natgillin/translations-raw huggingface dataset:
It notes the amendments to the old RCF in March 2012 introducing even more stringent drawdown conditions and argues that the banks were thus in a position from the end of June 2012 to reject any drawdown request from SAS.
Kar zadeva preskus pari passu, družba SAS navaja, da je bil izpolnjen glede na to, da banke niso bile izpostavljene družbi SAS, zato bi jih bilo treba obravnavati kot „zunanje“ vlagatelje.
As a result, those banks could be reasonably considered as ‘outside’ investors participating in the new RCF on equal terms with the States [23], without having any material unsecured exposure to SAS [24].
Poleg tega družba SAS trdi, da so se banke odločile za sodelovanje pri novem revolving kreditu pod enakimi pogoji kot države in fundacija KAW na podlagi zelo pozitivnih rezultatov analize tveganja in prihodkov.
Concerning KAW's participation in the new RCF together with the banks, the Norwegian authorities are of the opinion that KAW had limited economic exposure to SEB and that this could not have affected its decision to participate in the new RCF.
Družba SAS nadalje podpira norveško trditev, da so bile predpostavke, na katerih temelji poslovni načrt 4XNG, stabilne z zelo realnimi napovedmi, kar zadeva tri glavne dejavnike, in sicer rast trga v razpoložljivih sedež kilometrih, rast BDP v obdobju 2015–2017 in predvideno inflacijo v višini 0 %.
Moreover, Norway holds that the 4XNG plan was realistic and that it could be successfully implemented.
Poleg tega so banke kreditodajalke pozorno preučile tveganja, povezana z izvajanjem načrta, s posebnim poudarkom na prihodku na razpoložljivi sedež kilometer (RASK) kot ključnim kazalcem za dobičkonosnost družbe.
It maintains that all aspects and assumptions, including those concerning revenue projections (‘RASK’) [25], cost-saving measures and planned disposals, were carefully examined to satisfy the financial targets in the 4XNG plan for 2014-15.
Obenem družba SAS trdi, da je bil zavarovalni paket ustrezno ocenjen in da je bilo tveganje, da družba SAS ne bi izpolnila svojih obveznosti pri izvajanju poslovnega načrta 4XNG, omejeno.
Further, the 4XNG plan — together with all of the assumptions it relied upon — was closely scrutinised by the external financial advisers of both the States (Goldman Sachs) and the banks […] and was adapted in view of their comments and recommendations.
To podpira tudi dejstvo, da je bil prihranek pri stroških pogoj, ki je moral biti izpolnjen, da bi kreditodajalci sodelovali pri novem revolving kreditu, sklenitev novih kolektivnih pogodb v novembru 2012 pa ključna za uspešno izvajanje načrta.
It also stresses that the expectation of a successful implementation of the plan when deciding to participate in the new RCF was supported by the fact that the conclusion of new union agreements was a condition precedent for the new RCF.
Poleg tega družba SAS očita Nadzornemu organu, da ni upošteval druge možnosti – stečaja in dejstva, da bi države izgubile vrednost njihovega skupnega imetništva delnic, če ne bi bil dan na voljo novi revolving kredit.
Furthermore, according to Norway, the developments between December 2012 and the cancellation of the new RCF on 4 March 2014 showed that the plan was on track to deliver the expected results [26].
V tem okviru družba SAS poudarja, da so države sodelovale pri novem revolving kreditu v vlogi glavnih delničarjev družbe SAS, s ciljem, da se doseže primeren donos na njihovo naložbo.
In relation to the terms and conditions of the new RCF, Norway argues that these were in conformity with normal market conditions, as they were similar to those of comparable deals and the new RCF also had higher upfront fees and more stringent conditions for drawdown than most deals analysed.
Nazadnje družba SAS poroča, da je izvajanje poslovnega načrta 4XNG doseglo dobiček pred obdavčitvijo v višini 3 milijard SEK, kar je privedlo do pozitivnega rezultata družbe SAS v obdobju od novembra 2012 do julija 2013.
As far as the security package was concerned, Norway states that the actual financial risks of the lending banks were negligible because the securities had an estimated value that clearly exceeded the size of Facility A. As a result, in a liquidation scenario all of the lending banks' claims would be satisfied by the security package, or by other SAS assets that could be sold, such as […], its shareholding in […], etc.
Pripombe družbe FAM
The above is also supported by the actual cancellation of a significant part of the commitments under Facility A during the first half of 2013.
Po navedbah družbe FAM, ki je odgovorna za upravljanje sredstev fundacije KAW, na odločitev slednje za sodelovanje pri novem revolving kreditu ni vplival njen delež v banki SEB in izpostavljenost banke SEB družbi SAS.
According to Norway, this shows that the banks acted commercially and prudently when deciding to participate with the States and KAW in the new RCF.
Družba FAM trdi, da fundacija KAW ni imela večinskega deleža v banki SEB, prav tako pa ni bilo mogoče trditi, da banko SEB obvladuje.
Finally, Norway reports that the participation in the new RCF has generated a significant return for the RCF lenders without SAS having to draw on the facility.
Družba FAM je preučila poslovni načrt 4XNG, z njim povezana finančna tveganja in zavarovalni paket, ter menila, da je v interesu fundacije KAW, da sodeluje pri novem revolving kreditu.
This should support the view that the States' participation in the new RCF together with KAW and the banks was fully compliant with the MEI principle.
V zvezi s tem je primerjala vidik zaščite dolgoročnih naložb fundacije KAW v družbo SAS in morebitne prihodnje donose na naložbo ter visoke provizije, ki bi jih družba SAS plačala v skladu z novim revolving kreditom, ter prenehanje družbe SAS, kar pa po njenem mnenju ni bila gospodarsko zanimiva možnost.
Comments by the SAS Group
Družba FAM se strinja z Norveško in družbo SAS, da so vsi deležniki sodelovali pri novem revolving kreditu pod enakimi pogoji, brez podrejenosti in nesorazmernih pravic do garancij ali drugače nesimetričnih pogojev.
The SAS Group argues that the States participated in the new RCF in their capacity as shareholders, not as public authorities.
Odločitev za sodelovanje pri novem revolving kreditu je temeljila na poglobljeni analizi obetov dobičkonosnosti kot posledice močne in konkurenčne družbe SAS v prihodnosti.
From that perspective, participating in such an instrument was preferable to an equity contribution, given the significant revenue generation for the shareholders/lenders in terms of fees, as well as the prospective increase in the share value.
Družba FAM se strinja s stališčem Norveške, da je odločitev bank kreditodajalk za sodelovanje pri novem revolving kreditu temeljila na poslovnih vidikih, saj je bila njihova izpostavljenost na podlagi starega revolving kredita le teoretična.
As regards the pari passu test, the SAS Group states that this was fulfilled given that the banks had no exposure to SAS and, as a result, they should be treated as ‘outside’ investors.
Trdi, da so imele banke še manj spodbud za sodelovanje pri novem revolving kreditu kot države in fundacija KAW, ki so lahko računale na dvig cene delnice.
In addition, the States' participation in the new RCF did not influence the banks' behaviour, as it was SAS and not the banks, which requested that the shareholders join the new RCF.
Zato meni, da je treba preskus pari passu šteti za izpolnjenega.
Furthermore, the SAS Group maintains that the banks decided to participate in the new RCF on equal terms with the States and KAW based on the very positive results of the risk/revenue analysis.
OCENA
The SAS Group further supports Norway's claim that the assumptions underlying the 4XNG plan were robust with very realistic forecasts as regards the three main drivers, namely market growth in ASK, GDP growth for 2015-17 and assumed inflation of 0 %.
OBSTOJ DRŽAVNE POMOČI
Also, the risks associated with the implementation of the plan were closely scrutinised by all lending banks with a particular focus on RASK as a key indicator of the company's profitability.
Člen 61(1) Sporazuma EGP se glasi:
At the same time, the SAS Group argues that the security package was sufficiently assessed and that the risk of SAS defaulting on the implementation of the 4XNG plan was mitigated.
„Razen če ta sporazum ne določa drugače, je vsaka pomoč, ki jo dodelijo države članice ES, države Efte ali je dodeljena v kakršni koli obliki iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z delovanjem tega sporazuma, kolikor škodi trgovini med pogodbenicami.“
This is supported by the fact that the delivery of cost savings was a condition precedent to the lenders entering into the new RCF and that the conclusion of new collective agreements in November 2012 was key to the successful implementation of the plan.
Pojem državne pomoči se tako nanaša na vsako neposredno ali posredno dodeljeno prednost, ki se financira iz državnih sredstev s strani države ali posrednika po naročilu države.
The SAS Group further criticises the Authority for having failed to take into consideration the bankruptcy alternative and the fact that the States would have lost the value of their combined shareholding had the new RCF not been made available.
Da bi ukrep pomenil državno pomoč, mora izhajati iz državnih sredstev in ga mora biti mogoče pripisati državi.
In this context, the SAS Group stresses that the States participated in the new RCF in their capacity as core shareholders in SAS aiming to obtain an appropriate return on their investment.
Načeloma so državna sredstva sredstva države članice in njenih javnih organov, pa tudi sredstva javnih podjetij, na katera imajo javni organi neposredno ali posredno nadzorni vpliv.
Finally, the SAS Group reports that the implementation of the 4XNG plan has achieved earnings before tax of SEK 3 billion, leading to a positive outcome for SAS for the period November 2012-July 2013.
Neizpodbitno je, da je zadevni ukrep vključeval državna sredstva, saj je bil financiran iz sredstev, ki izvirajo iz državnih proračunov, in ga je bilo mogoče pripisati državi.
Comments by FAM
Zlasti je treba opozoriti, da je norveški parlament odobril sodelovanje vlade pri novem revolving kreditu (odstavek 28).
According to FAM, the company responsible for the management of KAW's assets, the latter's decision to participate in the new RCF was taken irrespective of its interest in SEB and SEB's exposure to SAS.
Zadevni ukrep mora izkrivljati ali imeti možnost izkrivljati konkurenco ter vplivati na trgovino med pogodbenicami.
FAM argues that KAW neither had a majority shareholding in SEB, nor could it be said that it controls SEB.
V skladu z ustaljeno sodno prakso velja, da kadar finančna podpora, ki jo odobri država članica, krepi položaj podjetja v primerjavi z drugimi konkurenčnimi podjetji v trgovini znotraj Unije, obstaja vsaj morebiten vpliv na trgovino med državami članicami in na konkurenco [27].
FAM examined the 4XNG plan, the associated financial risks and the security package, and considered it to be in KAW's interest to participate in the new RCF.
V zvezi s tem Nadzorni organ meni, da bi kakršna koli gospodarska prednost, dodeljena družbi SAS prek državnih sredstev, izpolnila ta pogoj.
In this respect, it compared the prospect of protecting KAW's long-term investment in SAS and future possible returns on that investment, as well as the high fees which would be paid by SAS under the new RCF, against the winding up of SAS, which it did not consider to be an economically interesting option.
Družba SAS konkurira drugim letalskim prevoznikom v Evropski uniji in EGP, in to zlasti od začetka veljavnosti tretje faze liberalizacije zračnega prometa („tretji sveženj“) dne 1. januarja 1993 [28].
FAM also agrees with Norway and the SAS Group that all stakeholders participated in the new RCF on equal terms, without any form of subordination, disproportionate rights to securities, or otherwise asymmetrical terms.
Poleg tega za potovanja na razmeroma kratkih razdaljah znotraj EGP letalski promet konkurira cestnemu in železniškemu prometu, zato bi bili lahko prizadeti tudi cestni in železniški prevozniki.
The decision to participate in the new RCF was based on a thorough analysis of the prospects of profitability resulting from a strong and competitive SAS in the future.
Edino merilo za pojem državne pomoči, ki je tako sporno, je, ali je ukrep družbi SAS dal selektivno neupravičeno gospodarsko prednost.
Finally, FAM shares Norway's view that the lending banks' decision to participate in the new RCF was based on commercial considerations, as their existing exposure under the old RCF was only theoretical.
Glede na razveljavitev novega revolving kredita z dne 4. marca 2014 je Nadzorni organ ocenil, ali je nov revolving kredit družbi SAS podelil selektivno neupravičeno gospodarsko prednost od njegove vzpostavitve leta 2012 do razveljavitve leta 2014.
It argues that the banks had even less incentive to participate in the new RCF than the States and KAW, as the latter could count on a share price increase.
GOSPODARSKA PREDNOST V KORIST DRUŽBE SAS
It therefore maintains that the conditions of the pari passu test must be considered to be fulfilled.
Da bi ugotovil, ali je bila dodeljena državna pomoč v korist družbe SAS v smislu člena 61(1) Sporazuma EGP, bo Nadzorni organ ocenil, ali je letalski prevoznik dobil gospodarsko prednost, ki je ne bi dobil pod običajnimi tržnimi pogoji.
ASSESSMENT
Za preučitev tega vprašanja Nadzorni organ uporablja preskus na podlagi načela vlagatelja v tržnem gospodarstvu, v skladu s katerim ne bi bila vpletena državna pomoč, ali bi bil v podobnih okoliščinah zasebni vlagatelj, ki je po velikosti primerljiv z ustreznimi organi v javnem sektorju in deluje pod običajnimi tržnimi pogoji v tržnem gospodarstvu, pripravljen zagotoviti zadevni ukrep za upravičenca.
PRESENCE OF STATE AID
V skladu s preskusom na podlagi načela vlagatelja v tržnem gospodarstvu mora Nadzorni organ zato oceniti, ali bi zasebni vlagatelj pod enakimi pogoji izvedel transakcijo, ki se ocenjuje.
Article 61(1) of the EEA Agreement reads as follows:
Hipotetični zasebni vlagatelj deluje kot preudaren vlagatelj, ki želi svoje dobičke povečati, ne da bi pri tem prevzel prevelika tveganja za svoj dobiček [29].
‘Save as otherwise provided in this Agreement, any aid granted by EC Member States, EFTA States or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Contracting Parties, be incompatible with the functioning of this Agreement.’
Načeloma prispevek iz javnih sredstev ne vključuje državne pomoči, če se izvede hkrati z znatnim kapitalskim vložkom zasebnega vlagatelja v primerljivih okoliščinah in pod primerljivimi pogoji (pari passu) [30].
The concept of State aid thus applies to any advantage granted directly or indirectly, financed out of state resources, by the State itself or by any intermediary body acting by virtue of powers conferred on it.
Udeležba držav, fundacije KAW in bank pri novem revolving kreditu na osnovi pari passu
To constitute State aid, a measure must stem from state resources and must be imputable to the State.
Nadzorni organ ugotavlja, da so banke kreditodajalke, ki so udeležene pri novem revolving kreditu, sodelovale tudi pri starem revolving kreditu.
In principle, state resources are the resources of a Member State and of its public authorities, as well as the resources of public undertakings on which the public authorities can exercise, directly or indirectly, a controlling influence.
Vendar pa so pri novem revolving kreditu države povečale svojo izpostavljenost družbi SAS, medtem ko so banke svoj prispevek v grobem razpolovile (s 366 milijonov EUR na približno 200 milijonov EUR) in zato za približno 50 % zmanjšale svojo splošno izpostavljenost družbi SAS na podlagi revolving kredita.
It cannot be disputed that the measure in question entailed state resources, since it was financed by resources coming from the States' budgets, and that it was imputable to the State.
Ob upoštevanju tega je Nadzorni organ v odločbi o začetku postopka izrazil dvom glede izpolnjevanja preskusa pari passu, saj se zdi, da države in banke niso bile v primerljivem položaju.
In particular, it may be noted that Norway's parliament approved the Government's participation in the new RCF (paragraph 28 above).
Norveška in družba SAS sta v okviru formalnega postopka preiskave navedli, da banke kreditodajalke niso bile izpostavljene pri starem revolving kreditu, ko so potekala pogajanja o sodelovanju pri novem revolving kreditu.
The measure in question must distort or threaten to distort competition and be liable to affect trade between the Contracting Parties.
Banke bi bilo zato treba obravnavati kot „zunanje“ vlagatelje v položaju, ki je primerljiv s položajem držav in fundacije KAW.
According to established case law, when the financial support granted by a Member State strengthens the position of an undertaking compared to other undertakings competing in intra-Union trade, then there is at least a potential effect on trade between Member States and on competition [27].
Nadzorni organ navaja, da je družba SAS januarja 2012 v celoti izčrpala stari revolving kredit (odstavek 18).
In this regard, the Authority is of the view that any potential economic advantage granted to SAS through state resources would fulfil this condition.
Dejansko so spremembe starega revolving kredita v marcu 2012 med drugim vključevale pogoj, da se v celoti in takoj odplača izčrpani znesek.
SAS is in competition with other airlines in the European Union and the EEA, in particular since the third stage of air transport liberalisation (‘the third package’) entered into force on 1 January 1993 [28].
Zneski so bili v celoti povrnjeni marca 2012, nato pa so spremembe starega revolving kredita, ki so bile uvedene v istem mesecu, družbi SAS močno otežile črpanje kredita [31].
In addition, for journeys of relatively shorter distances within the EEA, air travel is in competition with road and rail transport, and therefore road and rail carriers might also be affected.
Poleg tega je morala družba SAS do junija 2012 predložiti načrt dokapitalizacije, ki so ga morali odobriti upravni odbor ter države in fundacija KAW kot glavni delničarji.
The only criterion of the notion of State aid that is thus in question is whether the measure conferred a selective undue economic advantage on SAS.
Ta načrt so banke na začetku zavrnile.
In the light of the cancellation of the new RCF as from 4 March 2014, the Authority has assessed whether or not the new RCF conferred a selective undue economic advantage on SAS from the time of its establishment in 2012 until its cancellation in 2014.
Šele novembra 2012 so se države po natančni preučitvi revidiranega poslovnega načrta 4XNG odločile za sodelovanje pri novem revolving kreditu, nato pa so jim sledile banke.
ECONOMIC ADVANTAGE IN FAVOUR OF SAS
Zato so norveški organi in družba SAS med formalnim postopkom preiskave trdili, da je bilo družbi SAS učinkovito preprečeno, da bi zahtevala črpanje starega revolving kredita.
In order to determine whether or not State aid was granted in favour of SAS within the meaning of Article 61(1) of the EEA Agreement, the Authority will assess whether the airline received an economic advantage which it would not have obtained under normal market conditions.
Ob poznavanju tega položaja so se morale banke odločiti, ali naj nadaljujejo stari revolving kredit do njegovega izteka junija 2013 ali sodelujejo pri novem revolving kreditu pod enakimi pogoji kot države in fundacija KAW, čeprav so imele države in fundacija KAW kot delničarji večje spodbude za sodelovanje, saj bi z izvajanjem poslovnega načrta 4XNG lahko dosegle večjo vrednost svojih delnic.
To examine this question the Authority applies the MEI test, according to which no State aid would be involved where, in similar circumstances, a private investor of a comparable size to the relevant bodies in the public sector, and operating in normal market conditions in a market economy, could have been prompted to provide the measure in question to the beneficiary.
Čeprav Nadzorni organ meni, da je verjetno, da banke, vsaj tiste, ki niso imele nezavarovane dvostranske izpostavljenosti družbi SAS, niso bile materialno izpostavljene staremu revolving kreditu v času, ko so sprejele odločitev za sodelovanje pri novem revolving kreditu, pa prav tako meni, da je še vedno obstajalo tveganje, da bi lahko družba SAS izpolnjevala pogoje za črpanje pred vzpostavitvijo novega revolving kredita.
According to the MEI test, the Authority therefore has to assess whether a private investor would have entered into the transaction under assessment on the same terms.
Dejstvo, da se to ni zgodilo in da se stari revolving kredit ni uporabljal, potem ko je bil marca 2012 v celoti odplačan, v zvezi s tem ni pomembno.
The attitude of the hypothetical private investor is that of a prudent investor whose goal of profit maximisation is tempered with caution about the level of risk acceptable for a given rate of return [29].
Na podlagi tega se zdi, da so imele banke določeno stopnjo izpostavljenosti družbi SAS na podlagi starega revolving kredita, ki je države in fundacija KAW niso imele.
In principle, a contribution from public funds does not involve State aid if it takes place at the same time as a significant capital contribution by a private investor made in comparable circumstances and on comparable terms (pari passu) [30].
Zato Nadzorni organ ne more sprejeti trditve norveških organov, da so banke sodelovale pri novem revolving kreditu kot „zunanji“ vlagatelji, ne glede na njihovo izpostavljenost pri starem revolving kreditu.
Pari passu participation of the States, KAW and the banks in the new RCF
Poleg tega se Nadzorni organ ne more strinjati z Norveško, da izpostavljenost nekaterih bank v obliki dvostranskih instrumentov, povezanih s starim revolving kreditom [32], ni vključevala finančnega tveganja za banke v obdobju pogajanj o novem revolving kreditu na podlagi dejstva, da teh instrumentov ne bi bilo mogoče črpati, če ne bi bil stari revolving kredit v celoti izčrpan.
The Authority notes that the lending banks involved in the new RCF also participated in the old RCF.
Kot prej navedeno, je obstajalo tveganje, pa čeprav majhno, da bi bili pogoji za črpanje lahko izpolnjeni kljub dejstvu, da je bila zaradi sprememb marca 2012 in uvedenih strožjih pogojev verjetnost, da bo družba SAS črpala stari revolving kredit, zelo majhna.
In the new RCF, however, the States increased their exposure to SAS, whereas the banks roughly halved their contribution (from EUR 366 million to approximately EUR 200 million) and therefore reduced their overall existing RCF exposure to SAS by approximately 50 %.
Poleg tega se zdi, da so imele nekatere banke druge vrste izpostavljenosti družbi SAS.
In view of this, the Authority expressed doubts in the opening decision that the pari passu argument could be met as the States and the banks did not seem to be in comparable positions.
Na primer, poleg sodelovanja pri starem revolving kreditu je imela banka […] (dne 30. septembra 2012) nezavarovano (in nečrpano) dvostransko izpostavljenost družbi SAS v višini [200–600] milijonov SEK in nezavarovano izpostavljenost na podlagi kreditnih kartic v višini [500–900] milijonov SEK.
Norway and the SAS Group argued in the course of the formal investigative procedure that the lending banks did not have any exposure under the old RCF when negotiating their participation in the new RCF.
Zato je bilo mogoče, da bi bila odgovorna za kritje vseh stroškov povračila strankam, če bi družba SAS preklicala ustrezne lete.