COMMISSION DECISION (EU) 2016/788
of 1 October 2014
on the State aid SA.32833 (11/C) (ex 11/NN) implemented by Germany concerning the financing arrangements for Frankfurt Hahn airport put into place in 2009 to 2011
(notified under document C(2014) 6850)
(Only the English text is authentic)
(Text with EEA relevance)
1.
PROCEDURE
2.
CONTEXT OF THE INVESTIGATION
2.1.
Conversion of the airport and its ownership structure
2.2.
Passenger and freight traffic development and airports in the vicinity
Year |
Number of passengers |
Number of Ryanair passengers |
1998 |
29 289 |
0 |
1999 |
140 706 |
89 129 |
2000 |
380 284 |
318 664 |
2001 |
447 142 |
397 593 |
2002 |
1 457 527 |
1 231 790 |
2003 |
2 431 783 |
2 341 784 |
2004 |
2 760 379 |
2 668 713 |
2005 |
3 079 528 |
2 856 109 |
2006 |
3 705 088 |
3 319 772 |
2007 |
4 015 155 |
3 808 062 |
2008 |
3 940 585 |
3 821 850 |
2009 |
3 793 958 |
3 682 050 |
2010 |
3 493 629 |
[2 794 903 -3 493 629 ] |
2011 |
2 894 363 |
[2 315 490 -2 894 363 ] |
2012 |
2 791 185 |
[2 232 948 -2 791 185 ] |
2013 |
2 667 529 |
[2 134 023 -2 667 529 ] |
Year |
Total air freight in tonnes |
Total freight including freight forwarders in tonnes |
1998 |
16 020 |
134 920 |
1999 |
43 676 |
168 437 |
2000 |
75 547 |
191 001 |
2001 |
25 053 |
133 743 |
2002 |
23 736 |
138 131 |
2003 |
37 065 |
158 873 |
2004 |
66 097 |
191 117 |
2005 |
107 305 |
228 921 |
2006 |
123 165 |
266 174 |
2007 |
125 049 |
289 404 |
2008 |
179 375 |
338 490 |
2009 |
174 664 |
322 170 |
2010 |
228 547 |
466 429 |
2011 |
286 416 |
565 344 |
2012 |
207 520 |
503 995 |
2013 |
152 503 |
446 608 |
Figure 1
Passenger traffic development at Frankfurt Main and Frankfurt Hahn airports in 2000-2012
2.3.
Airport's financial results and an overview of investments undertaken
In 1 000 EUR |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
Total 2001-2012 |
Investments into infrastructure and equipment |
|||||||||||||
Anlagenzugänge inkl. Umbuchungen |
|||||||||||||
Land |
3 174,00 |
6 488 |
|
2 994 |
4 284 |
3 086 |
8 613 |
593 |
|
[…] |
|
|
|
Terminal |
|
2 519 |
3 310 |
|
|
|
|
251 |
|
|
|
|
|
Cargo Hangar |
|
|
3 850 |
|
3 222 |
|
|
|
|
|
|
|
|
Office building |
|
|
|
|
|
|
|
2 428 |
|
[…] |
|
|
|
Other infrastructure investments |
|
|
10 194 |
1 152 |
|
|
13 275 |
|
|
[…] |
[…] |
[…] |
|
Apron |
1 008,30 |
5 684 |
|
|
3 394 |
|
10 224 |
2 848 |
|
[…] |
[…] |
|
|
Other infrastructure |
1 502,20 |
3 848 |
2 071 |
2 692 |
3 911 |
1 761 |
1 558 |
2 608 |
384 |
[…] |
[…] |
[…] |
|
Immaterial assets (e.g. IT) |
6,1 |
14,50 |
28 |
219 |
487 |
45 |
170 |
121 |
20 |
[…] |
[…] |
[…] |
7 108 |
Equipment |
8 208,89 |
1 097,09 |
12 308,42 |
1 814,00 |
2 294,54 |
20 232 |
7 550 |
3 823 |
359 |
[…] |
[…] |
[…] |
75 550 |
Total |
13 899 |
19 650 |
31 761 |
8 871 |
17 592 |
25 123 |
41 390 |
12 673 |
763 |
17 289 |
19 346 |
7 930 |
216 287 |
In 1 000 EUR |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
Profit and loss statement |
||||||||||||
Revenues |
10 077,61 |
14 908,11 |
22 574,22 |
29 564,18 |
36 859,08 |
43 479,85 |
41 296,34 |
45 383,60 |
42 036,70 |
43 281,58 |
43 658,38 |
40 983,45 |
Other revenues (including compensation for public policy remit) |
7 771,31 |
5 514,63 |
3 686,87 |
3 039,35 |
3 618,93 |
6 097,29 |
5 436,58 |
4 858,16 |
11 540,36 |
14 554,55 |
9 313,99 |
21 390,92 |
Total Revenue |
17 848,92 |
20 422,75 |
26 261,09 |
32 603,53 |
40 478,01 |
49 577,14 |
46 732,92 |
50 241,76 |
53 577,06 |
57 836,14 |
52 972,37 |
62 374,37 |
Costs of material |
– 7 092,39 |
– 10 211,13 |
– 12 560,46 |
– 14 601,17 |
– 17 895,97 |
– 24 062,81 |
– 22 491,85 |
– 25 133,61 |
– 24 979,59 |
– 27 650,17 |
– 20 017,99 |
– 21 871,65 |
Costs of personnel |
– 9 185,12 |
– 9 672,37 |
– 10 734,62 |
– 11 217,21 |
– 12 101,84 |
– 13 337,28 |
– 14 433,17 |
– 15 758,34 |
– 15 883,08 |
– 17 893,60 |
– 18 228,23 |
– 18 349,10 |
Other costs (including marketing) |
– 5 692,81 |
– 11 434,31 |
– 10 521,27 |
– 11 454,36 |
– 14 058,15 |
– 12 885,28 |
– 9 897,46 |
– 9 630,21 |
– 7 796,81 |
– 8 029,40 |
– 6 760,92 |
– 6 643,00 |
EBITDA |
– 4 121,41 |
– 10 895,06 |
– 7 555,27 |
– 4 669,21 |
– 3 577,94 |
– 708,22 |
– 89,56 |
– 280,39 |
– 4 917,58 |
– 4 262,96 |
– 7 965,23 |
– 15 510,62 |
EBITDA (excl other revenues) |
– 11 892,72 |
– 16 409,69 |
– 11 242,13 |
– 7 708,56 |
– 7 196,87 |
– 6 805,51 |
– 5 526,13 |
– 5 138,56 |
– 6 622,78 |
– 10 291,59 |
– 1 348,76 |
– 5 880,30 |
Depreciation |
– 5 325,63 |
– 5 674,68 |
– 6 045,39 |
– 7 699,33 |
– 7 973,46 |
– 10 527,90 |
– 10 191,89 |
– 11 855,19 |
– 12 482,28 |
– 11 827,19 |
– 13 297,31 |
– 12 733,48 |
Financial results (interest received — interest paid) |
– 2 896,64 |
– 3 013,42 |
– 4 006,57 |
– 4 105,53 |
– 4 548,42 |
– 4 588,16 |
– 5 235,30 |
– 5 693,02 |
– 4 915,39 |
– 2 778,06 |
– 5 063,04 |
– 8 177,54 |
Extraordinary revenues and costs |
– 431,54 |
– 206,00 |
– 10,46 |
0,00 |
0,00 |
0,00 |
0,00 |
0,00 |
0,00 |
– 272,55 |
0,00 |
0,00 |
Taxes |
– 580,13 |
– 204,74 |
– 215,18 |
– 323,82 |
– 228,44 |
– 242,33 |
– 245,00 |
– 238,66 |
– 257,45 |
– 240,85 |
– 231,03 |
– 277,52 |
Coverage of losses by Fraport trough the profit and loss transfer |
13 355,35 |
19 993,90 |
17 832,87 |
16 797,89 |
16 328,26 |
16 066,61 |
15 761,75 |
18 067,26 |
5 621,37 |
0,00 |
0,00 |
0,00 |
Annual result (profit/loss) |
0,00 |
0,00 |
0,00 |
0,00 |
0,00 |
0,00 |
0,00 |
0,00 |
– 7 114,17 |
– 10 855,69 |
– 10 626,14 |
– 5 677,92 |
3.
DESCRIPTION OF THE FACTS AND GROUNDS FOR INITIATING THE PROCEDURE
3.1.
Credit line provided by the cash-pool of
Land
Rhineland-Palatinate
3.2.
Refinancing of FFHG's loans by the Investitions- und Strukturbank of Land Rhineland-Palatinate
No |
Bank |
Loan amount in EUR million |
Duration |
Interest rate |
Interest Swap |
1 |
ISB |
18,4 |
[approx. 8 years] |
[> 3 %; < 4,5 %] |
|
2 |
ISB |
20,0 |
[approx. 5 years] |
[< 12] month EURIBOR plus [< 1 %] |
[…] |
3 |
ISB |
2,5 |
[approx. 2 years] |
[> 3 %; < 4,5 %] |
|
4 |
ISB |
25,9 |
[approx. 7 years] |
[> 3 %; < 4,5 %] |
|
5 |
ISB |
6,8 |
[approx. 3 years] |
[< 12] month EURIBOR plus [< 1 %] |
[…] |
No |
Bank |
Loan amount in EUR million |
Repayment conditions/due date |
1 |
ISB |
18,4 |
Semi-annual repayment on 30 June and 30 December of every year, last repayment rate due on […] |
2 |
ISB |
20,0 |
Bullet loan due on […] |
3 |
ISB |
2,5 |
Semi-annual repayment on 30 April an 30 October of every year, last repayment rate due on […] |
4 |
ISB |
25,9 |
Semi-annual repayment on 30 June and 30 December of every year, last repayment rate due on […] |
5 |
ISB |
6,8 |
Quarterly repayment of […], last repayment rate due […] |
3.3.
Compatibility of possible State aid to FFHG
4.
COMMENTS FROM GERMANY
4.1.
The specific situation of Frankfurt-Hahn Airport in 2009
4.2.
Aid nature of the credit line provided by the cash-pool of
Land
Rhineland-Palatinate
4.2.1.
The funding of the cash-pool
Figure 2
Overall development of the funding of the cash-pool of the
Land
2009-2013 (in EUR million)
4.2.2.
Economic advantage
Figure 3
Overview of the drawing on the credit line of the cash-pool by FFHG between 3/2009 and 8/2013 (in EUR)
Figure 4
Development of the interest rate charged to FFHG for the drawing on the cash-pool in 1/2012-8/2013
Period of time |
Assumed duration(16) |
Stand-alone credit rating of the FFHG (Moody's rating scale) |
Adjusted credit rating(17) (Moody's rating scale) |
1 January 2009-31 December 2010 |
2 Years |
[Ba1-B3](18) |
[Baa3-B2](19) |
1 January 2011-31 December 2011 |
1 Year |
[Ba1-B3](18) |
[Baa3-B2](19) |
1 January 2012-31 December 2012 |
1 Year |
[Ba1-B3] |
[Baa3-B2] |
1 January 2013-31 December 2014 |
2 Years |
[Ba1-B3] |
[Baa3-B2] |
4.3.
Aid nature of the loans and the guarantee granted to FFHG
4.3.1.
Market conformity of ISB loans
Bank |
Duration |
Duration in years |
Stand-alone credit rating of FFHG (Moody's rating scale) |
Adjusted credit rating(27) (Moody's rating scale) |
ISB |
[approx. 8 years] |
[approx. 8 years] |
[B2-Baa3] |
[B1-Baa2] |
ISB |
[approx. 5 years] |
[approx. 5 years] |
[B2-Baa3] |
[B1-Baa2] |
ISB |
[approx. 2 years] |
[approx. 2 years] |
[B2-Baa3] |
[B1-Baa2] |
ISB |
[approx. 7 years] |
[approx. 7 years] |
[B2-Baa3] |
[B1-Baa2] |
ISB |
[approx. 3 years] |
[approx. 3 years] |
[B2-Baa3] |
[B1-Baa2] |
4.3.2.
Market conformity of the guarantee granted by Land Rhineland-Palatinate
4.4.
Compatibility of the measures with the internal market
4.4.1.
Assessment of compatibility of the investment aid
(a) Contribution to a well-defined objective of common interest
Figure 5
Market shares in passenger air transport of Frankfurt Hahn airport in 2013
(
**
)
(b) The infrastructure is necessary and proportionate to the objective
(c) The infrastructure has satisfactory medium-term prospects for use
Figure 6
Total potential passengers at Frankfurt Hahn airport in 2000-2010
Figure 7
Potential low-cost passenger traffic (under the assumption that Ryanair sets a base that means that it would base/station its aircraft at the airport overnight) at Frankfurt Hahn airport in 2001-2011
Figure 8
Total potential freight traffic at Frankfurt Hahn airport in 2001-2010
(d) Access to the infrastructure in an equal and non-discriminatory manner
(e) Trade is not affected contrary to common interest
(f) Incentive effect, necessity and proportionality
4.4.2.
Assessment of compatibility of the operating aid
(a) Contribution to a well-defined objective of common interest
(b) Need for state intervention
(c) Appropriateness of the aid measures as policy instruments
(d) Existence of an incentive effect
(e) Proportionality of the aid amount (aid limited to a minimum)
(f) Avoidance of undue negative effects on competition and trade between Member States
5.
COMMENTS FROM THIRD PARTIES
5.1.
Land
Rhineland-Palatinate
5.2.
Comments on the implementation of the 2014 Aviation Guidelines to the pending case
5.2.1.
Lufthansa
5.2.2.
Transport & Environment
6.
ASSESSMENT
6.1.
Aid nature of the credit line provided by the cash-pool of Land Rhineland-Palatinate
6.1.1.
Notion of undertaking and economic activity
6.1.2.
State resources and imputability to the state
6.1.3.
Economic advantage
6.1.4.
Selectivity
6.1.5.
Distortion of competition and effect on trade
6.1.6.
Conclusion
6.2.
Aid nature of the 100 % guarantee for the ISB loans provided by Land Rhineland-Palatinate to FFHG
6.2.1.
Applicability of State aid rules to the financing of airport infrastructure
6.2.2.
State resources and imputability
6.2.3.
Economic advantage
6.2.4.
Selectivity
6.2.5.
Distortion of competition and effect on trade
6.2.6.
Conclusion
6.3.
Aid nature of the loans provided by ISB to FFHG
6.3.1.
Applicability of State aid rules to financing of airport infrastructure
6.3.2.
State resources and imputablity to the state
6.3.3.
Economic advantage
6.3.4.
Selectivity
6.3.5.
Distortion of competition and effect on trade
6.3.6.
Conclusion
6.4.
Lawfulness of the aid
6.5.
Compatibility
6.5.1.
The applicability of the Rescue and Restructuring Guidelines
6.5.2.
The applicability of the 2014 and 2005 Aviation Guidelines
6.5.3.
Distinction between investment and operating aid
ISB loan no |
Loan amount in EUR million |
Purpose of the loan |
1 |
18,4 |
[…] infrastructure investments amounting to […] |
2 |
20,0 |
[…] infrastructure investments amounting to […] |
3 |
2,5 |
[…] infrastructure investments amounting to […] |
4 |
25,9 |
[…] infrastructure investments amounting to […] |
5 |
6,8 |
[…] infrastructure investments amounting to […] |