natgillin/translations-raw huggingface dataset:
In addition, SAS had to provide the lenders with a Recapitalisation Plan that had to be endorsed by the Board and the main shareholders, i.e. the States and KAW.
Po trditvah družbe SAS naj bi poslovni načrt 4XNG družbi omogočil, da bi se na trgu pozicionirala kot finančno samozadosten letalski prevoznik.
The Recapitalisation Plan was underpinned by the so-called 4XNG plan that was already under development in early 2012.
Načrt je vseboval več finančnih ciljev, ki bi jih morala družba SAS dosegati v letih 2014 in 2015.
The 4XNG plan also addressed concerns expressed by […] about the existing business plan of SAS called 4 Excellence (‘4X plan’), in May 2012.
Ti so vključevali maržo dobička pred obrestmi in obdavčitvijo (EBIT) nad 8 %, razmerje finančne pripravljenosti nad 20 % in razmerje med kapitalom in obveznostmi do virov sredstev najmanj 35 %.
According to SAS, the 4XNG business plan would enable it to position itself as a financially self-sufficient airline.
Poslovni načrt 4XNG naj bi družbi SAS omogočil povečanje dobička pred obdavčitvijo (EBT) za približno 3 milijarde SEK letno, pri čemer bi njegovo izvajanje terjalo stroške prestrukturiranja in enkratni strošek v višini približno 1,5 milijarde SEK.
It set out a number of financial targets that SAS had to meet in the financial year 2014/15.
Nadaljnji cilj poslovnega načrta 4XNG je bil pripraviti družbo na uvedbo novih računovodskih pravil za pokojnine od novembra 2013 dalje, za katera je bilo predvideno, da bodo negativno vplivala na lastniški kapital družbe SAS.
These included an EBIT margin of above 8 %, a financial preparedness ratio of above 20 % and an equity ratio (equity/assets) in excess of 35 %.
Poleg tega je načrt vključeval obveznost dokončanja načrta za prodajo sredstev in financiranje, ki je skupaj znašal približno 3 milijarde SEK v potencialnih neto prejemkih.
The 4XNG plan was supposed to allow SAS to improve its EBT by approximately SEK 3 billion on an annual basis, while its implementation would require restructuring costs and one-off costs of approximately SEK 1,5 billion.
Prodaja sredstev je vključevala [12]: (i) prodajo družbe Widerøe, podružničnega regionalnega letalskega prevoznika na Norveškem [13], (ii) prodajo naložb v manjšinske deleže v […], (iii) prodajo deležev v nepremičninah, povezanih z letališčem, (iv) zunanje izvajanje storitev zemeljske oskrbe [14], (v) prodajo letalskih motorjev [15], (vi) zunanje izvajanje sistemov upravljanja in klicnih centrov [16], in (vii) prodajo ali zavarovano financiranje treh letal Q400.
A further objective of the 4XNG plan was to prepare the company for the introduction of new accounting rules for pensions from November 2013, which were anticipated to have a negative impact on the SAS Group's equity.
Norveška vztraja pri tem, da se poslovni načrt 4XNG financira sam, kar pomeni, da bi družba SAS ustvarila dovolj prejemkov iz poslovanja in neključnih prodaj, da bi financirala začetne stroške izvajanja poslovnega načrta 4XNG.
In addition, the plan included a commitment to complete an asset disposal and financing plan, which totalled approximately SEK 3 billion in potential net cash proceeds.
Vendar pa je bila družba SAS zaskrbljena glede tega, kako vlagatelji dojemajo slabo likvidnostno stanje, ki so ga povzročili znatni začetni stroški izvajanja poslovnega načrta 4XNG.
The asset disposal included [12]: (i) the sale of Widerøe, a subsidiary regional airline in Norway [13], (ii) the sale of a minority interest investment in the […], (iii) the sale of airport-related real estate interests, (iv) the outsourcing of ground handling [14], (v) the sale of aircraft engines [15], (vi) the sale and lease back or other financing transaction in respect of the […], (vii) the outsourcing of management systems and call centres [16], and (viii) the sale or secured financing of three Q400 aircraft.
Družba SAS je zato zahtevala podaljšanje starega revolving kredita, skupaj z novim revolving kreditom, ki bi ga podprle države in fundacija KAW.
Norway insists that the 4XNG plan was self-financing, which means that SAS would generate enough cash from operations and non-core disposals to fund the upfront cost of implementing the 4XNG plan.
Vendar pa je družba SAS trdila, da ne bo črpala niti starega revolving kredita (po podaljšanju) niti novega revolving kredita.
SAS thus requested an extension of the old RCF together with the introduction of the new RCF supported by the States and KAW.
Po pogajanjih so banke sprejele novi revolving kredit, ki bi bil vzpostavljen skupaj z državami in fundacijo KAW in bi bil strukturiran strogo pod enakimi pogoji, brez podrejanja ali neenakovrednih pravic do zavarovanja.
However, SAS argued that neither the old RCF (as extended) nor the new RCF would be drawn.
Treba je opozoriti, da je bilo sprva načrtovano, da bo novi revolving kredit znašal 3–6 milijard SEK, medtem ko je bilo na voljo zavarovanje le v višini 1–4 milijard SEK.
Discussions on the new RCF commenced on 4 June 2012 [17].
22. oktobra 2012 je bila nato višina novega revolving kredita znižana na 3,5 milijarde SEK (kar znaša približno 400 milijonov EUR).
Initially, in line with the Recapitalisation Plan (see paragraph 18 above), the banks that were lenders of the old RCF required that the States provide another round of equity, e.g. a rights issue, since they were unwilling to support a new RCF on their own.
Novi revolving kredit so zagotovile iste banke, ki so zagotovile tudi starega (z izjemo ene banke) [18], skupaj z državami in fundacijo KAW.
However, the States rejected this idea.
V zvezi s tem so 50 % novega revolving kredita zagotovile države v sorazmerju s svojim lastništvom delnic v družbi SAS, preostalih 50 % pa so zagotovile banke in fundacija KAW.
After some negotiations, the banks accepted a new RCF that would be set up jointly with the States and KAW and would be structured strictly on equal terms without subordination or disproportionate rights to security.
Države in KAW so sodelovale pri novem revolving kreditu pod enakimi pogoji (provizije, obrestne mere, zaveze) kot banke.
It must be noted that the new RCF was initially targeted to be SEK [3-6] billion in size, while only SEK [1-4] billion of available security existed.
Glavne značilnosti novega revolving kredita so bile naslednje:
On 22 October 2012, the size of the new RCF was finally reduced to SEK 3,5 billion (approximately EUR 400 million).
razdeljen je bil na dva podinstrumenta v višini 2 milijard SEK (podinstrument A) in 1,5 milijarde SEK (podinstrument B), v zvezi s katerima so države prispevale k 50 % vrednosti.
The new RCF was provided by the same banks that provided the old RCF (except one) [18] together with the States and KAW.
Cenovni pogoji za oba podinstrumenta so vključevali začetno provizijo, provizijo za prevzete obveznosti, provizijo za uporabo, maržo in izstopno provizijo.
In this regard, 50 % of the new RCF was provided by the States in proportion to their shareholding in SAS, and the remaining 50 % was provided by the banks and KAW.
Družba SAS je morala za črpanje revolving kredita izpolniti nekatere pogoje, ki pa so bili pri podinstrumentu B strožji kot pri A [19].
The States and KAW participated in the new RCF on the same terms (fees, interest rates, covenants) as the banks.
Te garancije so bile ocenjene na knjigovodsko vrednost približno 2,7 milijarde SEK (tj. približno 75 % novega revolving kredita) in so se pro rata delile na podinstrumenta A in B.
It was divided into two sub-facilities of SEK 2 billion (Facility A) and SEK 1,5 billion (Facility B), in respect of which the States contributed 50 % of the value.
Po 1. januarju 2014 bi ga družba SAS lahko črpala le, če bi bila prodaja sredstev ali delnic družbe Widerøe zaključena.
The pricing conditions for both facilities included an up-front fee, a commitment fee, a utilisation fee, a margin and an exit fee.
Rok zapadlosti novega revolving kredita je bil 31. marec 2015.
SAS needed to satisfy certain conditions to be able to draw on the RCF, and these conditions were tighter for Facility B than for Facility A [19].
Države so predložile poročilo z dne 7. novembra 2012, ki ga je pripravila družba CITI (v nadaljnjem besedilu: poročilo CITI), s katerim je želela oceniti, ali bi tudi zasebni vlagatelji v okoliščinah, čim bližjih tem, v katerih so se znašle države, sodelovali pri novem revolving kreditu pod podobnimi pogoji.
The new RCF continued the security package of the old RCF and in addition the lenders were granted security over all shares in Widerøe and all other unencumbered fixed assets of the SAS Group as of December 2012.
Ob predvidevanju, da bo izvajanje poslovnega načrta 4XNG v osnovnem scenariju uspešno, je bilo v poročilu CITI ugotovljeno, da bi udeležba držav pri novem revolving kreditu ustvarila interno stopnjo donosnosti v višini [90–140 %], mnogokratnik denarnega toka približno [4–9-krat] in povečanje vrednosti lastniškega kapitala približno [700–1200 %] (od novembra 2012 do marca 2015).
These securities were valued with a book value of approximately SEK 2,7 billion (i.e. approximately 75 % of the new RCF) and were shared pro rata between Facility A and Facility B.
Vendar pa v poročilu CITI ni bila ocenjena verjetnost, da bo družba SAS uspešno izvajala osnovni scenarij poslovnega načrta 4XNG, in prav tako ni bil ocenjen vpliv odstopanj od osnovnega scenarija, kot na primer neuspešna monetizacija neključnih sredstev.
Facility B could only be drawn once Facility A had been drawn in full.
Družba SAS je 19. decembra 2012 sporočila, da so izpolnjeni vsi potrebni pogoji za začetek veljavnosti novega revolving kredita (glej odstavek 26), vključno s parlamentarno odobritvijo v državah.
After 1 January 2014, SAS would only have been able to draw down from it if the sale of Widerøe assets or shares had been completed.
Novi revolving kredit je učinkoval od navedenega datuma do 3. marca 2014 in tako nadomestil stari revolving kredit [20].
The maturity of the new RCF was 31 March 2015.
V dopisu z dne 6. junija 2013 je Norveška razložila, da so se zaradi prodaje 80 % delnic družbe Widerøe (odstavek 20), države in banke kreditodajalke z družbo SAS dogovorile o spremembi pogojev za novi revolving kredit, čeprav formalno še niso podpisale sporazuma o spremembi.
The terms of the new RCF were agreed upon on 25 October 2012.
podinstrument A bi se znižal z 1,173 milijarde SEK na 0,8 milijarde SEK, rok zapadlosti pa bi se za pet mesecev podaljšal, in sicer do 1. junija 2014,
It was, however, subject, inter alia, to parliamentary approvals for each of the States and the signing of union agreements with flight deck and cabin crew.
družba SAS bi zastavila [0,5–0,8] milijarde SEK v gotovini kot zavarovanje podinstrumenta A. Preostale [0,1–0,4] milijarde SEK bi bilo zavarovane z garancijami, ki so bile že navedene v sporazumu o novem revolving kreditu,
The States submitted a report prepared by CITI dated 7 November 2012 (‘the CITI report’) which sought to assess whether a private investor in a situation as close as possible to that of the States may have entered into the new RCF on similar terms and conditions.
0,2 milijarde SEK iz podinstrumenta A bi razveljavili, potem ko bi bil oddelek zemeljske oskrbe delno prodan.
The CITI report concluded that the return required by the States would thus be at least equal to that required by private investors in a similar position.
RAZLOGI ZA ZAČETEK FORMALNE PREISKAVE
However, the CITI report did not assess the probability of SAS successfully executing the ‘base case’ of the 4XNG plan, nor did it assess the impact of deviations from the ‘base case’ such as, for example, a failure to monetise non-core assets.
Nadzorni organ je v odločbi o začetku postopka izrazil dvome o udeležbi držav, fundacije KAW in bank pri novem revolving kreditu na osnovi pari passu, predvsem zaradi naslednjega:
SAS announced on 19 December 2012 that all the necessary conditions for the new RCF to enter into force (see paragraph 26 above) were in place, including parliamentary approval in the States.
Banke so bile predhodno izpostavljene družbi SAS zaradi udeležbe pri starem revolving kreditu.
As of this date and until 3 March 2014, the new RCF was effective, replacing the old RCF [20].
Dejansko so banke svoj prispevek pri novem revolving kreditu prepolovile in tako v okviru revolving kredita zmanjšale svojo splošno izpostavljenost družbi SAS za približno 50 %, medtem ko so države – ki glede na vztrajno negativne rezultate družbe SAS niso prejele nobenega donosa, kar zadeva izdaji delnic s pravico prednostnega nakupa za obstoječe delničarje iz let 2009 in 2010 – svojo izpostavljenost družbi SAS povečale.
By letter of 6 June 2013, Norway explained that, as a result of the sale of 80 % of Widerøe's shares (paragraph 20 above), the States and the lending banks had agreed with SAS to a modification of the terms and conditions of the new RCF, although the amendment agreement had not yet been formally signed.
Na odločitev bank za sodelovanje pri novem revolving kreditu je lahko vplivalo dejstvo, da je družba SAS v januarju 2012 popolnoma izčrpala stari revolving kredit, saj bi se banke tako izognile nadaljnjemu črpanju in zagotovile, da njihovi prispevki v revolving kredit ne bi bili povsem izgubljeni zaradi težav družbe.
In its comments submitted during the formal investigation, the Norwegian authorities informed the Authority that the modification of the new RCF was signed by all parties and would enter into force when the Widerøe transaction was closed, i.e. on 30 September 2013.
Nadzorni organ je menil, da ni jasno, ali je na odločitev bank za sodelovanje pri novem revolving kreditu vplivala stalna finančna podpora držav družbi SAS v preteklih letih.
These modifications included the following:
Nadzorni organ je opozoril tudi, da je bilo sodelovanje držav stroga zahteva zasebnih akterjev za sodelovanje pri novem revolving kreditu.
Facility A would be reduced from SEK 1,173 billion to SEK 0,8 billion and its maturity would be extended for five months until 1 June 2014.
Nadzorni organ je dvomil o tem, ali je lahko udeležba fundacije KAW pri novem revolving kreditu primerljiva z udeležbo zasebnih vlagateljev glede na izpostavljenost fundacije KAW družbi SAS prek imetništva delnic in tudi prek banke SEB.
SAS would pledge SEK [0,5-0,8] billion in cash as security for Facility A. The remaining SEK [0,1-0,4] billion would be secured by the securities already listed in the new RCF agreement.
Nadzorni organ je imel tudi pomisleke o tem, ali se lahko udeležba držav pri novem revolving kreditu šteje za racionalno z vidika delničarja in ali bi prestala preskus na podlagi načela vlagatelja v tržnem gospodarstvu zunaj obravnave na osnovi pari passu.
SEK 0,2 billion of Facility A would be cancelled once the ground handling section was partly disposed of.
Glede tega je Nadzorni organ ocenil, ali je poslovni načrt 4XNG temeljil na dovolj trdnih domnevah, da bi zasebnega vlagatelja pritegnil k sodelovanju pri novem revolving kreditu, in ali so bile analize občutljivosti, izvedene v okviru načrta, pretirano optimistične.
By the time the new RCF was cancelled on 4 March 2014, SAS had entered into a letter of intent with a potential buyer [21].Facility B would be reduced from SEK 1,5 billion to SEK 1,2 billion.
V zvezi s pogoji novega revolving kredita in oceno družbe CITI o predvideni donosnosti udeležbe držav pri novem revolving kreditu je Nadzorni organ poudaril, da v poročilu družba CITI ni niti ocenila poslovnega načrta 4XNG niti izvedla analize občutljivosti finančnega modela, temveč se je zgolj oprla na informacije, ki so ji bile posredovane.
GROUNDS FOR OPENING THE FORMAL INVESTIGATION
Nadzorni organ je izpostavil tudi, da poročilo CITI ni ocenilo varnosti novega revolving kredita z vidika zasebnega vlagatelja v tržnem gospodarstvu in ni upoštevalo vpliva morebitnih drugih scenarijev z manj ugodnimi napovedmi (vključno z neplačevanjem obveznosti) na analizo donosnosti.
In its opening decision, the Authority expressed doubts as regards the pari passu participation of the States, KAW and the banks in the new RCF mainly because of the following:
V okviru tega je Nadzorni organ navedel, da je poročilo CITI ocenilo verjetnost, da družba SAS ne bi izpolnila svojih obveznosti v naslednjih treh letih, kot nično, kar se je zdela morebitna podcenjenost tveganja.
The banks' previous exposure to SAS through their participation in the old RCF.
Glede na navedeno Nadzorni organ ni mogel izključiti, da bi sodelovanje držav pri novem revolving kreditu lahko pomenilo prednost v korist družbe SAS v smislu člena 61(1) Sporazuma EGP.
The fact that SAS had drawn the old RCF completely in January 2012 which could have influenced the decision of the lending banks to participate in the new RCF, so as to avoid any further drawdown and ensure that their RCF contributions were not completely lost in view of the difficulties of the company.
V zvezi s tem je Nadzorni organ ocenil, ali je mogoče uporabiti katerega od morebitnih razlogov za združljivost, določenih v Sporazumu EGP.
It was unclear to the Authority whether the banks' decision to participate in the new RCF was influenced by the States' continuous financial support to SAS in previous years.
Glede na naravo ukrepa in težave družbe SAS je Nadzorni organ navedel, da se zdijo edina relevantna merila ta, ki zadevajo pomoč za reševanje in prestrukturiranje podjetij v težavah v skladu s členom 61(3)(c) Sporazuma EGP na podlagi Smernic Nadzornega organa o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [22] (v nadaljnjem besedilu: smernice za reševanje in prestrukturiranje).
The Authority also noted that the involvement of the States was a strict requirement for the private operators to participate in the new RCF.
Vendar pa je Nadzorni organ predhodno sklenil, da se zdi, da pogoji za pomoč za reševanje in prestrukturiranje podjetij, določeni v smernicah za reševanje in prestrukturiranje, niso izpolnjeni.
The Authority questioned whether KAW's participation in the new RCF could be compared to that of a private investor, given KAW's exposure to SAS not only through its shareholding but also via the bank SEB.
PRIPOMBE NA ODLOČBO O ZAČETKU POSTOPKA
The Authority further questioned whether or not the participation of the States in the new RCF could be considered rational from a shareholder perspective and would fulfil the market economy investor (‘MEI’) test outside the pari passu line of reasoning.
Pripombe norveških organov
In this respect, the Authority assessed whether or not the 4XNG plan relied on sufficiently robust assumptions to induce a private investor to participate in the new RCF, and whether the sensitivity analyses carried out in the plan were overly optimistic.
Norveška vztraja, da je bila njena udeležba pri novem revolving kreditu pod tržnimi pogoji, saj je pri njem sodelovala na osnovi pari passu z bankami in fundacijo KAW, kar izključuje prisotnost državne pomoči.
For example, the Authority pointed, inter alia, towards the optimistic figures in the plan concerning market growth in ASK and GDP, as well as the 0 % inflation rate for the period 2015-17.
Norveška trdi, da družba SAS ni črpala starega revolving kredita v obdobju, ko so potekala pogajanja o novem revolving kreditu.
Likewise, it doubted whether the successful implementation of all of the cost-savings and asset disposal initiatives could have been predicted at the time of signing the new RCF.
Opozarja, da so spremembe starega revolving kredita iz marca 2012 uvedle še strožje pogoje za črpanje, in trdi, da so imele banke tako od konca junija 2012 možnost zavrniti zahtevo družbe SAS za črpanje.
As regards the terms and conditions of the new RCF and CITI's assessment of the anticipated return from the States' participation in the new RCF, the Authority underlined the fact that the CITI report did not assess the 4XNG plan nor did it perform a sensitivity analysis of the financial model, but it merely relied on the information provided to it.
Družba SAS je izčrpani znesek revolving kredita v marcu 2012 v celoti odplačala in po tem datumu ni črpala starega revolving kredita.
The Authority also highlighted that the CITI report did not value the new RCF security from a private market investor perspective and that it did not consider the impact of possible alternative scenarios with less favourable assumptions (including default) on the return analysis.
Tako so se lahko banke upravičeno štele za „zunanje“ vlagatelje, ki sodelujejo pri novem revolving kreditu pod enakovrednimi pogoji kot države [23] brez nezavarovane izpostavljenosti družbi SAS [24].
In this respect, the Authority noted that the CITI report assigned a zero probability to the likelihood that SAS would default in the next three years, which seemed an underestimation of the risk.
V zvezi s sodelovanjem fundacije KAW pri novem revolving kreditu skupaj z bankami norveški organi menijo, da je imela fundacija KAW omejeno gospodarsko izpostavljenost banki SEB in to ni moglo vplivati na odločitev glede sodelovanja pri novem revolving kreditu.
In view of the above, the Authority could not exclude that the States' participation in the new RCF could entail an advantage in favour of SAS within the meaning of Article 61(1) of the EEA Agreement.
Poleg tega Norveška meni, da je bil poslovni načrt 4XNG realen in bi ga bilo mogoče uspešno izvesti.
Finally, if the new RCF was to entail State aid within the meaning of the EEA Agreement, the Authority doubted whether the new RCF could be regarded as compatible with the EEA Agreement.
Prav tako poudarja, da je bilo pri odločitvi za sodelovanje pri novem revolving kreditu pričakovano uspešno izvajanje poslovnega načrta tudi zato, ker je bila sklenitev novih sporazumov s sindikati pogoj, ki bi moral biti izpolnjen za novi revolving kredit.
In this respect, the Authority assessed whether any of the possible compatibility grounds laid down in the EEA Agreement would be applicable.
Poleg tega je po mnenju Norveške razvoj dogodkov med decembrom 2012 in razveljavitvijo novega revolving kredita dne 4. marca 2014 kazal na to, da je bil načrt na dobri poti, da bi dosegel pričakovane rezultate [26].
In view of the nature of the measure and of the difficulties of SAS, the Authority noted that the only relevant criteria appeared to be those concerning aid for rescuing and restructuring firms in difficulty under Article 61(3)(c) of the EEA Agreement on the basis of the Authority's guidelines on State aid for rescuing and restructuring firms in difficulty [22] (‘the R&R Guidelines’).
V zvezi s pogoji za novi revolving kredit Norveška trdi, da so bili ti v skladu z običajnimi tržnimi pogoji, saj so bili podobni tistim v primerljivih poslih, novi revolving kredit pa je imel tudi višja vnaprejšnja plačila in strožje pogoje za črpanje kot večina analiziranih poslov.
However, the Authority came to the preliminary conclusion that the conditions for rescue and restructuring aid laid down in the R&R Guidelines did not seem to be met.
Norveška poroča še, da je sodelovanje pri novem revolving kreditu ustvarilo znaten donos za kreditodajalce revolving kredita, ne da bi bilo treba družbi SAS kredit črpati.
COMMENTS ON THE OPENING DECISION
To bi moralo podpreti vidik, da je bilo sodelovanje držav pri novem revolving kreditu skupaj s fundacijo KAW in bankami v celoti skladno načelom vlagatelja v tržnem gospodarstvu.
Norway maintains that its participation in the new RCF was on market terms since it participated in it pari passu with the banks and KAW, thereby excluding the presence of State aid.
Družba SAS trdi, da so države sodelovale pri novem revolving kreditu v svoji vlogi delničarjev, in ne javnih organov.
Norway argues that SAS did not draw on the old RCF at any time during the period in which negotiations on the new RCF took place.
S tega vidika je bilo sodelovanje pri takšnem instrumentu ugodnejše kot kapitalski vložek glede na znatno ustvarjanje prihodkov za delničarje/kreditodajalce v smislu provizij in tudi predvideno povečanje vrednosti delnic.