanje preverjanja
In this model Autostrada Wielkopolska used its own traffic assumptions reflecting the use of the A2 motorway free of charge by HGVs with a valid vignette.
Med pogajanji o cenah prikritih cestnin leta 2005 so se poljski organi dogovorili s podjetjem Autostrada Wielkopolska o preverjanju interne stopnje donosnosti leta 2007 in spremembi cen prikritih cestnin, če ciljna interna stopnja donosnosti ne bi bila dosežena, kot je pojasnjeno v točki 2.5 zgoraj.
The Polish authorities claim that these traffic assumptions were not agreed between the parties at the time.
Komisija ugotavlja, da je bil dogovor o preverjanju sprejet zaradi negotovosti glede razvoja prometa po odprtju avtoceste A2, ki naj bi bila za težka tovorna vozila z veljavno vinjeto brezplačna.
According to this model the expected IRR is […] %.
Komisija je v sklepu o začetku postopka izrazila dvome glede tega, ali je morala Poljska zaradi uporabe mehanizma nadomestil, vsaj v obdobju od 1. septembra 2005 do 31. decembra 2006, prevzeti tveganja v zvezi s prometom in prihodki, vendar le kar zadeva lahka vozila.
With this model Autostrada Wielkopolska demonstrated that even with the maximum allowed shadow toll rates it would not achieve the IRR of […] % it could have expected to achieve just before the legislative change.
Komisija ugotavlja, da je Poljska s preverjanjem dejansko prevzela tveganje v zvezi z razvojem prometa (in prihodkov) za obdobje od uvedbe sistema prikritega cestninjenja do preverjanja (obdobje približno 16 mesecev).
The Verification model presented in recital 36 above (see also model 5 in Table 2) was provided by Autostrada Wielkopolska in 2007.
Poleg tega ugotavlja, da bi se lahko štelo, da se je Poljska s tem oddaljila od narave prvotnega koncesijskega sporazuma, ki koncesionarju ni zagotavljal nikakršne stopnje donosa.
It was used for the verification of the shadow tolls in 2007.
Vendar pa Komisija sprejema preverjanje cen prikritih cestnin, saj je državi omogočilo ponovno določitev cen prikritih cestnin na raven, ki preprečuje preplačilo koncesionarju za težka tovorna vozila.
In this model Autostrada Wielkopolska used the 2006 WSA study for the projection period.
Poleg tega je bilo preverjanje izvedeno po zelo kratkem obdobju (približno 16 mesecev – od septembra 2005 do decembra 2006), kar je pogodbenicama omogočalo, da sta zbrali dejanske podatke o prometu za težka in lahka vozila, na podlagi zbranih podatkov pripravili napovedi prometa ter v skladu s temi napovedmi določili cene prikritih cestnin.
The Verification model assumed that the shadow toll system was in place until the end of the concession.
V primerjavi s celotnim trajanjem koncesijskega sporazuma, tj. 40 let, je to kratko obdobje, ki je bilo dejansko razumno v smislu, da je pogodbenicama ravno še omogočalo, da sta zbrali potrebne podatke o prometu in na podlagi zbranih podatkov pripravili zanesljive napovedi prometa za prihodnost.
It calculated the expected IRR in 2007 at […] %.
V zvezi s tem je treba opozoriti, da je bila prvotna raven prikritih cestnin določena na podlagi predpostavk koncesionarja v zvezi s prihodnjim razvojem prometa (uporabljenih v vinjetnem modelu).
Therefore according to Autostrada Wielkopolska, the Verification model showed that the IRR of […] % prior to the legislative change (see Real Toll model) was not reached.
Komisija ugotavlja, da takrat ni bilo aktualnih podatkov o prometu za težka tovorna vozila, ki so brezplačno uporabljala avtocesto.
Table 2 below shows all financial models used by the parties in the negotiations with their characteristics as well as the versions of the models adjusted by PwC and used in their report to estimate the overcompensation (see below point 6.1.3.5):
Zato ni bilo mogoče natančno oceniti vpliva zakonodajne spremembe na promet in s tem pravilnosti predpostavk koncesionarja o prihodnjem razvoju prometa.
Table 2
Komisija ugotavlja, da do konca koncesije ali sistema prikritega cestninjenja ni bilo predvideno nadaljnje preverjanje.
Financial models used by the parties
Zato je bil donos koncesionarja potem, ko je bilo treba po preverjanju leta 2007 določiti končno raven cen prikritih cestnin, znova izpostavljen tveganjem v zvezi z razvojem prometa, podobno kot v prvotnem koncesijskem sporazumu.
Vignette model (2)
Delež težkih tovornih vozil na avtocesti A2 je bil ocenjen na […] %, medtem ko je delež težkih tovornih vozil na avtocesti A2 znašal le […] %.
PwC Vignette model (4)
Čeprav se je zakonodajna sprememba nanašala le na težka tovorna vozila, se Komisija glede na posebne okoliščine tega primera strinja, da preverjanje ne bi smelo zajemati le prometa težkih tovornih vozil, ampak tudi promet lahkih vozil.
Verification model (5)
Izračun prekomernega nadomestila – poročilo PwC
PwC Verification model (6)
Poljski organi so v okviru svojega obvestila predstavili poročilo PwC (glej uvodno izjavo 41).
Model used for
Zaradi teh sprememb se je interna stopnja donosnosti, ki bi se lahko pričakovala v času zakonodajne spremembe, znižala s […] % na […] % (glej model dejanskega cestninjenja družbe PwC v preglednici 2).
Negotiation of AGRi rates
Komisija meni, da je nadomestitev napovedi prometa in prihodkov, uvedena z modelom dejanskega cestninjenja družbe PwC, razumna, saj ustrezno predstavlja posodobljene napovedi v času zadevne zakonodajne spremembe.
Verification of AGRi rates
Interna stopnja donosnosti iz vinjetnega modela v višini […] % prav tako presega […] %.
Recalculation of (adjusted) AGRi rates
Družba PwC je za določitev zneska prekomernega nadomestila za obdobje do preverjanja uporabila vinjetni model za preračun cen AGRi, ki bi jih bilo treba prvotno uporabiti septembra 2005, da bi se dosegla nižja interna stopnja donosnosti v višini […] % namesto […]-odstotne interne stopnje donosnosti iz vinjetnega modela, ki ga je podjetje Autostrada Wielkopolska predstavilo leta 2005 (glej vinjetni model družbe PwC v preglednici 2).
Reference year
Družba PwC je v svojem poročilu nadomestila interno stopnjo donosnosti v višini […] % iz vinjetnega modela s stopnjo v višini […] % in ocenila cene AGRi, ki bi zadostovale za doseganje te nižje interne stopnje donosnosti.
Traffic forecast used
Znesek nadomestila za podjetje Autostrada Wielkopolska za obdobje od septembra 2005 do oktobra 2007, ki je temeljil na preračunanih cenah AGRi, je bil določen na […] PLN bruto.
WSA study 1999
Ta znesek se je primerjal z dejanskimi plačili podjetju Autostrada Wielkopolska za to obdobje, ki so znašala […] PLN bruto.
‘New AWSA Traffic Assumptions’
Izračuni kažejo, da so v obdobju od septembra 2005 do oktobra 2007 ocenjena preplačila znašala […] PLN bruto, kar je približno […] % vseh plačil podjetju Autostrada Wielkopolska v tem obdobju.
WSA study 2004
Za obdobje po preverjanju (od novembra 2007 do junija 2011) je družba PwC uporabila model preverjanja za oceno prekomernega nadomestila, ki ga je prejelo podjetje Autostrada Wielkopolska.
WSA study 2006
V ta namen je družba PwC preračunala cene prikritih cestnin tako, da je bila v modelu preverjanja namesto […]-odstotne dosežena […]-odstotna interna stopnja donosnosti (glej model preverjanja družbe PwC v preglednici 2).
Toll system (until end of concession)
Znesek prekomernega nadomestila je enak razliki med cenami prikritih cestnin, ki jih je družba PwC preračunala, in cenami prikritih cestnin, ki so bile podjetju Autostrada Wielkopolska dejansko plačane na vozilo v zadevnem obdobju.
Real toll (rates of WSA study 1999)
Znesek nadomestila podjetju Autostrada Wielkopolska za obdobje od novembra 2007 do junija 2011, ki je temeljil na preračunanih cenah prikritih cestnin, je bil določen na […] PLN bruto.
Shadow toll (70 % of maximum allowed toll rates for HGV)
Izračuni kažejo, da so v obdobju od novembra 2007 do junija 2011 ocenjena preplačila znašala […] PLN bruto, kar predstavlja približno […] % plačil.
Real toll (rates of WSA study 2004)
Dodatne pripombe o gospodarski prednosti
Shadow toll (recalculated rates)
Podjetje Autostrada Wielkopolska je trdilo, da tudi če bi zadevno nadomestilo pomenilo bistveno izboljšanje, sta se Poljska in podjetje Autostrada Wielkopolska o njem dogovorili na komercialni podlagi in po običajnih tržnih pogojih.
Shadow toll (70 % of maximum allowed rates for HGV)
Zato je bilo v tem primeru uporabljeno in upoštevano načelo udeleženca v tržnem gospodarstvu.
IRR
Komisija meni, da je bila z zakonom o spremembi in koncesijskim sporazumom Poljski naložena obveznost izplačila nadomestila koncesionarju le do zneska ocenjene izgube prihodka zaradi zadevne zakonodajne spremembe.
The use of the wrong traffic study and establishing the existence of overcompensation
Ni mogoče trditi, da bi bila izplačilo višjega zneska, kot je bilo zakonsko določeno, in koncesijski sporazum sprejemljiva za hipotetičnega razumnega zasebnega upravljavca.
The Commission notes that, as was mentioned above, the Real Toll model uses the traffic and revenues forecast of the 1999 WSA study in relation to the period 2005 to 2037.
Poleg tega se je podjetje Autostrada Wielkopolska sklicevalo na zadevo o državni pomoči London Underground iz leta 2002, v kateri je Komisija sklenila, da sprememba dolgoročne pogodbe ne pomeni državne pomoči, če: (i) prvotna pogodba ni vključevala državne pomoči in (ii) sprememba ne vodi do bistvenega izboljšanja položaja koncesionarja ali izboljšanja tržne stopnje.
However, as this model was assumed to represent the financial situation of the concession holder at the time just prior to the legislative change in 2005 and, as such, the benchmark for setting the shadow toll, it should have used a contemporaneous traffic and revenues forecast.
Čeprav Komisija nima informacij, na podlagi katerih bi bilo mogoče sklepati, da je prvotna pogodba vključevala državno pomoč, zgoraj predstavljena analiza finančnih modelov kaže, da so plačila prikritih cestnin pripeljala do bistvenega izboljšanja položaja koncesionarja, saj so temeljila na višjem pričakovanem donosu, kot bi ga bilo mogoče pričakovati pred zakonodajno spremembo.
The Commission, therefore, takes the view that Autostrada Wielkopolska should have used the available up-to-date traffic and revenues forecast of the 2004 WSA study instead.
Komisija meni, da je bila tržna cena za koncesijo podjetja Autostrada Wielkopolska določena leta 1997 na podlagi odprtega razpisnega postopka.
The 2004 WSA study is an updated version of the 1999 WSA study.
V skladu z določbami koncesijskega sporazuma koncesionarju ni bila zajamčena interna stopnja donosnosti projekta.
The 1999 WSA study formed the basis for the preparation of the financial model estimating the IRR applicable to the project at the time of the financial closure back in 2000.
Interna stopnja donosnosti je v metodi nadomestila uporabljena le kot referenčna vrednost, ki omogoča izračun ustreznega nadomestila, tj. nadomestila za ponovno vzpostavitev finančnega položaja, v kakršnem bi bil koncesionar brez zakona o spremembi.
The Commission agrees with Poland that in order to achieve an updated level of the expected IRR at the time of the legislative change, it is appropriate to use an update of the traffic and revenue study.
Interna stopnja donosnosti je le kazalnik finančnega položaja koncesionarja tik pred zakonodajno spremembo in ne cena, ki jo je država plačala podjetju Autostrada Wielkopolska za sprejetje Priloge 6, zato je ni mogoče uporabiti za primerjavo cen.
The 2004 WSA study provides such an update.
Komisija tudi ugotavlja, da za njeno oceno obstoja gospodarske prednosti za koncesionarja ni pomembno, ali je država članica to prednost dodelila namerno ali nenamerno.
It is based on the experience of the actual traffic and revenue development on the initial portion of the motorway as well as the economic development of Poland up to that moment.
Poleg tega ugotavlja, da v postopku in odločbi arbitražnega sodišča za zadevni primer ni obravnavan vidik državne pomoči.
For that reason, according to the Commission, the 2004 WSA study represents a more accurate traffic and revenues forecast for the moment of the legislative change than the one reflected in the 1999 WSA study.
Sklepne ugotovitve v zvezi z gospodarsko prednostjo
Compared to the 1999 WSA study, the 2004 WSA study shows slightly higher traffic numbers for vehicles of category 1 and significantly lower traffic numbers for vehicle categories 2 and 3.
Glede na navedeno Komisija meni, da je koncesionar pridobil gospodarsko prednost v obliki prekomernega nadomestila za težka tovorna vozila za obdobje od septembra 2005 do junija 2011, tj. datuma konca prikritega cestninjenja.
The projected optimal real toll rates for categories 2, 3 and 4 in the 2004 WSA study are much lower than the projected optimal real toll rates for these categories in the 1999 WSA study.
Komisija se strinja z metodo za oceno prekomernega nadomestila, ki jo je uporabila družba PwC.
In effect the optimal revenues from HGVs forecasted in the 2004 WSA study are significantly lower than the optimal revenues from HGVs forecasted in 1999 WSA study.
Selektivnost
Therefore the use of the 1999 WSA study as a base for the Real Toll model leads to a higher IRR than the IRR which would have been achieved had the 2004 WSA study been used instead.
Komisija ugotavlja, da je bilo nadomestilo za posameznega koncesionarja dodeljeno po individualnih pogajanjih med koncesionarjem in državo.
The Commission also notes that the two 2005 studies referred to by Autostrada Wielkopolska could not be used instead of the 2004 WSA study.
Rezultat tega so bili tako resnično posebni ukrepi, prilagojeni posameznemu koncesionarju.