COMMISSION DECISION
of 8 April 2009
on the measures C 7/07 (ex NN 82/06 and NN 83/06) implemented by the United Kingdom in favour of Royal Mail
(Notified under document C(2009) 2486)
(Only the English text is authentic)
(Text with EEA relevance)
(2009/613/EC)
1.
PROCEDURE
2.
DESCRIPTION OF THE MEASURES
2.1.
The beneficiary of the alleged State aid
2.2.
Financial regime of the beneficiary and relationship with the State
2.3.
The measures concerned by the investigation procedure
2.3.1.
The 2001 loan
2.3.2.
The loan facilities
2.3.3.
The pensions escrow account
2.3.4.
The new GBP 300 million shareholder loan
2.4.
Grounds for initiating the procedure
2.4.1.
The 2001 loan
2.4.2.
The loan facilities
2.4.3.
The pensions escrow account
2.4.4.
The new GBP 300 million shareholder loan
2.4.5.
Compatibility of any State aid
3.
COMMENTS FROM INTERESTED PARTIES
3.1.
Deutsche Post
3.2.
TNT Post UK Limited
4.
COMMENTS FROM THE UNITED KINGDOM
4.1.
The 2001 loan
4.2.
The loan facilities
4.2.1.
The facilities granted in 2003
4.2.2.
The facilities granted in 2007
4.3.
The pensions measure
4.4.
GBP 300 million shareholder loan
4.5.
Market Economy Investor conformity of the 2007 package
5.
ASSESSMENT OF THE MEASURES: EXISTENCE OF STATE AID
5.1.
The 2001 loan
5.2.
The loan facilities
5.2.1.
The facilities granted in 2003
5.2.2.
The facilities granted in 2007
5.3.
The pensions escrow account
5.3.1.
Existence of aid
INVESTMENT CASE — GBP 1,15 billion investment |
PV |
Initial cash flows |
07/08 |
08/09 |
09/10 |
10/11 |
11/12 |
12/13 |
13/14 |
14/15 |
15/16 |
16/17 |
17/18 |
18/19 |
19/20 |
20/21 |
21/22 |
22/23 |
NPV year 1-10 (discounted free cash flow excluding debts) |
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Terminal value |
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NPV of Postcomm Allowance |
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Enterprise value |
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Interest cash flows |
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Draw down and repayment of debt/investment of funds |
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Debt outstanding at end of forecast period |
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Valuation of pension deficit |
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Escrow balance incl. cum interest |
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Escrow repayment (not mid-year) |
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Escrow requirement |
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Shareholder loan |
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Equity value |
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ALTERNATIVE CASE Equity value |
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Incremental equity value |
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