Примери за използване на Flh's на Английски и техните преводи на Български
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Market conformity of FLH's shareholder loans.
FLH's shareholders for their part will inject the remaining amount directly into FLH's capital reserve fund.
MFAG stated further that FLH's shareholder loans are also highly collateralised.
With regard to the aid nature of the capital injections, the Commission expressed doubts whether,in absence of any long-term expectations for profitability, FLH's shareholders acted as a market economy operator.
Furthermore, MFAG clarified that FLH's loans will be used to finance sustainable infrastructure investments.
This party submits that the system at issue in the present proceedings, which may be exempted under Paragraph 110(1) of the EnWG, is neither a transmission system nor a distribution system within the meaning of the directive buta system which serves predominantly for to supply FLH's own consumption.
In Germany's view, in the case of bankruptcy, FLH's assets would be sufficient to cover these claims.
In order to assess whether FLH's shareholder loans were in line with market conditions, the Commission has performed a benchmarking with market proxies based on credit default swap(CDS) spreads.
In this regard,the Commission notes that in all years- except 2009- FLH's actual rate was above the benchmark rate.
Benchmarking of the conditions of FLH's shareholder loans with market proxies based on credit default swap(CDS) spreads.
According to MFAG, the total investment sum of EUR 225,6 million accounts for two orthree times MFAG's average turnover and more than five times FLH's average annual turnover in the period in which the infrastructure projects were decided upon.
As the risk margins of FLH's loans are set between[…] and[…] basis points, MFAG is of the opinion that the loans are on market terms and void of any State aid.
The decision to grant these State resources is also imputable to public authorities, as FLH's public shareholder agreed to provide capital injections.
Germany is not of the opinion that FLH's shareholders acted as a MEO by deciding to increase the own capital of the airport and converting the shareholders loans into equity.
Regarding the aid nature of the shareholder loans in favour of FLH, the Commission expressed doubts whether FLH's shareholder loans were granted at conditions which could have been normally obtained on the market.
As FLH's shareholder loans and the subsequent capital injections might constitute State aid, the Commission had to examine whether this aid could be found compatible with the internal market on the basis of Article 107(3)(c) of the Treaty.
In 2004 the volume of energy consumed via this system amounted to approximately 22 200 MWh, of which, over and above FLH's own consumption of 85.4%, around 3 800 MWh, or 14.6%, was supplied to other undertakings situated at the airport.
Germany stated that in its opinion the market conformity of FLH's shareholder loans should be assessed on the basis of market comparators and not on the basis of the 2008 Reference Rate Communication.
In the light of the considerations in sections 6.2.1 and 6.2.2,the Commission considers that the FLH's shareholder loans were granted on market terms, and thus do not constitute State aid within the meaning of Article 107(1) of the Treaty.
According to the considerations in section 6.2.1,the Commission considers that FLH's shareholder loans were granted on market terms, and thus do not constitute State aid within the meaning of Article 107(1) of the Treaty.
With regard to the collateralisation of the loans and the LGD,Germany clarified that the loans are provided by FLH's shareholders in the form of bridge-financing which means that they should be converted into capital after the authorisation of the Commission.
According to Germany, in particular, the significant short-term investments cannot be financed out of FLH's own resources, as there is a substantial gap between the investment volume(EUR 225,6 million) and the airport's annual revenues(EUR 80 million in 2009).
In the absence of a rating of FLH and the underlying collaterals, the conditions of FLH's shareholder loans seemed therefore to be more favourable than the proxy established by the Commission for the market rate in application of the 2008 Reference Rate Communication.
Hence, in Germany's opinion, FLH helps to decongest other freight airports in Germany.
That system's consumption was 22 200 MWh in 2004,of which 3 800 MWh were consumed by undertakings other than FLH.
Hence, in Germany's opinion, the investment volume of EUR 255,625 million is thus 2 to 3 times the consolidated revenue of MFAG and3 to 5 times the revenue of FLH over the period in which the infrastructure projects were decided upon.
In view of recitals 257 to 261, the Commission considers that FLH has at least the lowest rating of MFAG, that is to say[…] on the Standard& Poor's rating scale in 2006 and[…] on the Standard& Poor's rating scale from 2007 to 2012.
On the basis of what precedes,the Commission considers that the possible economic advantage which FLH might receive from capital injections to finance the different infrastructure development and extension projects at Leipzig/Halle airport strengthen its position vis-à-vis its competitors on the Union's market of providers of airport services, in particular as regards freight.