COMMISSION DECISION
of 21 March 2012
on State aid SA.29864 (C 6/10) (ex NN 1/10) implemented by the Czech Republic for České aerolinie, a. s. (ČSA — Czech Airlines a.s. — possible State aid implications of a loan provided by Osinek a.s.)
(notified under document C(2012) 1664)
(Only the Czech version is authentic)
(Text with EEA relevance)
(2012/637/EU)
1.
PROCEDURE
2.
DETAILED DESCRIPTION OF THE MEASURE
2.1.
The Osinek loan
Collateral |
Value in CZK (million) |
Value determined by |
Period of use |
Operational building — Hangar F (including land under the building) |
[925 - 990](4) |
YBN Consult — Znalecký ústav s.r.o., Expert opinion of 1 June 2009 |
from 11 May 2009 (1st tranche) |
Administrative building ‘APC’ (including land under the building) |
[735 - 770] |
YBN Consult — Znalecký ústav s.r.o., Expert opinion of 5 July 2009 |
from 30 July 2009 (2nd tranche) until 9 December 2009 (cancelled by 3rd Addendum) |
Spare parts (rotating spare parts and/or replacement engines) |
[150 - 165] |
Valuation based on net book value at 30 September 2009 |
from 24 September 2009 (3rd tranche) |
Spare parts (rotating, type A310 (all) and Boeing |
[520 - 575] |
Valuation based on net book value at 30 September 2009 |
from 24 September 2009 (3rd tranche) until 25 January 2010 (4th Addendum) |
Land around the ‘APC’ administrative building |
[60 - 65] |
YBN Consult — Znalecký ústav s.r.o., Expert opinion of 5 July 2009 |
from 23 July 2009 (1st Addendum) until 25 January 2010 |
Land around and adjacent to Hangar F |
[105 - 115] |
YBN Consult — Znalecký ústav s.r.o., Expert opinion of 5 July 2009 |
from 23 July 2009 (1st Addendum) |
Spare parts, type: A319/320 |
[265 - 290] |
Based on net book value |
from 23 July 2009 (1st Addendum) |
Spare parts, type: A310, ATR and Boeing |
[440 - 485] |
Based on net book value |
from 22 September 2009 (2nd Addendum) |
Flight simulator |
[155 - 170] |
YBN Consult — Znalecký ústav s.r.o., Expert opinion of 10 September 2009 |
from 22 September 2009 (2nd Addendum) |
1 Boeing 737-55s, registration mark: OK CGK |
[140 - 155] |
YBN Consult — Znalecký ústav s.r.o., Expert opinion of 7 December 2009 |
from 9 December 2009 (3rd Addendum) |
2 Boeing 737-55s, registration marks: OK CGH, OK CGJ |
[300 - 330] |
YBN Consult — Znalecký ústav s.r.o., Expert opinion of 7 December 2010 |
from 9 December 2009 (3rd Addendum) until 25 January 2010 (4th Addendum) |
IT |
[80 - 85] |
PROSCON — s.r.o., Expert opinion of 30 November 2009 |
from 9 December 2009 (3rd Addendum) |
‘ČSA CZECH AIRLINES’ trademark |
[140 - 155] |
Vladimir Cmejla, Expert opinion of 30 November 2009 |
from 9 December 2009 (3rd Addendum) |
ČSA's share in ČSA Support, s.r.o. |
[790 - 865] |
PROSCON — s.r.o., Expert opinion of 20 January 2010 |
from 25 January 2010 (4th Addendum) |
2.2.
Scope of this Decision
2.3.
Osinek
2.4.
The beneficiary, ČSA
2.4.1.
Ownership structure
2.4.2.
Financial situation of the company
|
2006 |
2007 |
2008 |
2009 |
Equity |
938 646 |
1 238 093 |
101 686 |
–2 352 045 |
Registered capital |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |
Source: Annual Reports of ČSA |
(thousands) CZK |
31.12.2006 |
31.12.2007 |
31.3.2008 |
30.6.2008 |
31.12.2008 |
31.3.2009 |
30.6.2009 |
30.9.2009 |
31.12.2009 |
Profit/Loss |
– 396 951 |
206 600 |
[– 880 000 - – 800 000] |
[– 180 000 - – 165 000] |
470 057 |
[– 1 320 000 - – 1 190 000] |
[– 1 840 000 - – 1 660 000] |
[– 2 625 000 - – 2 365 000] |
–3 756 125 |
Turnover(5) |
23 375 950 |
23 399 853 |
[4 625 000 - 5 080 000] |
[10 175 000 - 11 250 000] |
22 581 692 |
[4 385 000 - 4 820 000] |
[9 265 000 - 10 235 000] |
[14 300 000 - 15 830 000] |
19 789 620 |
Net cash flow from operations |
– 533 192 |
– 275 234 |
[– 1 110 000 - – 1 000 000] |
[– 640 000 - – 580 000] |
–1 762 376 |
[– 1 230 000 - – 1 115 000] |
[– 1 320 000 - – 1 195 000] |
— |
–3 066 694 |
Debt |
6 476 911 |
4 391 070 |
[4 410 000 - 4 890 000] |
[3 665 000 - 4 065 000] |
6 494 752 |
[5 685 000 - 6 285 000] |
[5 550 000 - 6 065 000] |
[6 290 000 - 6 960 000] |
6 581 325 |
Net asset value |
11 679 439 |
10 161 647 |
[8 945 000 - 9 855 000] |
[9 535 000 - 10 065 000] |
10 418 871 |
[8 340 000 - 9 255 000] |
[8 990 000 - 9 920 000] |
[8 470 000 - 9 390 000] |
7 948 571 |
Source: Financial statements provided by ČSA |
2.5.
The opening decision
3.
COMMENTS FROM THE CZECH REPUBLIC
4.
COMMENTS FROM INTERESTED PARTIES
5.
COMMENTS FROM THE CZECH REPUBLIC ON THE OBSERVATIONS OF INTERESTED PARTIES
6.
PRESENCE OF STATE AID
6.1.
State resources and imputability
6.2.
Economic advantage
Date of change |
Amount drawn (CZK million) |
Value of collateral (CZK million) |
% level of collateral |
11 May 2009 |
800 |
[880-935] |
[110-117] % |
23 July 2009 |
800 |
[1 350 - 1 485] |
[169-186] % |
30 July 2009 |
1 700 |
[2 040 - 2 240] |
[120-132] % |
22 September 2009 |
1 700 |
[2 485 - 2 760] |
[146-162] % |
24 September 2009 |
2 500 |
[3 190 - 3 535] |
[128-141] % |
9 December 2009 |
2 500 |
[3 275 - 3 615] |
[131-145] % |
25 January 2010 |
2 500 |
[3 310 - 3 640] |
[132-146] % |
6.3.
Selectivity
6.4.
Distortion of competition and effect on trade
6.5.
Conclusion
7.
COMPATIBILITY OF THE AID WITH THE INTERNAL MARKET
7.1.
Compliance with Section 4.4.2 of the Temporary Framework
2007 |
6/07 |
7/07 |
8/07 |
9/07 |
10/07 |
11/07 |
12/07 |
Equity |
[1 035 000 - 1 140 000] |
[1 415 000 - 1 555 000] |
[1 450 000 - 1 595 000] |
[1 410 000 - 1 565 000] |
[1 950 000 - 2 145 000] |
[1 260 000 - 1 390 000] |
1 238 093 |
Registered capital |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |
2008 |
1/08 |
2/08 |
3/08 |
4/08 |
5/08 |
6/08 |
Equity |
[585 000 - 645 000] |
[385 000 - 420 000] |
[110 000 - 120 000] |
[690 000 - 755 000] |
[860 000 - 950 000] |
[965 000 - 1 065 000] |
Registered capital |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |
|
7/08 |
8/08 |
9/08 |
10/08 |
11/08 |
12/08 |
Equity |
[945 000 - 1 030 000] |
[1 220 000 - 1 340 000] |
[1 270 000 - 1 410 000] |
[1 295 000 - 1 430 000] |
[610 000 - 670 000] |
101 686 |
Registered capital |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |
2 735 510 |