COMMISSION DECISION
of 8 May 2012
on State aid SA.22668 (C 8/08 (ex NN 4/08))
(notified under document C(2012) 3025)
(Only the Spanish text is authentic)
(Text with EEA relevance)
(2013/126/EU)
I.
PROCEDURE
II.
DETAILED DESCRIPTION
III.
COMMENTS FROM INTERESTED PARTIES
IV.
COMMENTS FROM SPAIN
Date |
Description |
Public investment (in EUR) |
24.10.2000 |
Valencia Region decides to develop Ciudad de la Luz |
— |
2.11.2000 |
Ciudad de la Luz SA is created (75 % owned by Parque Temático de Alicante SAU, 25 % owned by Producciones Aguamarga SL) |
450 000 [75 % of 600 000] |
21.11.2001 |
Parque Temático de Alicante SAU invests unilaterally for a capital increase of EUR 9 million in Ciudad de la Luz SA (increasing its share to 98,4 %) |
9 000 000 |
6.2.2003 |
Proyectos Temáticos de la Comunidad Valenciana SAU(15) invests unilaterally in a capital increase of EUR 30 million in Ciudad de la Luz SA (increasing its share to 99,6 %) |
30 000 000 |
4.5.2004 |
Proyectos Temáticos de la Comunidad Valenciana SAU invests unilaterally in a capital increase of EUR 54 870 660 in Ciudad de la Luz SA (increasing its share to 99,8 %) |
54 870 660 |
23.7.2004 |
Proyectos Temáticos de la Comunidad Valenciana SAU acquires the 0,2 % share of Ciudad de la Luz SA owned by Producciones Aguamarga SL (with a nominal value of EUR 150 000) for EUR 139 059 (increasing its share in Ciudad de la Luz SA to 100 %) |
139 059 |
9.3.2005 |
Proyectos Temáticos de la Comunidad Valenciana SAU ceded the land on which the studios were built to Ciudad de la Luz SA, thereby increasing its equity by EUR 9 800 040 (even though the land had been valued at EUR 1 030 856 in the accounts of Proyectos Temáticos de la Comunidad Valenciana SAU). Before this date, the project had already received permission from the Valencian Government to build the studios on the site. |
9 800 040 |
Summer 2005 |
Ciudad de la Luz SA starts its activities as a film studio |
— |
28.4.2005 |
Participating loan of EUR 95 million |
95 000 000 |
26.12.2007 |
Participating loan of EUR 20 million |
20 000 000 |
30.6.2008 |
Convertible loan stock issued with an option to convert the loan to shares before 31 December 2008 |
10 000 000 |
2.1.2009 |
Convertible loan stock issued with an option to convert the loan to shares before 30 June 2009. |
10 000 000 |
17.3.2009 |
Convertible loan stock authorised up to EUR 30 million with an option to convert the loan to shares before 30 December 2009. |
25 829 840 |
31.12.2010 |
Unpaid interest on participative loans in 2009 & 2010 |
7 222 160 |
31.12.2010 |
Unpaid interest on unconverted loans in 2009 and 2010 |
1 814 187 |
|
Total |
274 125 946 |
V.
ASSESSMENT OF THE AID
VI.
CONCLUSION
Article 1
Article 2
Article 3
Article 4
Article 5
ANNEX A
Identity of the beneficiary |
Total amount of aid received under the scheme(1) |
Total amount of aid to be recovered(1) (Principal) |
Total amount already reimbursed(1) |
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Principal |
Interest |
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ANNEX I
Ciudad de la Luz (CDL) — Approach for the calculation of an appropriate cost of capital in capital budgeting decisions — July 2009
Objective
The Cost of Equity Capital
(5)
Application to Ciudad De La Luz
Pitfalls in the Methodology of LECG
Competitors data
1.
Amadeus data
Peer group analysis
|
Median |
Return on capital employed (ROCE) |
13,56 % |
|
Median |
ROCE |
10,1 % |
|
Median |
ROCE |
10,1 % |
2.
ORBIS data
(11)
|
Median |
ROCE |
10,82 % |
|
Average |
ROCE |
12,26 % |
Conclusion
|
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
Cash flow |
– 884 |
–1 792 |
–2 601 |
– 118 177 |
–55 813 |
–25 088 |
4 462 |
Discount |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
1 |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
14,91 % |
1,3204 |
1,1491 |
1,0000 |
0,8702 |
0,7573 |
0,6591 |
0,5735 |
DCF |
–1 167,26 |
–2 059,19 |
–2 601,00 |
– 102 843,09 |
–42 268,78 |
–16 534,56 |
2 559,16 |
|
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
NPV |
Cash flow |
5 526 |
6 561 |
6 842 |
8 057 |
8 307 |
80 447 |
|
Discount |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
|
14,91 % |
0,4991 |
0,4344 |
0,3780 |
0,3290 |
0,2863 |
0,2491 |
|
DCF |
2 758,17 |
2 849,86 |
2 586,30 |
2 650,40 |
2 378,07 |
20 041,62 |
– 131,65 |
Comments on the last submission (25 March)
|
Market risk premium |
Beta of Ciudad de la Luz |
Risk premium required from Ciudad de la Luz |
2000 |
9,49 % |
0,395 |
3,75 % |
2004 |
5,25 % |
0,395 |
2,07 % |
Appendix
ANNEX II
[adapted from the document of March 2010]
Reply to the submission of 19 October 2009 prepared by LECG
1.
The parameters of the CAPM
1.1.
Equity premium
1.2.
Beta
2.
The relevant time frame
|
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
NPV |
Cash flow |
–46 479 |
–69 719 |
9 005 |
12 616 |
6 930 |
7 710 |
68 698 |
|
Discount |
1 |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
|
16,66 % |
1 |
0,8572 |
0,7348 |
0,6298 |
0,5399 |
0,4628 |
0,3967 |
|
DCF |
–46 479 |
–59 762,56 |
6 616,67 |
7 946,13 |
3 741,50 |
3 568,16 |
27 252,87 |
–57 116,22 |
3.
Financial ratios
4.
The extension of the investment to hotels and office spaces
|
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
Cash flow |
– 884 |
–1 792 |
–2 601 |
– 118 177 |
–55 813 |
–25 088 |
4 462 |
IPC hotels |
|
|
|
1,000 |
1,021 |
1,042 |
1,064 |
Hotels |
|
|
|
560 |
572 |
584 |
596 |
Total |
– 884 |
–1 792 |
–2 601 |
– 117 617 |
–55 241 |
–24 504 |
5 058 |
Discount |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
1 |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
14,91 % |
1,3204 |
1,1491 |
1,0000 |
0,8702 |
0,7573 |
0,6591 |
0,5735 |
DCF |
–1 167,26 |
–2 059,19 |
–2 601,00 |
– 102 355,76 |
–41 835,77 |
–16 149,82 |
2 901,01 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
NPV |
5 526 |
6 561 |
6 842 |
8 057 |
8 307 |
80 447 |
|
1,087 |
1,110 |
1,133 |
1,157 |
1,181 |
1,206 |
|
609 |
621 |
634 |
648 |
661 |
9 401 |
|
6 135 |
7 182 |
7 476 |
8 705 |
8 968 |
89 848 |
|
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
[Bild bitte in Originalquelle ansehen] |
|
0,4991 |
0,4344 |
0,3780 |
0,3290 |
0,2863 |
0,2491 |
|
3 061,91 |
3 119,74 |
2 826,09 |
2 863,46 |
2 567,38 |
22 383,73 |
– 126 445,48 |