natgillin/translations-raw huggingface dataset:
It also follows from the Ryanair studies of 17 and 31 January 2014 that the generation of benefits going beyond the air routes covered by marketing services agreements or lasting after the period of their implementation for these routes, as set out in the marketing services agreements and airport services agreement, was extremely uncertain and could not be quantified with a degree of reliability that would be considered sufficient by a prudent MEO.
Följaktligen uppfyllde inte de aspekter som anfördes i Oxera-studien från den 4 juli 2011 grundförutsättningen för benchmarking, nämligen ett ”tillräckligt noggrant fastställande av de aktuella ekonomiska verksamheterna”, som skulle göra det möjligt att identifiera jämförbara investerare.
Thus, for example, according to the study of 17 January 2014, ‘future incremental profits beyond the scheduled expiry of the airport services agreement are inherently uncertain’.
Dessutom fastställdes inga tillförlitliga referensvärden i Oxera-studien från den 4 juli 2011 för marknadspriserna för flygplatstjänster.
Moreover, that study suggests two methods for evaluating the positive effects of marketing service agreements: a ‘cash flow’ approach and a ‘capitalisation’ approach.
Medan det i studien heter att de valda jämförelseflygplatserna i huvudsak är privatägda och privat finansierade eller på annat sätt agerar som privata investerare i en marknadsekonomi ägs flygplatsen […] av Manchester Airports Group som i sin tur är statlig och därför hävdas det inte i Oxera-studien från den 4 juli 2011 att flygplatsen […] drivs på marknadsmässiga grunder.
The ‘cash flow’ approach involves evaluating the benefits of marketing services agreements and airport services agreements by assessing the future revenues which may be generated by the airport operator through marketing services and the airport services agreement, minus corresponding costs.
När det gäller flygplatsen […] heter det i studien att denna i huvudsak var i privat ägo.
In the ‘capitalisation’ approach, improvement of the brand image of the airport through marketing services is treated as an intangible asset, acquired for the price laid down in the marketing services agreement.
I samband med detta försummade man dock att nämna att flygplatsen […] gick med underskott innan den såldes år 2013 varför man frågar sig om de låga flygplatsavgifterna på […], som nämndes som referensvärden, var bärkraftiga för en investerare i en marknadsekonomi.
However, the study highlights the major difficulties presented by the ‘capitalisation’ approach and shows that the results produced by this method may be unreliable; it suggests that the ‘cash flow’ approach would be better.
Slutsats om villkoren för att tillämpa kriteriet med en marknadsekonomisk aktör
In particular, the study finds:
För att tillämpa principen om en investerare i en marknadsekonomi på de berörda avtalen måste kommissionen alltså för varje avtal om marknadsföringstjänster analysera det avtalet och motsvarande avtal om flygplatstjänster tillsammans och avgöra om en tänkt investerare i en marknadsekonomi, som vägleddes av utsikterna till lönsamhet och förvaltade KLU i stället för KFBG, skulle ha ingått dessa avtal.
‘The capitalisation approach should only take into account the proportion of marketing expenditure that is attributable to the intangible asset base of an airport.
Dessutom måste kommissionen bedöma den tillkommande ökningen av avtalens lönsamhet på ett sådant sätt som en privat investerare i en marknadsekonomi skulle ha gjort det vid den tidpunkt när avtalet ingicks genom att den gjorde följande bedömning när det gäller avtalets hela löptid:
However, it may be difficult to identify the proportion of marketing expenditure that is targeted towards generating expected future revenues for the airport (i.e. an investment in the intangible asset base of the airport) as opposed to generating current revenues for the airport.’
den ytterliga framtida trafik som förväntas av genomförandet av dessa avtal, eventuellt med hänsyn till effekterna av marknadsföringstjänsterna på beläggningsgraden för de flyglinjer som omfattas av avtalen,
It also stresses that:
de ytterligare framtida intäkter som förväntas av genomförandet av dessa avtal, inklusive intäkter från luftfartsavgifter och marktjänster som genererats av de flyglinjer som omfattas av avtalen, samt intäkterna från icke-luftfartsverksamhet till följd av den ytterligare trafik som genererats av genomförandet av dessa avtal,
‘In order to implement the capitalisation-based approach, it is necessary to estimate the average length of time that an airport would be able to retain a customer due to the AMS marketing campaign.
de ytterligare framtida kostnader som förväntas av genomförandet av dessa avtal, inklusive driftkostnader och eventuella ytterligare investeringskostnader som genereras av de förbindelser som omfattas av avtalen, samt kostnaderna för marknadsföringstjänsterna.
In practice, it would be very difficult to estimate the average period of customer retention following an AMS campaign due to insufficient data.’
Dessa beräkningar bör ge de framtida årliga flöden som motsvarar skillnaden mellan de ytterligare intäkterna och merkostnaderna, vid behov uppdaterade med en procentsats som återspeglar flygplatsförvaltarens kapitalkostnad.
The study of 31 January 2014 proposes a practical application of the ‘cash flow’ approach.
Ett positivt nettonuvärde visar i princip att de berörda avtalen inte medför någon ekonomisk fördel, medan ett negativt nettonuvärde visar att det föreligger en ekonomisk fördel.
Under this approach, the benefits of marketing services agreements and airport services agreements which last even after the marketing services agreement has expired are expressed as a ‘terminal value’ that is calculated on the agreement's expiry date.
Vid avgörandet av huruvida ett avtal om flygplatstjänster och/eller ett avtal om marknadsföringstjänster ska ingås skulle en privata investerare i en marknadsekonomi som tidshorisont för sin bedömning välja antingen avtalens löptid eller den period som anges i varje enskilt avtal.
This terminal value is calculated based on the incremental profits expected from the airport services agreement and marketing services agreement in the final year of application of the airport services agreement.
Med andra ord skulle aktören bedöma de tillkommande kostnaderna och intäkterna under avtalens tillämpningsperiod.
Moreover, this method takes into account a discount rate which reflects capital costs.
En generellt försiktig aktör skulle dessutom vara medveten om att lågprisbolag som Ryanair alltid har varit och är kända för att vara mycket lättpåverkade av marknadsutvecklingen, både när det gäller att starta och lägga ned rutter och när det gäller att öka eller minska antalet avgångar.
The study suggests a probability factor of 30 %, which it considers prudent.
En försiktigt agerande investerare i en marknadsekonomi skulle inte ha beaktat den möjlighet som förutses i två av avtalen till en förlängning av avtalen.
However, this very theoretical study does not provide any serious evidence for this factor, either quantitatively or qualitatively.
Avtalen förlängdes automatiskt endast om Ryanair uppfyllde sina skyldigheter enligt avtalen till fullo.
It does not base itself on any facts relating to Ryanair's activities, air transport markets or airport services to substantiate this rate of 30 %.
I och med att förlängningen således berodde på Ryanairs framtida uppträdande skulle en försiktig investerare i en marknadsekonomi som befann sig i samma situation som KFBG inte ha kunnat utgå från en automatisk förlängning av avtalet vid tidpunkten för undertecknandet.
It does not establish any link between this rate and the factors that it mentions in passing (prominence, strong brand, network externalities and repeat passengers) and that are supposed to extend the benefits of the airport services agreement and market service agreement after their expiry dates.
Detta beläggs också av det faktum att alla fyra avtalen mellan KFBG, DMG, Ryanair, LV och AMS slutade i förtid den 29 oktober 2005 när Ryanair ställde in flygtrafiken mellan KLU och STN av ekonomiska skäl.
Finally, it does not in any way base itself on the specific content of marketing services provided for in the various contracts with AMS when analysing to what extent those services could influence those factors.
Även om utgångspunkten hade varit en förlängning av avtalen med fem år skulle en bedömning i förväg inte ha kommit till något annat resultat.
Moreover, it does not prove that there is any likelihood that, on expiry of the airport services agreement and the marketing services agreements, the profits generated by these agreements for the airport operator in the final year of their application will continue in the future.
Om man skulle bedöma en sådan förlängning med utgångspunkt från samma villkor som gällde under den första femårsperioden skulle resultatet ha blivit nya negativa tillkommande betalningsflöden.
Likewise, it provides no evidence that the growth rate of the air transport market in Europe is a useful indicator for measuring the impact of an airport services agreement and marketing services agreements for a given airport.
Vid bedömningen av de berörda avtalen och med hänsyn till det som anförs ovan, bör det påpekas att både förekomsten av och storleken på inslaget av stöd i dessa avtal måste bedömas med hänsyn till den situation som rådde när avtalen undertecknades, och framför allt med hänsyn till de uppgifter som fanns tillgängliga och den utveckling som gick att förutse vid det tillfället.
A ‘terminal value’ calculated using the method suggested by Ryanair would therefore be highly unlikely to be taken into account by a prudent MEO when deciding whether to enter into an agreement.
Österrike förklarar att KFBG/DMG inte hade tagit fram några marknadsstudier, affärsplaner eller lönsamhetsberäkningar i förväg inför slutandet av enstaka avtal om flygplatstjänster med olika flygbolag och att detta inte heller var fallet inför slutandet av enstaka avtal om marknadsföringstjänster.
The study of 31 January 2014 therefore shows that a ‘cash flow’ approach would only lead to very uncertain and unreliable results, as would the ‘capitalisation’ method.
Enligt Ryanair kan avsaknaden av en affärsplan när avtal av den typ som omfattas av det formella granskningsförfarandet ingås inte användas som bevis för att principen om en investerare i en marknadsekonomi inte är uppfylld.
Moreover, neither Austria nor any interested third party has provided any evidence that the method put forward by Ryanair in the study of 31 January 2014, or any other method aiming to quantify the profits after expiry of airport services agreements and marketing services agreements, has been successfully implemented by regional airport operators comparable to Klagenfurt's operator.
Att det inte föreligger någon affärsplan tyder på att de avtal som slutits med Ryanair, LV och AMS inte uppfyller principen om en privat investerare i en marknadsekonomi, i synnerhet eftersom vare sig Österrike eller KFBG kunde presentera någon – även om det fanns en ofullständig – lönsamhetsberäkning för dessa avtal som hade tagits fram innan avtalen undertecknades.
Austria has not made any comments on the studies of 17 and 31 January 2014.
Därför uppmanade kommissionen Österrike att göra en rekonstruktion av lönsamhetsberäkningen på ett sådant sätt som en om en investerare i en marknadsekonomi skulle ha gjort innan avtalen med Ryanair, LV och AMS undertecknades år 2002 under förfarandets förlopp och då utgå från den objektiva information som förelåg KFBG/DMG när dessa avtal undertecknades samt utgå från den utveckling som går att överblicka.
Moreover, a terminal value calculated using the method put forward by Ryanair is only positive (and, therefore, only tends to increase the profitability of the airport services agreement and marketing services agreements) if the incremental profit expected from these agreements in the final year of application of the airport services agreement is positive.
På kommissionens uppmaning tog Österrike fram en översikt över de tillkommande kostnaderna och intäkterna som kunde förväntas vid den tidpunkt när de aktuella avtalen skulle träffas.
If it is negative, taking the terminal value into account will usually reduce the profitability of the agreements.
Österrike presenterade motsvarande data för varje avtal som har sammanfattats i tabell 9.
It will be demonstrated below that the 2002 agreements resulted in negative incremental cash flows.
Tabell 9
Moreover, as stated above, the marketing services target the route covered by the marketing services agreement.
Inkrementell ökning av lönsamheten vid avtalen med Ryanair, LV och AMS från 2002, framtagen av Österrike
If this route is not renewed on expiry of the airport services agreement, it is unlikely that marketing services will continue to have a positive effect on passenger traffic at the airport after the expiry date.
5 år
It is very difficult for an airport operator to assess the likelihood of an airline continuing to run a route on expiry of the term to which it has committed itself in the airport services agreement.
Internräntesats
Low-cost airlines, in particular, have shown that, when it comes to opening and closing routes, they are very responsive to market conditions which, more often than not, change very quickly.
Passagerarstödåtgärd:
Therefore, when entering into a transaction such as the one being examined in this case, a prudent MEO would not rely on an airline company extending the operation of the route in question on expiry of the agreement.
Dagliga förbindelser
To conclude, in light of the arguments presented above, the only benefit that a prudent MEO would expect from a marketing services agreement, and which it would quantify when deciding on whether to enter into such an agreement, together with an airport services agreement, would be that the marketing services would have a positive effect on the number of passengers using the routes covered by the agreements in question for the term of operation of those routes, as set out in the agreements.
Rotationen per år
The Commission considers that any other possible benefits are too uncertain to be quantified and taken into account and that no such benefits have been concretely demonstrated in the present case.
LFZ (B737-800)
The feasibility of comparing Klagenfurt airport to other European airports
Säten
Regarding the comparison of KLU with other airports, Ryanair submitted the Oxera study of 4 July 2011.
Räknemodell
This study was limited to a comparison between charges paid by Ryanair at […] and […] and airports, and the charges paid by Ryanair under the airport services agreements at KLU.
Förväntade värden enligt avtalen
That study did not factor in the specific marketing services agreements at KLU in comparison to those possibly offered in other airports.
Rotationer
However, for each route covered by the agreements at issue the relevant marketing services agreement had to be assessed jointly with the corresponding airport services agreement.
Beläggningsgrad
As such, the elements invoked in the Oxery study of 4 July 2011 did not fulfil the most basic requirement for benchmarking, namely a ‘sufficiently precise definition of the economic activities concerned’ so that comparable market operators could be identified.
Avresande passagerare
In addition, the Oxera study of 4 July 2011 did not establish a dependable point of reference for market prices of airport services.
Tid 5 år
As for […] Airport, the study states that the airport has consistently been privately owned, but omits to mention that […] airport was loss-making before it was sold in 2013, a factor which would call into question whether the low airport charges invoked as a point of reference in this case were sustainable for a MEO.
Per avresande passagerare – säkerhetsavgift
Conclusion on the terms for applying the market economy operator test
Per avresande passagerare – säkerhetsavgift
It is clear from all the above that, in order to apply the MEO test to the agreements in question, the Commission must analyse each marketing services agreement together with the corresponding airport services agreement, and must assess whether a hypothetical MEO, motivated by the prospect of profits and operating KLU in place of KFBG, would have entered into these transactions.
Skatteförvaltningen Wien
To this end, the Commission must determine the incremental profitability of the agreements as it would have been assessed by the MEO at the time of their conclusion, by estimating, for the entire period of application of the agreements:
Icke luftfartsrelaterade merintäkter per passagerare
the future incremental traffic expected from the implementation of these agreements, possibly taking into account the effects of the marketing services on the load factors of the routes covered by the agreements,
Luftfartsrelaterade merintäkter
the future incremental revenues expected from the implementation of these agreements, including revenue from airport charges and ground handling services, generated by the routes covered by these agreements, as well as non-aeronautical revenue from the additional traffic generated by the implementation of these agreements,
Kostnadsbidrag Kärnten Werbung
the future incremental costs expected from the implementation of these agreements, including operating costs and any incremental investment costs generated by the routes covered by these agreements, as well as marketing service costs.
Kostnadsbidrag staden Klagenfurt
These calculations will provide the future annual flows corresponding to the difference between incremental revenues and costs, which are to be discounted, if necessary, by a rate reflecting the cost of capital for the airport operator.
Kostnadsbidrag delstaten Kärnten
A positive net present value indicates in principle that the agreements in question do not confer an economic advantage, whereas a negative net present value reveals the presence of such an advantage.
Intäkter projekt
When deciding on whether to enter into an airport services agreement and/or a marketing services agreement, a MEO will choose a time frame for its assessment based on the term of the agreements in question or the term set in each individual agreement.
Marknadsföringsavtal Leading Verge om
In other words, it will assess the incremental costs and revenues for the term of application of the agreements.
DMG den 23 maj 2002
There does not seem to be any justification for choosing a longer period.
Projektkostnader på marginalkostnadsbasis
On the date of signature of the agreements, a prudent MEO will not count on the agreements being renewed once they have expired, whether under the same or new terms.
Marktjänster extern tjänst 51 %
Moreover, a generally prudent operator would be aware that low-cost airlines such as Ryanair have always been and are known for being very responsive to market developments, both when starting up or shutting down routes and when increasing or decreasing the number of flights.
Austro Control – flygsäkerhet
As a time frame for an assessment of the agreements in question a MEO would have chosen as a starting point the date of the simultaneous signature of all four agreements, i.e. the 22 January 2002.
Projektkostnader (2002)
As an end date a MEO would have taken the end date as stipulated in each agreement.
Flygrelaterade
This was after a period of 5 years, i.e. 26 June 2007 in case of the airport services agreement between Ryanair and KFBG and of the first marketing agreement between DMG and LV.
Passagerarrelaterade
In case of the second marketing agreement between DMG and AMS the agreement entered into force for a 5-year initial term, i.e. until 21 January 2007.
Projektkostnader/utgifter
The third marketing agreement between DMG and LV indicated no precise duration, but had as main purpose the one-off payment of EUR […] by DMG to LV on 1 May 2002.
Överskott
Therefore 1 May 2002 would mark the end of the application of the agreement.
Diskonteringsfaktor
The possibility to extend the agreements as foreseen in two of the agreements would not be taken into consideration by a prudent MEO.
Analysen av kostnad-nytta leder till ett diskonterat positivt resultat i en höjd på (i EUR)
The extension of the agreements was automatic under the condition that Ryanair fully complied with its obligations as set out in the agreement.
Avgifter enligt avtalet den 22 januari 2002
The extension was thus dependant on Ryanair's future behaviour and for that reason, on the date of signature a prudent MEO in the same situation as KFBG would not have been in a position to expect that this automatic extension would necessarily take place.
All-Inclusive-avgift per rotation
This view seems to be confirmed by the fact that all four agreements between KFBG, DMG, Ryanair, LV and AMS ended ahead of time on 29 October 2005, when Ryanair stopped to operate the passenger air services between KLU and STN due to economic reasons.
Säkerhetsavgift per avresande passagerare
Even when taking into account a prolongation of the agreements for 5 further years, this would not lead to another result of an ex ante assessment.
(fastställs av de österrikiska myndigheterna)
When assessing such prolongation under the same terms as for the first 5 years, it would lead to the same results, i.e. negative incremental cash flows.
Marktjänster 2002
For the purpose of assessing the agreements in question and given the above findings, it should be noted that both the existence and the amount of aid in these agreements have to be assessed in the light of the situation prevailing at the time they were signed and, more specifically, in the light of the information available and developments foreseeable at that time.
Vid sammanställningen av tabell 9 tog Österrike hänsyn till följande överväganden:
Austria asserts that KFBG/DMG did not prepare any ex ante market study, business plan or profitability calculation before concluding individual airport services agreements with various airlines, nor did it prepare any ex ante market study, business plan or profitability calculation before concluding individual marketing services agreements.
Den förväntade trafikvolymen, dvs. det tillkommande förväntade antalet passagerare beräknades med utgångspunkt från antalet planerade flyg per vecka (348 rotationer per år till London med 189 platser, en högsta startvikt på 75 ton och en kabinfaktor på 70 %) och steg med löptiden för avtalet om flygplatstjänster med Ryanair.
According to Ryanair, the lack of a business plan when agreements such as those covered by the formal investigation procedure are signed cannot be used as evidence that the MEO test is not satisfied.
I resultatet angav Österrike 46040 passagerare per år.
The lack of a business plan indicates that the agreements signed with Ryanair, LV and AMS do not satisfy the MEO test, particularly as neither Austria nor KFBG have been able to provide, in respect of these agreements, any profitability calculation, even incomplete, that was carried out before the agreements were signed.
De förväntade tillkommande luftfartsrelaterade intäkterna (avgifterna för marktjänster och landningsavgifter baserade på de dåvarande flygplatsavgifterna på […] EUR per rotation […] EUR per avresande passagerare) beräknades för den femåriga löptiden för avtalet om flygtjänster baserat på de villkor som avtalats med Ryanair.
The Commission therefore invited Austria during the procedure to reconstruct the profitability analysis that an MEO would have carried out before signing the agreements with Ryanair, LV and AMS in 2002, based on the objective information known to KFBG/DMG when these agreements were signed and on the foreseeable developments.
Som tillkommande intäkter per år angav Österrike totalt […] EUR per år som tillkommande intäkter per avresande passagerare totalt […] EUR per år.
Upon the Commission's request, Austria prepared an overview of the incremental costs and revenues that could have been expected at the time the relevant agreements were concluded.
Säkerhetsavgifterna på […] EUR beaktades inte eftersom KFBG vidarebefordrade dem till de österrikiska myndigheterna direkt så att det handlade om genomgående pengar.