natgillin/translations-raw huggingface dataset:
The Authority also notes the States' resulting demands to lower the implementation risks and achieve a consolidated restructuring plan in advance of entering into the new RCF.
Ta odločba je naslovljena na Kraljevino Norveško.
Notwithstanding this, it still needs to be considered whether or not the terms and conditions of the new RCF were in line with what a private market investor, in the same position as the States, i.e. as existing shareholders in the company, would have accepted.
Besedilo te odločbe v angleškem jeziku je edino verodostojno.
Norway and the SAS Group have explained that a specific characteristic of the airline sector is the need to maintain a high level of financial preparedness to preserve customer and stakeholder confidence in the ability of the business to continue operations.
V Bruslju, 9. julija 2014
Given the financial difficulties facing SAS in 2012 and the prevailing liquidity situation at that time, a likely motivation for the States' participation in the new RCF, as shareholders in SAS, was the avoidance of higher losses or bankruptcy in the event of a liquidity run on the company.
Za Nadzorni organ Efte
In this respect, the States appear to have drawn notably on recommendations from the independent financial advisers when finalising the terms and conditions of the new RCF.
Predsednica
Indeed, it appears that the terms and conditions of the new RCF were collectively aimed at mitigating the main commercial risks identified.
Članica kolegija
For example, as noted in paragraph 82 above, a key condition precedent to the implementation of the new RCF was the successful execution of new collective agreements with flight crews.
UL C 290, 5.10.2013, str. 9 (popravek).
Furthermore, the drawdown conditions applicable to Facility B appeared to render it very unlikely that it could have been drawn before March 2015 [35].
FAM je družba, ki se ukvarja z upravljanjem sredstev fundacije Knut and Alice Wallenberg.
The financial covenants attached to the new RCF were also structured in such a way that, unless SAS was able to execute the key financial projections contained in the 4XNG plan, it would not have had access to the RCF or it would have had to repay any amount drawn on the RCF at the time [36].
Razpoložljivi sedež kilometer (ASK – available seat kilometer) je enota za merjenje potniške zmogljivosti na letih letalskega prevoznika.
In a report dated May 2012, […] provided an independent valuation of Widerøe and certain tangible assets (including spare engines, relevant aircraft, a number of smaller properties and some equipment) which were subsequently used as security for the new RCF.
Vir: http://www.airlineleader.com/regional-focus/nordic-region-heats-up-as-all-major-players-overhaul-their-strategies.
While the focus was on Widerøe, as the most important asset in the security package, and the assessment of the other assets was based on more limited information, the overall valuation implied a total asset value of approximately SEK [1-4]-[3-6] billion.
Glej opombo 11 in odstavek 29 v zvezi s prodajo 80 % delnic družbe Widerøe.
The actual financial risks associated with the new RCF were further mitigated by provisions on mandatory pre-payment and/or cancellation of the commitments under the new RCF, if SAS disposed of certain assets or engaged in other financing options.
Novejši podatki o bonitetni oceni agencije S&P za družbo SAS so opisani v opombi 24 v nadaljevanju.
Such prepayment and cancellation provisions had the effect of reducing the potential loss over time.
Vir: Letna poročila družbe SAS za obdobje 2008–2012, dostopna na: http://www.sasgroup.net/SASGroup/default.asp.
Indeed, as a result of the Widerøe sale, and pursuant to an agreement which entered into force upon that sale in September 2013 (see paragraph 29 above), the overall size of the new RCF was reduced from SEK 3,5 billion to SEK 2 billion.
Izdaji delnic s pravico prednostnega nakupa za obstoječe delničarje iz let 2009 in 2010 sta bili predmet Sklepa Komisije v zadevi SA.
It therefore appears that a comprehensive and coherent set of measures were taken, specifically aimed at ensuring the ongoing viability of SAS over the period 2012-15 and limiting the key financial risks associated with the new RCF.
29785 (dostopen na http://ec.europa.eu/competition/state_aid/cases/249053/249053_1461974_61_2.pdf), v katerem je Komisija ugotovila, da nista vključevala državne pomoči.
Furthermore, the Authority recognises the need to consider whether a comparable private investor, facing similar market circumstances to the States (i.e. as existing shareholders in SAS), could have been prompted to provide the measure in question to the beneficiary.
V zvezi s tem glej izjavo izvršnega direktorja družbe SAS, ki jih je navedel Reuters 12. novembra 2012: „‚To je resnično naš ‚zadnji poziv‘, če bo družba SAS še obstajala v prihodnosti, ‘ je dejal izvršni direktor […] po vzpostavitvi novega načrta za reševanje letalskega prevoznika, […] ki ni imel celoletnega dobička že od leta 2007 “, dostopno v angleškem jeziku na http://www.reuters.com/article/2012/11/12/uk-sas-idUSLNE8AB01O20121112.
To this end, it is also useful to consider possible counterfactual situations arising in the absence of the measure being provided.
Glej tudi članek z naslovom „SAS tops European airline critical list“, objavljen v Financial Times dne 13. novembra 2012, dostopen v angleškem jeziku na http://www.ft.com/intl/cms/s/0/fa1cbd88-2d87-11e2-9988-00144feabdc0.html#axzz2TSY5JHUh.
In this respect, Norway and the SAS Group claim in their submissions on the opening decision that bankruptcy would have been likely if the new RCF had not been made available in 2012.
Glej na primer članek tiskovne agencije Reuters z dne 18. novembra 2012 (http://www.reuters.com/article/2012/11/19/sas-idUSL5E8MI6IY20121119) in Financial Times z dne 19. novembra 2012 (http://www.ft.com/intl/cms/s/0/43e37eba-322f-11e2-b891-00144feabdc0.html#axzz2TSY5JHUh).
According to Norway, this would have corresponded to a combined loss of SEK 1044,6 million for the States, i.e. the value of their aggregate shareholding.
V skladu z informacijami s strani norveških organov je bila zaradi velike negotovosti, kar zadeva časovni okvir prodaje in ustvarjanje prihodkov, prodaja […] umaknjena s končnega seznama načrtovanih prodaj.
A further consideration also related to the prospect of forgoing future possible capital gains if the 4XNG plan was successfully implemented.
Družba SAS je 20. maja 2013 sporočila, da je podpisala pogodbo o prodaji 80 % svojih delnic v družbi Widerøe naložbeni skupini.
By comparison, Norway estimates in its submission that if SAS defaulted on the new RCF, the possible combined loss resulting from the States' collective shareholding and their RCF contributions would, in the most extreme scenario, have been in the region of SEK [1000-3000] million [37].
Prodaja je bila opravljena z likvidnostnim učinkom približno 1,7 milijarde SEK.
Consequently, in the event of bankruptcy of SAS, the possible additional loss associated with the States' participation in the new RCF (i.e. approximately SEK 447,5 million based on Norway's illustrative example) appears relatively contained compared to the loss which would have nonetheless accrued in respect of the States' shareholding.
Ti ukrepi se v večji meri izvajajo, prihranki pa bodo znašali približno 1 milijardo SEK.
Comparing this relatively limited incremental change in the States' downside (bankruptcy) scenario to the potential upside for the States from a successful execution of the 4XNG plan, appears to provide further support for the States' decision to participate in the new RCF.
Banka […], ena od kreditodajalk pri starem revolving kreditu, je navedla, da ni pripravljena sodelovati pri novem revolving kreditu.
In the most optimistic ‘base case’ scenario, the CITI report estimated potential capital gains for the States of SEK [7000-12000] million in total.
Posledično sta […] in […] sorazmerno povečala svojo udeležbo pri novem revolving kreditu.
However, while the Authority expressed some reservations in its opening decision regarding the optimistic nature of such growth projections, it recognises the possibility that, even under more conservative scenarios, the potential capital gains in the upside scenario may still have notably exceeded the potential losses in the downside scenario.
Glej opombo 33 v nadaljevanju.
The Authority thus notes the above risk-reward assessment, as well as the extensive review and testing of the 4XNG plan, the additional verifications provided on the underlying collateral [38], the cancellation and prepayment provisions which reduced the potential loss over time [39] and the various other risk-mitigating measures incorporated within the terms of the new RCF [40].
Glej http://www.reuters.com/finance/stocks/SAS.ST/key-developments/article/2662973.
Taking the above into account, the States' decision to participate in the new RCF would appear consistent with the actions of a private operator acting with a view to obtaining a normal market return given the company's specific situation at that time.
Obveznost na podlagi podinstrumenta A se je 31. oktobra 2013 znižala z 0,8 milijarde SEK na 0,6 milijarde SEK kot posledica prodaje deleža družbe SAS v družbi SAS Ground Handling družbi Swissport.
Further to the above, the Authority concludes that the States, in their position as existing shareholders in SAS, were guided by reasonable and realistic prospects of profitability when they decided to participate in the new RCF together with KAW and the lending banks during the period December 2012 — March 2014.
UL L 97, 15.4.2005, str. 41, in Dopolnilo EGP št. 18, 14.4.2005, str. 1.
This participation thus did not entail any advantage to SAS within the meaning of Article 61(1) of the EEA Agreement.
Druga možnost bi bila omogočiti, da se stari revolving kredit dne 20. junija 2013 izteče, pri tem pa preprečiti uporabo v tem obdobju, če družba SAS ne bi mogla izpolniti pogojev za črpanje.
CONCLUSION ON THE PRESENCE OF STATE AID
Norveški organi so posredovali informacije o drugih izpostavljenostih bank družbi SAS v obliki dvostranskih instrumentov, različnih dogovorov o varovanju pred tveganjem, kreditnih kartic, finančnih mehanizmov za letala, možnosti prekoračitve in nepremičninskih transakcij.
In view of the above, the Authority concludes that the participation of Norway in the new RCF does not constitute State aid within the meaning of Article 61(1) of the EEA Agreement.
Norveški organi trdijo, da banke, z morebitno izjemo izpostavljenosti […] v zvezi s plačili kreditnih kartic, niso imele nezavarovane izpostavljenosti družbi SAS.
HAS ADOPTED THIS DECISION: Article 1
Različne oblike navedene izpostavljenosti so bile omejene v smislu velikosti ali pa zavarovane in se zato zdijo nepomembne v zvezi z odločitvijo bank, da sodelujejo pri novem revolving kreditu.
The financing of SAS through the new Revolving Credit Facility which Norway implemented in December 2012 does not constitute State aid pursuant to Article 61(1) of the EEA Agreement.
Prihodek na razpoložljivi sedež kilometer (RASK) je enota, ki se pogosto uporablja za merjenje prihodkov letalskega prevoznika.
Article 2
Norveška in družba SAS v zvezi s tem poudarjata tudi, da je agencija S&P 5. avgusta 2013 družbi SAS zvišala bonitetno oceno s CCC+ na B– s stabilnimi obeti.
This Decision is addressed to the Kingdom of Norway.
Glej sodbo z dne 17. septembra 1980 v zadevi Philip Morris Holland BV proti Komisiji, 730/79, Recueil, str. 2671, točka 11; sodbo z dne 4. aprila 2001 v zadevi Regione Friuli Venezia Giulia proti Komisiji, T-288/97, Recueil, stran II-1169, točka 41; in sodbo z dne 24. julija 2003 v zadevi Altmark Trans GmbH in Regierungspräsidium Magdeburg proti Nahverkehrsgesellschaft Altmark GmbH (Altmark), C-280/00, Recueil, stran I-7747, točka 75.
Article 3
„Tretji sveženj“ je vključeval tri zakonodajne ukrepe: (i) Uredba Sveta (EGS) št. 2407/92 z dne 23. julija 1992 o licenciranju letalskih prevoznikov (UL L 240, 24.8.1992, str. 1); (ii) Uredba Sveta (EGS) št. 2408/92 z dne 23. julija 1992 o dostopu letalskih prevoznikov Skupnosti do letalskih prog znotraj Skupnosti (UL L 240, 24.8.1992, str. 8); in (iii) Uredba Sveta (EGS) št. 2409/92 z dne 23. julija 1992 o prevozninah in tarifah za zračni promet (UL L 240, 24.8.1992, str. 15).
For the EFTA Surveillance Authority
Sodba z dne 12. decembra 2000 v zadevi Alitalia, T-296/97, Recueil, str. II-3871, točka 81.
President
Poleg starega revolving kredita so imele do 30. septembra 2012 tri banke izpostavljenosti v obliki dvostranskih instrumentov, povezanih s starim revolving kreditom, ki jih ne bi bilo mogoče črpati, če ne bi bil stari revolving kredit v celoti izčrpan.
College Member
Zneski posameznih dvostranskih instrumentov so bili [400–800] milijonov EUR za banko […], [200–400] milijonov EUR za banko […] in [400–800] milijonov EUR za banko […].
OJ C 290, 5.10.2013, p. 9 (corrigendum).
Sodba z dne 21. marca 1991 v zadevi Italija proti Komisiji, C-305/89, Recueil, str. I-1603, točka 20.
FAM is the company responsible for the management of the assets of the Knut and Alice Wallenberg Foundation.
Na primer, […] je bil umaknjen s končnega seznama načrtovanih prodaj […].
Available Seat Kilometre (ASK) is a measure of an airline flight's passenger carrying capacity.
Na primer, eden od pogojev za črpanje podinstrumenta B je bil, da bi morala imeti družba SAS dobiček pred obrestmi, obdavčitvijo, amortizacijo in najemninami (EBITDAR) najmanj [5–9] milijard SEK v zadnjih 12 mesecih.
It is equal to the number of seats available multiplied by the number of kilometres flown.
Ker je ta presegal predvideni EBITDAR za vsako leto v obdobju 2012–2015, se je štelo za malo verjetno, da bi bila družba SAS zmožna črpati podinstrument B v obdobju novega revolving kredita.
Source: http://www.airlineleader.com/regional-focus/nordic-region-heats-up-as-all-major-players-overhaul-their-strategies
Finančne zaveze v zvezi z […].
See footnote 11 and paragraph 29 below, concerning the sale of 80 % of the shares of Widerøe.
Zadnji dve finančni zavezi sta bili prilagojeni na vsake tri mesece na podlagi finančnega modela, ki je podlaga za poslovni načrt 4XNG, iz česar je mogoče sklepati, da je morala družba SAS izpolnjevati svoje finančne cilje.
Source: http://www.sasgroup.net/SASGroup/default.asp
Z namenom ponazoritve Norveška ocenjuje skupno izgubo držav na podlagi novega revolving kredita ob predpostavki, da je družba SAS v celoti izčrpala podinstrument A (ki ga v znesku [700–1200] milijonov SEK krijejo države), in ob nadaljnji predpostavki, da je zavarovanje zajemalo le 50 % obveznosti podinstrumenta A in so države že prejele prvi obrok provizije za prevzete obveznosti.
More recent developments in S&P's credit rating for SAS are discussed in footnote 24 below.
To bi pomenilo ocenjeno izgubo v višini [400–800] milijonov SEK pri novem revolving kreditu, skupaj z ocenjeno izgubo na podlagi skupnega lastništva delnic v višini [700–1200] milijonov SEK, kar skupaj znaša [1100–2000] milijonov SEK.
Source: annual reports of SAS for the period 2008-12, available at: http://www.sasgroup.net/SASGroup/default.asp
Glej odstavek 88.
The rights issues of 2009 and 2010 were the subject of a Commission Decision in case SA.
Glej odstavka 82 in 89.
29785 (available at http://ec.europa.eu/competition/state_aid/cases/249053/249053_1461974_61_2.pdf), where the Commission concluded that they did not involve State aid.
Glej odstavka 82 in 87.
See in this sense the words of the CEO of SAS, quoted by Reuters on 12.11.2012: ‘“This truly is our “final call” if there is to be a SAS in the future, ” said Chief Executive […] after launching a new rescue plan for the airline […] which has not made a full-year profit since 2007 ’, available at http://www.reuters.com/article/2012/11/12/uk-sas-idUSLNE8AB01O20121112.
Norveški organi so odgovorili z dopisom z dne 25. marca 2013.
See as well the article entitled ‘SAS tops European airline critical list’ in the Financial Times of 13.11.2012, available at http://www.ft.com/intl/cms/s/0/fa1cbd88-2d87-11e2-9988-00144feabdc0.html#axzz2TSY5JHUh
V dopisu z dne 6. junija 2013 so predložili tudi dodatne informacije.
See for instance Reuters on 18.11.2012 (http://www.reuters.com/article/2012/11/19/sas-idUSL5E8MI6IY20121119) and the Financial Times of 19.11.2012 (http://www.ft.com/intl/cms/s/0/43e37eba-322f-11e2-b891-00144feabdc0.html#axzz2TSY5JHUh).
Danska državna banka
According to information provided by the Norwegian authorities, the sale of […] was removed from the final list of planned disposals, given the high uncertainty as regards the timing of the sale and revenue generation.
SSB + TC Ledning Omnibus FD No OM79
On 20 May 2013, SAS reported that it had signed an agreement to sell 80 % of its shares in Widerøe to an investor group.
Načrt dokapitalizacije je temeljil na t. i. poslovnem načrtu 4XNG, ki je bil v pripravi že od začetka leta 2012.
SAS will retain a 20 % share in Widerøe but will have an option to transfer full ownership in 2016.
V poslovnem načrtu 4XNG so bili maja 2012 obravnavani tudi pomisleki, ki jih je izrazil […] o obstoječem poslovnem načrtu družbe SAS, imenovanem 4 Excellence (v nadaljnjem besedilu: poslovni načrt 4X).
See http://mb.cision.com/Main/290/9410155/119539.pdf
Razprave o novem revolving kreditu so se začele 4. junija 2012 [17].
SAS has sold 10 % of the shares in its ground-handling company to Swissport.
Najprej so banke, ki so bile kreditodajalke starega revolving kredita, v skladu z načrtom dokapitalizacije (glej odstavek 18) zahtevale, da države zagotovijo dodatni kapital, npr. z izdajo delnic s pravico prednostnega nakupa za obstoječe delničarje, ker niso bile pripravljene same podpreti novega revolving kredita.
This acquisition was effective as of 1 November 2013.
Novi revolving kredit je nadaljeval zavarovalni paket starega revolving kredita, poleg tega pa je bilo od decembra 2012 za kreditodajalce odobreno zavarovanje na vseh delnicah v družbi Widerøe in vseh drugih neobremenjenih osnovnih sredstvih družbe SAS.
The negotiations are currently on hold until Swissport has concluded the acquisition and integration of Servisair.
Novi revolving kredit je imel tako prvovrstno zavarovanje s številnimi sredstvi družbe SAS, vključno s 100 % delnic hčerinskih družb Widerøe in SAS Spare Engine, 18 letali in številnimi nepremičninami.
This has been completed having a liquidity effect of around SEK 1,7 billion.
Dogovor o pogojih novega revolving kredita je bil dosežen 25. oktobra 2012.
These measures have largely been implemented and will amount to savings of around SEK 1 billion.
Vendar pa je bil med drugim predmet parlamentarne odobritve posameznih držav in podpisa sporazumov s sindikati članov pilotske kabine in kabinskega osebja.
[…], one of the lenders under the old RCF, indicated that it would not be prepared to participate in the new RCF.
Norveški organi so v pripombah, ki so jih predložili med formalno preiskavo, obvestili Nadzorni organ, da so vse stranke podpisale sporazum o spremembi novega revolving kredita, ki naj bi začel veljati po končani transakciji Widerøe, tj. 30. septembra 2013.
As a result, […] and […] increased their participation in the new RCF proportionally.
Te spremembe so vključevale naslednje:
See footnote 33 below.
Nadzorni organ je med drugim opozoril tudi na optimistične napovedi v načrtu glede rasti trga razpoložljivih sedež kilometrov in BDP ter 0-odstotno stopnjo inflacije v obdobju 2015–2017.
See http://www.reuters.com/finance/stocks/SAS.ST/key-developments/article/2662973
Podobno pa ni bilo jasno, ali je bilo uspešno izvedbo vseh pobud za prihranek pri stroških in prodajo sredstev mogoče predvideti ob podpisu novega revolving kredita.
The commitment under Facility A was reduced from SEK 0,8 billion to SEK 0,6 billion on 31 October 2013 as a consequence of SAS selling a stake in SAS Ground Handling to Swissport.
Meni, da so bili skrbno preučeni vsi vidiki in predpostavke, vključno s tistimi, ki zadevajo napovedi prihodka („RASK“) [25], varčevalne ukrepe in načrtovane prodaje, da bi izpolnili finančne cilje iz poslovnega načrta 4XNG za obdobje 2014–2015.
OJ L 97, 15.4.2005, p. 41, and EEA Supplement No 18, 14.4.2005, p. 1.
Poleg tega je bil poslovni načrt 4XNG, skupaj z vsemi predpostavkami, na katere so se opirali, pod drobnogledom zunanjih finančnih svetovalcev držav (Goldman Sachs) in tudi bank […] ter je bil prilagojen glede na njihove pripombe in priporočila.
The alternative would be to simply allow the old RCF to expire on 20 June 2013, while at the same time preventing any utilization in that period as long as SAS could not satisfy the drawdown conditions.
Ta analiza je bila opravljena v več zaporednih poročilih glede na preteklo uspešnost družbe SAS in druga gospodarska merila uspešnosti.
The Norwegian authorities provided information concerning some of the banks' other exposures to SAS in the form of bilateral facilities, various hedging arrangements, credit cards, aircraft financing facilities, overdraft facilities and real estate transactions.
Svetovalci so izdali vrsto priporočil v zvezi s strategijami za zmanjševanje tveganja za poslovni načrt 4XNG in novi revolving kredit.
The Norwegian authorities maintain that, with the possible exception of […] exposure related to credit card payments, the banks did not have any material unsecured exposure to SAS.
Pri analizi poslovnega načrta 4XNG so zunanji svetovalci prepoznali ključna področja morebitnega tveganja, vključno s cilji glede prihrankov pri stroških, prodajami in pritiski v zvezi s prihodkom na razpoložljivi sedež kilometer, ter jim namenili posebno pozornost.
The various forms of exposure mentioned were either limited in size or were secured and consequently appeared insignificant in relation to the banks' decision to participate in the new RCF.
Rezultat te ocene tveganja so med drugim naslednji pomisleki:
See Case 730/79 Philip Morris Holland BV v Commission [1980] EC-2671, paragraph 11; Case T-288/97 Regione Friuli Venezia Giulia v Commission [2001] ECR 2001 II-1169, paragraph 41; and Case C-280/00 Altmark Trans GmbH and Regierungspräsidium Magdeburg v Nahverkehrsgesellschaft Altmark GmbH (Altmark) [2003] ECR I-7747, paragraph 75.
Medtem ko je bilo nedoseganje ciljev za prihranke pri stroških prepoznano kot problematično, pa je bil ključni korak za odpravo tveganja poslovnega načrta 4XNG pred dokončno vzpostavitvijo novega revolving kredita sklenitev novih pogodb s sindikati, ki je vključevala znižanje plač in drugih prispevkov za zaposlene ter spremembe pokojninskega načrta v novembru 2012.
The ‘third package’ included three legislative measures: (i) Council Regulation (EEC) No 2407/92 of 23 July 1992 on licensing of air carriers (OJ L 240, 24.8.1992, p. 1); (ii) Council Regulation (EEC) No 2408/92 of 23 July 1992 on access for Community air carriers to intra-Community air routes (OJ L 240, 24.8.1992, p. 8); and (iii) Council Regulation (EEC) No 2409/92 of 23 July 1992 on fares and rates for air services (OJ L 240, 24.8.1992, p. 15).
To je privedlo do neposrednih prihrankov pri stroških v višini skoraj […] SEK, ki jih je bilo treba na zahtevo držav izvršiti, preden bi lahko začel veljati novi revolving kredit.
These Regulations were incorporated in the EEA Agreement until the time they were repealed by Regulation (EC) No 1008/2008 of the European Parliament and of the Council of 24 September 2008 on common rules for the operation of air services in the Community (Recast), as incorporated in Annex XIII to the EEA Agreement.
Prodaje
Joined Cases T-228/99 and T-233/99 Westdeutsche Landesbank Girozentrale and Land Nordrhein-Westfalen v Commission [2003] ECR-II435, paragraph 255.
Finančni svetovalec držav je na koncu sklenil, da so prodaje (z ocenjeno odtujitveno vrednostjo v višini približno 3,0 milijarde SEK), ki so vključene v končnem poslovnem načrtu 4XNG, izvedljive v predvidenem časovnem okviru.
Case T-296/97 Alitalia [2000] ECR II-3871, paragraph 81.
Poleg tega je novi revolving kredit vseboval določbe glede časovnega poteka prodaje družbe Widerøe in tudi glede stroge uporabe prihodkov od prodaje za odplačilo novega revolving kredita.