natgillin/translations-raw huggingface dataset:
The banks should therefore have been considered as ‘outside’ investors in a comparable position to the States and KAW.
Čeprav je ta nezavarovana izpostavljenost na podlagi kreditnih kartic znašala [0–2 %] celotnega kreditnega portfelja banke […], ki znaša približno [1000–3000] milijard SEK, je kljub temu predstavljala finančno tveganje, zato ni mogoče sprejeti trditve, da je bila banka […] v primerljivem položaju kot države, ko se je odločala o sodelovanju pri novem revolving kreditu.
The Authority notes that SAS had drawn completely on the old RCF in January 2012 (paragraph 18 above).
Poleg tega so imele tri druge banke izpostavljenost v smislu neporavnanih finančnih mehanizmov za letala (npr. […]).
Indeed, the amendments to the old RCF in March 2012 included, inter alia, a condition of full and immediate repayment of the amount drawn.
Čeprav države trdijo, da so bila financiranja zavarovana z letali in niso predstavljala finančnega tveganja za banke, ker jih je mogoče zlahka prodati na trgu, ta trditev ni bila dejansko dokazana.
The amounts were fully repaid in March 2012 and the amendments to the old RCF enacted in the same month made it extremely difficult for SAS to draw on the facility thereafter [31].
Ni jasno, ali bi bil v primeru hitre razprodaje letal skupni znesek dejansko povrnjen.
Also, SAS was required to provide a Recapitalisation Plan by June 2012, which had to be endorsed by the Board, as well as by the States and KAW as the main shareholders.
Poleg tega je Nadzorni organ v odločbi o začetku postopka dvomil o tem, ali bi ravnanje držav lahko vplivalo na obnašanje bank glede na stalno finančno podporo, ki so jo države namenjale letalskemu prevozniku v prejšnjih letih (npr. izdaji delnic s pravico prednostnega nakupa za obstoječe delničarje iz let 2009 in 2010).
This plan was initially rejected by the banks.
Poleg tega so bile banke pripravljene sodelovati pri novem revolving kreditu samo pod pogojem, da so pri njem sodelovale države, kot je navedeno v odstavkih 21 in 22.
It was not until November 2012 that the States, having carefully examined the revised 4XNG plan, decided to participate in the new RCF, followed by the banks.
Nadzorni organ načeloma meni, da pogoja pari passu ni mogoče uporabiti v primerih, kadar vpletenost držav predstavlja strogo zahtevo za udeležbo zasebnih akterjev v transakciji.
As a result, the Norwegian authorities and the SAS Group claimed during the formal investigation that SAS was effectively prevented from requesting a drawdown of the old RCF.
V okviru formalnega postopka preiskave sta Norveška in družba SAS trdili, da se banke na nobeni stopnji med pogajanji za novi revolving kredit niso počutile „okužene“ zaradi preteklega ravnanja držav in njihove pripravljenosti za podporo družbi SAS, kljub temu, da so se njihove napovedi prihodkov od izdaje delnic s pravico prednostnega nakupa za obstoječe delničarje v letih 2009 in 2010 izkazale za neustrezne.
Cognisant of that situation, the banks had to decide whether to continue with the old RCF until its expiry in June 2013, or to participate in the new RCF on equal terms with the States and KAW, despite the fact that the States and KAW, as shareholders, had greater incentives to participate with a view to potentially achieving higher value on their shares following the implementation of the 4XNG plan.
Nadzorni organ ne more izključiti možnosti, da zasebni akterji ne bi bili pripravljeni vlagati v podjetje s takšnimi rezultati in nepredvidljivimi napovedmi, razen v primeru udeležbe držav.
Although the Authority considers it likely that the banks, at least those with no other unsecured bilateral exposures to SAS, were not materially exposed to the old RCF at the time of taking a decision to participate in the new RCF, it is also of the opinion that there was still a risk that SAS could have met the drawdown conditions before the new RCF was in place.
Obenem ne more izključiti tudi, da države, ki so zavrnile zagotavljanje novega lastniškega kapitala in udeležbo pri podrejenem revolving kreditu, niso bile več pripravljene vlagati dodatnih sredstev v družbo SAS.
The fact that this did not happen and that the old RCF was not used after it was fully repaid in March 2012 is irrelevant in that respect.
Ne glede na te pomisleke Nadzorni organ ni prepričan, da je sodelovanje držav pri novem revolving kreditu potekalo pod pogoji pari passu z bankami kreditodajalkami ob upoštevanju, da so banke zaradi udeležbe držav zmanjšale svojo splošno izpostavljenost družbi SAS na podlagi revolving kredita za približno 50 %, medtem ko so države svojo izpostavljenost istočasno povečale.
On this basis, it appears that the banks had a certain degree of exposure to SAS under the old RCF which the States (and KAW) did not have.
V zvezi s tem, ali se obnašanje fundacije KAW lahko obravnava kot referenčna točka za določitev ravnanja zasebnega vlagatelja, je formalna preiskava pokazala, da je bila izpostavljenost fundacije KAW družbi SAS prek imetništva delnic v banki SEB manjša od tiste, ki je bila navedena v odločbi o začetku postopka.
Therefore, the Authority cannot accept the argument of the Norwegian authorities that the banks participated in the new RCF as ‘outside’ investors, notwithstanding their exposure under the old RCF.
Ob upoštevanju, da je fundacija KAW le manjšinski delničar v banki SEB in da je bila izpostavljenost banke SEB družbi SAS omejena, je mogoče trditi, da je bilo sodelovanje fundacije KAW pri novem revolving kreditu utemeljeno z obeti dobičkonosnosti naložbe.
Furthermore, the Authority cannot agree with Norway that the exposure of some of the banks in the form of bilateral facilities linked to the old RCF [32] did not comprise any financial risk for the banks during the period of negotiating the new RCF, on the basis that these facilities could not have been drawn unless the old RCF was drawn in full.
Glede na prej navedeno v formalnem postopku preiskave Nadzorni organ ni mogel z gotovostjo skleniti, da je zadevna transakcija potekala pod pogoji pari passu.
As mentioned above, there was a risk, even if admittedly small, that the drawdown conditions could have been met despite the fact that, following the amendments in March 2012 and the stringent conditions introduced, the probability of SAS drawing on the old RCF was very low.
Ne glede na oceno pogojev pari passu je Nadzorni organ proučil tudi, ali bi lahko bila udeležba držav pri novem revovling kreditu racionalna z vidika delničarja in ali bi prestala preskus na podlagi načela vlagatelja v tržnem gospodarstvu zunaj obravnave na osnovi pari passu.
Moreover, it appears that some banks had other exposure to SAS.
Ocena sodelovanja držav pri novem revolving kreditu na podlagi preskusa vlagatelja v tržnem gospodarstvu
For example, in addition to participating in the old RCF, […] had (as of 30 September 2012) an unsecured (and undrawn) bilateral exposure to SAS of SEK [200-600] million, as well as an unsecured credit card exposure of SEK [500-900] million.
Vprašanje, na katero je treba odgovoriti, je, ali bi zasebni vlagatelj v enakem položaju kot države, tj. kot obstoječi delničar družbe SAS, in v podobnih okoliščinah kot države v letu 2012, sodeloval pri novem revolving kreditu pod podobnimi pogoji [33].
It could therefore have been responsible for covering any costs of reimbursing customers should SAS have cancelled the corresponding flights.
Neodvisne analize, ki so jih pred sklenitvijo novega revolving kredita opravili zunanji finančni svetovalci (tj. družbi Goldman Sachs International in CITI kot svetovalci držav in družba […] kot svetovalec kreditodajalcev), so koristne za ta namen.
While this unsecured credit card exposure represented [0-2 %] of […] total credit portfolio of around SEK [1000-3000] billion, it nonetheless constituted a financial risk and it therefore cannot be accepted that […] was in a comparable position vis-à-vis the States when deciding to participate in the new RCF.
Po trditvah Norveške v njenem odgovoru na odločbo o začetku postopka so se države odločile za sodelovanje pri novem revolving kreditu, potem ko so njeni zunanji svetovalci natančno pregledali poslovni načrt 4XNG in so bili pogoji novega revolving kredita prilagojeni.
In addition, three other banks had exposure in terms of outstanding aircraft financing facilities (e.g. […]).
Nadzorni organ je v odločbi o začetku postopka izrazil zadržke glede obsega poročila, ki ga je pripravila družba CITI, Norveška pa je pojasnila, da se je za sodelovanje pri novem revolving kreditu odločila na podlagi vseh analiz, ki so jih pripravili njeni finančni svetovalci, in da se poročilo CITI torej ne bi smelo ocenjevati ločeno.
Although the States argue that the financings were secured by the aircraft and did not represent a financial risk for the banks, because they could be easily sold on the market, this has not been factually proven.
Finančni svetovalci so imeli med drugim nalogo, da opravijo kritično analizo poslovnega načrta 4XNG in novega revolving kredita ter ustreznih občutljivosti in ranljivosti v zvezi s tem.
It remains unclear whether, in case of fire-sale of the aircraft, the total amount would indeed have been recovered.
V skladu s temi nasveti so države zahtevale številne prilagoditve poslovnega načrta 4XNG (za pospešitev varčevalnih ukrepov in vključitev dodatnih pobud) ter prilagoditve v okviru novega revolving kredita za zmanjšanje verjetnosti črpanja.
Further, in the opening decision the Authority questioned whether the banks' behaviour could have been influenced by the States' conduct, given the States' continuous financial support to the airline in previous years (e.g. the 2009 and 2010 rights issues).
V zvezi z začetnimi predpostavkami glede prodaj sredstev, ki jih je izpodbijal zunanji finančni svetovalec, in tudi zaradi novih informacij, ki so se pojavile med postopkom, je končni seznam načrtovanih prodaj v poslovnem načrtu 4XNG odstopal od seznama, ki ga je prvotno predložila družba SAS [34].
In addition, the banks were willing to participate in the new RCF only on condition that the States participated in it, as explained in paragraphs 21 and 22 above.
Zato se je štelo, da te predpostavke ne pomenijo znatnega negativnega tveganja za izvedbo poslovnega načrta 4XNG.
In principle, the Authority considers that the pari passu condition cannot be applicable in cases where the States' involvement constitutes a strict requirement for the private operators to participate in the transaction.
V zvezi z dvomi Nadzornega organa, ki jih je izrazil v odločbi o začetku postopka glede optimističnih pričakovanj za določene dejavnike v poslovnem načrtu 4XNG (npr. rast trga v razpoložljivih sedež kilometrih, napovedi BDP in inflacijo v višini 0 % za obdobje 2015–2017), informacije, ki sta jih predložili Norveška in družba SAS med formalnim postopkom preiskave, kažejo, da so v teh ocenah upoštevani zlasti glavni trgi, na katerih je dejavna družba SAS.
In the course of the formal investigation, Norway and the SAS Group argued that at no stage during the negotiations for the new RCF did the banks feel ‘contaminated’ by the States' past conduct and their continued willingness to support SAS, despite the fact that the States' revenue forecasts on the rights issues of 2009 and 2010 fell short.
To je vključevalo izrazitejšo izpostavljenost družbe trgu severne in ne toliko južne Evrope ter njeno izpostavljenost trgom ZDA in Azije.
The Authority cannot exclude the possibility that private operators would not have been willing to invest in a business with such a track record and unpredictable projections, unless with the participation of the States.
Poleg tega predložene pripombe kažejo, da je ocenjena stroškovna inflacija v višini 0 % letno za obdobje 2015–2017 neto učinek osnovne stopnje inflacije v višini 2 % letno (v skladu z ocenjeno stopnjo inflacije v EU) in predpostavke, da bi bilo to mogoče izravnati z novimi varčevalnimi ukrepi.
At the same time, it cannot exclude either that the States, which had refused to provide new equity and to enter into a subordinated RCF, were no longer willing to put additional funds into SAS.
Kar zadeva pomanjkanje preskusa občutljivosti analize interne stopnje donosnosti, ki je bila predstavljena v poročilu CITI (glej odstavek 33), in začetne pomisleke Nadzornega organa glede morebitnega učinka manj optimističnih scenarijev, je Nadzorni organ od Norveške v pripombah na odločbo o začetku postopka prejel dodatne informacije o obsegu izvedene analize občutljivosti.
In relation to whether or not KAW's behaviour could be considered a reference point to establish the conduct of a private investor, the formal investigation showed that KAW's exposure to SAS through its shareholding in SEB was smaller than that indicated in the opening decision.
Nadzorni organ zato upošteva zaporedne finančne preglede, ki so bili izvedeni za poslovni načrt 4XNG (vključno z obširno analizo in preskušanjem različnih iteracij načrta).
Assessment of the States' participation in the new RCF under the MEI test
Norveška in družba SAS sta pojasnili, da je posebna značilnost letalskega sektorja potreba po vzdrževanju visoke ravni finančne pripravljenosti, da se ohrani zaupanje strank in deležnikov v zmožnost podjetja, da nadaljuje opravljanje storitev.
The independent analyses undertaken by external financial advisers (namely Goldman Sachs International and CITI as advisers to the States and […] as adviser to the lenders) prior to the conclusion of the new RCF are instructive in this regard.
V zvezi s tem se zdi, da so države pri dokončnem oblikovanju pogojev novega revolving kredita v veliki meri upoštevale priporočila neodvisnih finančnih svetovalcev.
According to Norway in its reply to the opening decision, the States only decided to participate in the new RCF after close scrutiny of the 4XNG plan by its external advisors and following adjustment of the terms and conditions of the new RCF.
Dejansko se zdi, da so bili pogoji novega revolving kredita kolektivno usmerjeni k zmanjševanju glavnih poslovnih tveganj, ki so bila prepoznana.
While the Authority expressed some reservations in its opening decision regarding the scope of the report prepared by CITI, Norway has clarified that its decision to participate in the new RCF drew on all of the analyses prepared by its financial advisers and that the CITI report should therefore not be assessed in isolation.
Na primer, kot je navedeno v odstavku 82, ključni pogoj, ki je moral biti izpolnjen za izvajanje novega revolving kredita, je bila uspešna sklenitev novih kolektivnih pogodb z letalskimi posadkami.
The financial advisers were tasked, inter alia, with providing a critical analysis of the 4XNG plan and the new RCF and of relevant sensitivities and vulnerabilities in that regard.
Poleg tega se je zdelo, da je zaradi pogojev za črpanje podinstrumenta B malo verjetno, da bi lahko družba ta podinstrument črpala pred marcem 2015 [35].
This analysis was conducted over successive reports with reference to the historical performance of SAS and to other industry benchmarks.
Tudi finančne zaveze, povezane z novim revolving kreditom, so bile strukturirane tako, da družba SAS ne bi imela dostopa do novega revolving kredita oziroma bi morala povrniti kakršen koli črpan znesek revolving kredita v tem času, če ne bi bila zmožna izvajati ključnih finančnih napovedi iz poslovnega načrta 4XNG [36].
In line with this advice, the States requested a number of adjustments to the 4XNG plan (to accelerate cost-saving measures and accommodate additional initiatives), as well as adjustments to the terms of the new RCF to reduce the likelihood of a drawdown.
V poročilu iz maja 2012 je družba […] zagotovila neodvisno oceno vrednosti družbe Widerøe in nekaterih opredmetenih sredstev (vključno z nadomestnimi motorji, zadevnimi letali, nekaj manjšimi nepremičninami in nekaj opreme), ki so bili pozneje uporabljeni kot zavarovanje novega revolving kredita.
In analysing the 4XNG plan, the external advisers identified and paid particular attention to key areas of possible risk, including cost savings targets, disposals and RASK pressure.
Medtem ko je bil poudarek na družbi Widerøe kot najpomembnejšega sredstva v zavarovalnem paketu, je ocena drugih sredstev temeljila na bolj omejenih informacijah, splošno vrednotenje pa je predvidevalo skupno vrednost sredstev v višini približno [1–4]–[3–6] milijard SEK.
This risk assessment resulted, inter alia, in the following considerations: Cost-savings targets
Skupna ocenjena vrednost sredstev, ki so bila v zavarovalnem paketu, je tako presegla obseg podinstrumenta A. V skladu s trditvami Norveške se je to štelo kot zadostno z vidika kreditodajalcev novega revolving kredita, saj se je, kot je bilo prej navedeno, verjetnost, da bi družba SAS črpala podinstrument B, štela za zanemarljivo.
Further to the external advice received, the 4XNG plan was modified and strengthened to include cost-saving initiatives of approximately SEK [1-4] billion p.a.
Dejanska finančna tveganja, povezana z novim revolving kreditom, so bila nadalje zmanjšana zaradi določb o obveznem predplačilu in/ali razveljavitvi obveznosti na podlagi novega revolving kredita, če družba SAS proda nekatera sredstva ali sodeluje pri drugih možnostih financiranja.
(increased from the original target of SEK [1-4] billion p.a.).
Takšne določbe glede predplačila in razveljavitve so omogočile zmanjšanje morebitnih izgub skozi čas.
While non-delivery of cost-savings targets was identified as a concern, a key move to de-risk the 4XNG plan in advance of finalising the new RCF was the conclusion of new union agreements with employee compensation and benefit cuts, as well as pension plan changes in November 2012.
Kot rezultat prodaje družbe Widerøe in v skladu s sporazumom, ki je začel veljati septembra 2013 na podlagi te prodaje (glej odstavek 29), se je skupna višina novega revolving kredita zmanjšala s 3,5 milijarde SEK na 2 milijardi SEK.
This resulted in direct cost savings of just under SEK […] which, at the request of the States, had to be successfully executed before the new RCF could enter into effect.
Zato se zdi, da je bila sprejeta vrsta celovitih in skladnih ukrepov, zlasti za zagotovitev neprekinjene sposobnosti preživetja družbe SAS v obdobju 2012–2015 in omejitev ključnih finančnih tveganj, povezanih z novim revolving kreditom.
Disposals
Poleg tega Nadzorni organ priznava, da je treba razmisliti, ali bi bil primerljiv zasebni vlagatelj v podobnih tržnih okoliščinah kot države (tj. kot obstoječi delničarji družbe SAS) pripravljen zagotoviti zadevni ukrep za upravičenca.
Further to the initial assumptions on asset disposals being challenged by the external financial adviser, and also due to new information which materialised during the process, the final list of planned disposals in the 4XNG plan deviated from the list initially put forward by SAS [34].
V ta namen je koristno upoštevati alternativne obratne hipotetične scenarije, ki bi se pojavili, če ukrep ne bi bil sprejet.
The States' financial adviser ultimately concluded that the disposals (with an estimated disposal value of approximately SEK 3,0 billion) included in the final 4XNG plan were feasible within the estimated timeframe.
Nadaljnji pomislek je bil tudi v zvezi z napovedjo o odpovedi morebitnih prihodnjih kapitalskih dobičkov, če bi se poslovni načrt 4XNG uspešno izvajal.
Furthermore, the new RCF contained provisions for the timing of the Widerøe sale, as well as for the strict application of disposal proceeds towards repayment of the new RCF.
Za primerjavo, Norveška v svojih pripombah ocenjuje, da bi v primeru, da družba SAS ne bi izpolnila svojih obveznosti na podlagi novega revolving kredita, morebitna skupna izguba, ki izhaja iz skupnega imetništva delnic držav in njihovih prispevkov v novi revolving kredit, v najskrajnejšem primeru znašala okoli [1000–3000] milijonov SEK [37].
RASK pressure The underlying yield and RASK pressure assumptions were assessed and deemed reasonable taking into account relevant data on historical trends, third-party forecasts and known changes in the competitive environment at that time.
Zato se zdi v primeru stečaja družbe SAS morebitna dodatna izguba, povezana z udeležbo držav pri novem revolving kreditu (tj. približno 447,5 milijona SEK na podlagi norveške ponazoritve), razmeroma omejena v primerjavi z izgubo, ki bi kljub temu nastala v zvezi z imetništvom delnic držav.
These assumptions were therefore not considered to pose a significant downside risk to the execution of the 4XNG plan.
Zdi se, da primerjava te razmeroma omejene postopne spremembe v negativnem scenariju (stečaj) in morebitnega pozitivnega učinka za države zaradi uspešne izvedbe poslovnega načrta 4XNG dodatno podpira odločitev držav za sodelovanje pri novem revolving kreditu.
In relation to the Authority's doubts in the opening decision concerning the optimistic nature of specific drivers in the 4XNG plan (e.g. market growth in ASK, GDP forecasts and 0 % inflation for the period 2015-17), the information submitted by Norway and the SAS Group during the formal investigation indicates that these estimates took particular account of the main markets in which SAS is active.
Po najbolj optimističnem osnovnem scenariju so v poročilu CITI morebitni kapitalski dobički za države ocenjeni na skupno [7000–12000] milijonov SEK.
This included the company's more pronounced exposure to northern rather than to southern Europe, as well as its exposure to the US and Asian markets.
Čeprav je Nadzorni organ v odločbi o začetku postopka izrazil nekaj zadržkov glede optimistične narave takšnih napovedi rasti, pa priznava možnost, da bi morebitni kapitalski dobički tudi v bolj konzervativnih scenarijih še vedno lahko znatno presegli morebitne izgube, ki bi sledile v negativnem scenariju.
The submissions further indicate that the estimated cost inflation of 0 % p.a. for the period 2015-17 is the net effect of an underlying rate of inflation of 2 % p.a. (in line with the estimated EU inflation level) and the assumption that it would be possible to neutralise this via new cost-savings measures.
Nadzorni organ zato upošteva prej navedeno oceno razmerja med tveganjem in donosom ter obsežen pregled in preskušanje poslovnega načrta 4XNG, dodatna preverjanja osnovnega zavarovanja [38], določbe o razveljavitvi in predplačilu, ki so zmanjšale morebitno izgubo skozi čas [39], in razne druge ukrepe za zmanjšanje tveganja, vključene v pogoje novega revolving kredita [40].
As regards the lack of sensitivity testing on the IRR analysis presented in the CITI report (see paragraph 33 above), as well as the Authority's initial concerns regarding the potential impact of less optimistic scenarios, the Authority has received additional information from Norway in its submission on the opening decision concerning the extent of sensitivity analysis undertaken.
Ob upoštevanju navedenega se zdi, da je odločitev držav za sodelovanje pri novem revolving kreditu skladna z ukrepi zasebnega akterja, ki deluje z namenom pridobitve normalnega tržnega donosa glede na poseben položaj družbe v tistem času.
In this regard, Goldman Sachs presented a range of sensitivity tests during the development of the 4XNG plan over the period June to September 2012.
UGOTOVITEV O PRISOTNOSTI DRŽAVNE POMOČI
A revised analysis in September 2012 indicated that SAS would not run out of cash even under the downside scenarios presented, i.e. in all cases analysed the SAS cash position would remain above the bottom end of the RCF corridor.
Glede na navedeno Nadzorni organ ugotovi, da sodelovanje Norveške pri novem revolving kreditu ne pomeni državne pomoči v smislu člena 61(1) Sporazuma EGP –
However, to maintain market confidence, it was considered that a liquidity backstop was needed and that the RCF remained the most realistic option for such back-up liquidity.
Financiranje družbe SAS z novim revolving kreditom, ki ga je Norveška izvajala decembra 2012, ne pomeni državne pomoči v skladu s členom 61(1) Sporazuma EGP.
The Authority thus notes the successive financial reviews conducted on the 4XNG plan (including extensive analysis and testing of various iterations of the plan).
Člen 2