#1980482
Na limistéir ba cheart a bheith cumhdaithe chun críocha DCF
Areas that should be covered for DCF purposes
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Bailiúcháin
54 toradh in 5 dhoiciméad
#2225043
An bhfuil prótacail i bhfeidhm chun rúndacht a fhorfheidhmiú idir comhpháirtithe DCF agus an ndoiciméadaítear iad?
Are protocols to enforce confidentiality between DCF partners in place and documented?
#2244778
tá anailís DCF déanta ag PostNord féin seachas ag saineolaí neamhspleách;
the DCF analysis has been conducted by PostNord itself and not by an independent expert;
#2244928
Post Danmark A/S – samhail Meastóireachta DCF d’instealladh caipitil IarNord Ghrúpa Luach Fiontair/Firm
Post Danmark A/S – DCF Evaluation model for PostNord Group’s capital injection – Enterprise/Firm value
#2244953
Iar Danmark A/S – samhail Meastóireachta DCF d’instealladh caipitil IarNord Group – Luach Cothromais
Post Danmark A/S – DCF Evaluation model for PostNord Group’s capital injection – Equity value
#2245068
Is iad na ríomhanna DCF d’instealladh caipitil PostNord Grúpa isteach i Post Danmark fuaime
The DCF calculations for PostNord Group capital injection into Post Danmark are sound
#2245275
Dá bhrí sin, fachtóirí an anailís DCF i gceart sna costais sin.
Therefore, the DCF analysis correctly factors in those costs.
#2245279
Dá bhrí sin, tá na costais sin incháilithe d’anailís DCF.
Therefore, those costs are eligible to the DCF analysis.
#2244779
bheadh costas an chaipitil san anailís ar an DCF gannluach, ós rud é nach n-áirítear ann ach instealladh caipitil amháin (is é sin le rá, an t-instealladh caipitil a thagann ó PostNord go Post Danmark), cé go bhfuil gach instealladh caipitil nasctha le dearcadh ITD agus dá bhrí sin ba cheart é a mheas mar idirghabháil amháin atá le cur san áireamh in anailís DCF;
the cost of capital in the DCF analysis would be undervalued, since it includes only one capital injection (that is, the capital injection stemming from PostNord to Post Danmark), while all capital injections are in ITD’s view linked and should thus be considered as a single intervention to be taken into account in the DCF analysis;
#2245089
Mar fhreagra ar argóint ITD go bhfuil Státchabhair i gceist leis an gcúiteamh USO agus dá bhrí sin gur cheart é a eisiamh ón anailís DCF, maíonn an dá Stát gur neodraíodh an cúiteamh USO sa DCF trí chostais chomhfhreagracha a bhaineann leis an USO a thugann caillteanas.
In response to ITD’s argument that the USO compensation involves State aid and thus should be excluded from the DCF analysis, the two States claim that the USO compensation was neutralised in the DCF by corresponding costs connected with the loss-giving USO.
#2245280
Maidir le hargóint TFD go n-áirítear in anailís DCF sreafaí airgid neamh-incháilithe, amhail cúiteamh USO, tugann an Coimisiún dá aire go bhfuil sé incháilithe d’anailís DCF ós rud é go mbreathnaítear ar chúiteamh USO mar chúnamh comhoiriúnach.
With regard to ITD’s argument that the DCF analysis includes ineligible cash flows, such as the USO compensation, the Commission notes that since the USO compensation is regarded as a compatible aid, it is eligible to the DCF analysis.
#2245287
Maidir le héileamh ITDanna go bhfuil WACC sa DCF ró-íseal, ós rud é gur cuireadh san áireamh piaraí Ghrúpa PostNord, seachas a gcomhghleacaithe Post Danmark, níor mheas sé go raibh an baol féimheachta ann de bharr phlean uaillmhianach Danmark an Iar-Dhanmhairc agus nár cuireadh san áireamh sa tsamhail an-íogaireacht i leith toimhdí treallacha maidir le coinníollacha margaidh amach anseo, athdhearbhaíonn an Coimisiún a mheasúnú in aithris (215) agus tugann sé dá aire gur cuireadh san áireamh in anailís DCF na rioscaí a bhaineann le préimheanna WCC i gcás na dtagarmharcanna is ábhartha ó Danmark.
With regard to ITDs’ claim that WACC in the DCF is too low, since it took into account PostNord Group’s peers, rather than Post Danmark’s peers, it did not consider the risk for bankruptcy due to the ambitious Post Danmark’s plan and it did not factor in the model highly sensitivity to arbitrary assumptions regarding future market conditions, the Commission reiterates its assessment in recital (215) and notes that the DCF analysis took into account Post Danmark’s peers benchmarks while the top up premiums reflected appropriately the relevant risks for the calculation of the WACC.
#2245289
Maidir le héileamh UPS go bhféadfar réadúlacht an ráta fáis thoimhdithe sna ríomhanna DCF a bhailíochtú trí ráta fáis na deighleoige foriomláine a chur i gcomparáid (féach aithris (81)) mar a tuairiscíodh i roinnt páipéar taighde agus foinsí eile in éineacht le cumas PostNord torthaí a bhfuiltear ag súil leo maidir le spriocanna sonracha a thuar go cruinn, déanann an Coimisiún a bharúlacha a athlua in aithris (212) gur cosúil go gcoimeádach na rátaí fáis a glacadh san anailís DCF agus go gcuireann sé leis an gcumas atá ag an nGrúpa IarNord torthaí a bhfuiltear ag súil leo ar spriocanna sonracha a thuar go cruinn.
With regard to UPS’ claim that the realism of the assumed growth rate in the DCF calculations may be validated by comparing the growth rate of the overall segment (see recital (81)) as reported in a number of research papers and other sources in conjunction to PostNord’s ability to accurately forecast expected results on specific targets, the Commission re-iterates its comments in recital (212) that growth rates assumed in the DCF analysis appeared conservative and adds that PostNord Group’s ability to accurately forecast expected results on specific target cannot be factored in a State aid assessment by the Commission.
#2224891
Tabhair tuairisc ar aon diall ó shainmhínithe athróg mar a liostaítear in “EU MAP Guidance Document” (Doiciméad treorach an chláir ilbhliantúil AE) ar shuíomh gréasáin DCF agus tabhair údar leis.
Describe and justify any deviations from variable definitions as listed in the ‘EU MAP Guidance Document’ on the DCF website.
#2244718
Thug an Coimisiún dá aire freisin go raibh samhail DCF sách íogair maidir leis na toimhdí a cuireadh i bhfeidhm.
The Commission also noted that the DCF model was relatively sensitive to the assumptions applied.
#2244780
D’áireofaí costais neamh-incháilithe san anailís DCF, ós rud é go bhfuil fachtóirí ann sna nithe seo a leanas:
the DCF analysis would include ineligible costs, since it factors in:
#2244783
de réir ITD, áirítear in anailís DCF sreafaí airgid neamh-incháilithe, amhail cúiteamh USO, is é sin Státchabhair agus ba cheart, dá bhrí sin, é a eisiamh freisin.
according to ITD, the DCF analysis includes ineligible cash flows, such as the USO compensation, which is State aid and therefore should also be excluded.
#2244786
i bhfianaise an laghdaithe 10 % ar ghlandíolacháin na Danmhairge Iar in 2017, tá na meastacháin sa DCF ar na rátaí fáis sa mhargadh litreach agus lóistíochta ródhóchasach agus dá bhrí sin amhrasach;
in view of the 10 % decrease in Post Denmark’s net sales in 2017, the estimates in the DCF of the growth rates in the letter and logistics market are too optimistic and thus questionable;
#2244787
tá an WACC sa DCF ró-íseal, ós rud é go gcuirtear san áireamh ann piaraí PostNord, seachas piaraí Post Danmark.
the WACC in the DCF is too low, since it takes into account PostNord’s peers, rather than Post Danmark’s peers.
#2244908
Bhí cinneadh PostNord na haistrithe caipitil inmheánaigh a dhéanamh bunaithe ar mhodhanna atá ag teacht leis an gcleachtas margaidh amhail anailís an DCF, an tSamhail Praghsála Sócmhainní Caipitil agus WACC.
PostNord’s decision to make the internal capital transfers was based on methods which are in line with the market practice such as the DCF analysis, the Capital Asset Pricing Model and WACC.
#2244920
Is samhlacha DCF iad an dá anailís atá bunaithe ar réamhaisnéisí costas agus ioncaim lascainithe go tráth na hinfheistíochta, d’fhonn brabúsacht fhoriomlán na hinfheistíochta sin a chinneadh.
Both analyses are DCF models based on forecasts of costs and revenues discounted to the time of the investment, in order to determine the overall profitability of that investment.
#2245081
I dtuairim na Danmhairge agus na Sualainne araon, tacaíonn sé sin leis an gconclúid go raibh toimhdí ríomh DCF stuama agus coimeádach.
In both Denmark’s and Sweden’s opinion, this supports the conclusion that the assumptions of the DCF calculation were prudent and conservative.
#2245085
Murab ionann agus argóintí ITD, measann an Danmhairg agus an tSualainn nár cheart a n-instealltaí caipitil isteach in PostNord AB a bheith san áireamh sa DCF don instealladh caipitil grúpa.
Contrary to ITD’s arguments, Denmark and Sweden consider that their capital injections into PostNord AB should not have been included in the DCF for the group capital injection.
#2245273
Dá bhrí sin, an anailís DCF fachtóirí i gceart ach amháin an t-instealladh caipitil ó PostNord Group go Post Danmark.
Therefore, the DCF analysis correctly factors in only the capital injection from PostNord Group to Post Danmark.
#2245277
Dá bhrí sin, tugann an Coimisiún dá aire go bhfuil costais Post Danmark a bhaineann le fiachas morgáiste réadmhaoine agus le hiasachtaí a tharla i gcás féimheachta incháilithe d’anailís DCF.
Therefore, the Commission notes that Post Danmark costs related to real estate mortgage debt and loans occurred in case of bankruptcy are eligible to the DCF analysis.
#2245534
tá an t-ioncam sa DCF ró-ard agus ní chuireann siad san áireamh an baol nach bhféadfaí ceadúnas USO a leathnú thar 2019.
the revenues in the DCF are too high and do not account for the risk that the USO license might not be extended beyond 2019.
#2263867
Tá meastachán sa tuarascáil deimhniúcháin ar luach Alitalia atá mar thoradh ar mhúnla sreafa airgid lascainithe (“DCF”) a cuireadh i bhfeidhm maidir leis an bPlean athbhreithnithe um Shlánú.
The certification report contains an estimate of the value of Alitalia resulting from the application of a discounted cash flow (‘DCF’) model to the revised Turnaround plan.
#2244713
Sa chinneadh oscailte, mheas an Coimisiún go raibh an tsamhail um shreabhadh airgid lascainithe (‘DCF’) a chuir údaráis na Danmhairge agus na Sualainne i láthair, i gcomhréir, ó thaobh na modheolaíochta de, le cleachtas inghlactha chun measúnú a dhéanamh ar chomhréireacht margaidh na hinfheistíochta.
In the opening decision, the Commission considered that the discounted cash flow (‘DCF’) model presented by the Danish and Swedish authorities was in line, from a methodological viewpoint, with acceptable practice for assessing the market conformity of an investment.
#2244777
Maidir le hanailís DCF arna hullmhú ag PostNord lena suitear go sáraíonn na gnóthachain do PostNord mar thoradh ar an instealladh caipitil ó PostNord go Post Danmark na caillteanais a bhaineann le leachtú Post Danmark, maíonn ITD nach bhfuil an anailís sin iontaofa ar na cúiseanna seo a leanas:
As regards the DCF analysis prepared by PostNord establishing that the gains for PostNord as a result of the capital injection from PostNord to Post Danmark exceed the losses of liquidating Post Danmark, ITD claims that that analysis is not reliable due to the following reasons:
#2244785
fiú dá nglacfaí leis go mbeadh ar scairshealbhóirí Post Danmark costais dhíreacha agus indíreacha féimheachta a sheasamh, níor cheart go n-áireofaí sa DCF méid iomlán na gcostas seachanta a bhaineann le féimheacht Post Danmark, ós rud é nach gá go ndéanfaí a fhéimheacht a sheachaint trí instealladh caipitil PostNord a dheonú;
even if it were to be accepted that Post Danmark’s shareholders would have to bear the direct and indirect costs of bankruptcy, the DCF should not include the full amount of avoided costs of Post Danmark’s bankruptcy, since its bankruptcy would not necessarily be avoided through the grant of PostNord’s capital injection;
#2244823
Ar an gcéad dul síos, maíonn UPS gur féidir an ráta fáis toimhdithe sna ríomhanna DCF a bhailíochtú trína chur i gcomparáid mar is ceart leis an ráta fáis san earnáil poist agus lóistíochta mar a thuairiscítear i roinnt páipéar taighde agus foinsí eile.
Firstly, UPS claims that the assumed growth rate in the DCF calculations may be validated by comparing it properly to that of the postal and logistics sector as reported in a number of research papers and other sources.
#2244826
Ina theannta sin, éilíonn UPS gur cheart costais bhreise iasachtaíochta, mar thoradh ar íosghrádú, a chur san áireamh sa DCF, ní hamháin i gcás na féimheachta in éagmais instealladh caipitil PostNord, ach freisin sa chás ina dtarlaíonn instealladh caipitil PostNord.
In addition, UPS claims that additional borrowing costs, as a result of a downgrading, should be included in the DCF, not only in the bankruptcy scenario in absence of PostNord’s capital injection, but also in the scenario where PostNord’s capital injection takes place.
#2244909
Go háirithe, áitíonn an Danmhairg agus an tSualainn araon go raibh rátaí fáis Iar Danmark do mhargadh na litreacha ([…] % in aghaidh na bliana), an margadh lóistíochta ([…] %) agus fás foriomlán (comhcheangailte) fáis (is é sin, táthar ag súil go mbainfear amach iad […] % in 2026 agus […] % i ndiaidh 2026) a ghlactar leis i samhail DCF coimeádach.
In particular, both Denmark and Sweden argue that Post Danmark’s growth rates for the letter market ([…] % annually), logistics market ([…] %) and overall (combined) growth (that is, expecting to reach […] % in 2026 and […] % after 2026) assumed in the DCF model were conservative.
#2244923
Is éard atá ann samhail DCF maidir le sreafaí airgid saor in aisce a fhabhraíonn ag leibhéal Post Danmark ina iomláine, eadhon na brabúis atá ar fáil lena ndáileadh ar fhiachas agus ar scairshealbhóirí araon (sreafaí airgid saor in aisce chuig an ngnólacht) lascainithe ag WACC Post Danmark.
It consists of a DCF model regarding free cash flows accruing at the level of Post Danmark as a whole, namely the profits available for distribution to both debt and shareholders (free cash flows to the firm) discounted by the WACC of Post Danmark.
#2244948
Díríonn an dara anailís chainníochtúil (a cuireadh i láthair i dTábla 3) go díreach ar an luach cothromais agus is éard atá ann ná cur i bhfeidhm an mhodha DCF, atá bunaithe ar na brabúis a fhabhraíonn ar úinéir Post Danmark amháin, is é sin, PostNord Group.
The second quantitative analysis (presented in Table 3) focusses directly on the equity value and consists of an application of the DCF method, which is based on the profits accruing only to the owner of Post Danmark, that is, PostNord Group.
#2244949
Glacann an DCF go cothromas mar phointe tosaigh na sreafaí airgid saor in aisce céanna chuig an ngnólacht a úsáidtear sa chéad anailís agus ansin baintear na costais ráta úis ar an bhfiachas, aisíoc iasachtaí agus insreabhadh airgid ó iasachtaí nua ar leibhéal an Post Danmark as a dtiocfaidh na sreafaí airgid saor in aisce go cothromas.
The DCF to equity method takes as a starting point the same free cash flows to firm used in the first analysis and then subtracts the interest rate costs on the debt, the reimbursement of loans and the cash inflows from new loans at the level of Post Danmark leading to the free cash flows to equity.
#2244998
I dtuairim na Danmhairge agus na Sualainne, léiríonn anailís DCF go bhfuil toradh dearfach ag a gcuid infheistíochtaí i bhfoirm cruthú luacha, ós rud é i gcás ina gcaillfeadh PostNord AB grád infheistíochta, bheadh sé thíos le caillteanais luach fiontair de SEK 1071 milliún.
In Denmark and Sweden’s view, the DCF analysis demonstrates that their investments have a positive return in the form of value creation, since in case PostNord AB would lose investment grade, it would suffer enterprise value losses of SEK 1071 million.
#2245028
Baineann an tSualainn, ar bhonn anailís DCF, de thátal as gurb amhlaidh, lena n-áirítear cúnamh na Danmhairge ó SEK 1533 milliún a bhaineann le cúiteamh USO do 2017 go 2019, go méadaíonn NPV ghnó na Danmhairge ó SEK […] go SEK […], rud a mhéadaíonn ina dhiaidh sin ar luach chothromas na scairshealbhóirí.
Sweden, on the basis of a DCF analysis, concludes that, including the Danish aid of SEK 1533 million related to the USO compensation for 2017 to 2019, the NPV of the Danish business increases from SEK […] to SEK […], which subsequently increases in the value of the shareholders’ equity.
#2245087
Murab ionann agus argóintí ITD, measann an Danmhairg agus an tSualainn freisin gur cheart an éifeacht aonuaire a bhaineann leis na creidmheasanna réadmhaoine sa Danmhairg (DKK […]) a bheith san áireamh sa DCF don instealladh caipitil Iar-Ghrúpa, toisc go raibh an éifeacht sin bunaithe ar chlásail trasmhainneachtana i saoráid chreidmheasa Ghrúpa IarNord.
Contrary to ITD’s arguments, Denmark and Sweden also consider that the one-off effect related to the real-estate credits in Denmark (DKK […]) should have been included in the DCF for the PostNord Group capital injection, because the inclusion of this effect was based on cross-default clauses in PostNord Group’s credit facility.
#2245088
Ar chaoi ar bith, de réir na Stát, níl aon tionchar substainteach ag áireamh na héifeachta aonuaire réadaigh sa DCF ar an toradh, agus fiú dá n-eiseofaí éifeacht aonuaire réadmhaoine, bheadh luach iomlán glan ar an instealladh caipitil dearfach fós.
In any event, according to the States, the inclusion of the real-estate one-off effect in the DCF does not have any substantive impact on the result, and even if the real-estate one-off effect had been excluded, the total value net of the capital injection would have remained positive.
#2245090
Ar deireadh, mar fhreagra ar argóint ITD gur dhear PostNord féin samhail an DCF, áitíonn na Stáit gur léir go bhfuil daoine inniúla inmheánacha ag gnóthais phoiblí ar nós PostNord ar ndóigh, a bhfuil sé de chumas acu anailís infheistíochta a dhéanamh, a shásaíonn an MEOP, seachas í a shannadh do shaineolaí neamhspleách.
Finally, in response to ITD’s argument that the DCF model was designed by PostNord itself, the States argue that public undertakings such as PostNord obviously have internal competent people who are perfectly capable of carrying out an investment analysis, which satisfies the MEOP, rather than assigning it to an independent expert.
#2245254
Measann an Coimisiún go bhfuil an dá mhúnla DCF arna gcur i láthair ag údaráis na Danmhairge agus na Sualainne i gcomhréir go maith, ó thaobh na modheolaíochta de, le cleachtas inghlactha chun measúnú a dhéanamh ar chomhréireacht margaidh na hinfheistíochta.
The Commission considers that the two DCF models presented by the Danish and Swedish authorities are well in line, from a methodological viewpoint, with acceptable practice for assessing the market conformity of an investment.
#2245257
Maidir leis an amhras a cuireadh in iúl sa chinneadh tosaigh, bunaithe ar an bhfaisnéis bhreise a fuarthas, measann an Coimisiún go bhfuil na réamhaisnéisí brabúsachta a úsáidtear i samhlacha DCF réasúnta agus go bhfuil bonn cirt leo de bharr staidéir ar an margadh (féach aithris (122)).
As regards the doubts expressed in the opening decision, based on the further information obtained, the Commission considers that the profitability forecasts used in the DCF models are reasonable and justified by market studies (see recital (122)).
#2245270
Maidir le hargóint ITD go bhfuil tuarascáil anailíse an DCF curtha i gcrích ag PostNord féin agus nach bhfuil an tuarascáil sin déanta ag saineolaí neamhspleách, tugann an Coimisiún dá aire nach gá, le rialacha státchabhrach, go ndéanfaidh saineolaí atá neamhspleách ar na heintitis is tairbhithe na tuarascálacha measúnaithe.
With regard to ITD’s argument that the DCF analysis report has been conducted by PostNord itself and not by an independent expert, the Commission notes that State aid rules do not require that the assessment reports is to be conducted by an expert that is independent from the beneficiary entities.
#2245272
Maidir le hargóint ITD gur cheart go mbeadh gach ceann de na trí instealltaí caipitil curtha san áireamh i dtuarascáil anailíse an DCF, tugann an Coimisiún dá aire gur beart ar leith é an t-instealladh caipitil ó PostNord Group go Post Danmark a bhfuil cuspóir eile aige seachas na hinstealltaí caipitil ón Danmhairg agus ón tSualainn isteach in PostNord AB.
With regard to ITD’s argument that the DCF analysis report should have taken into account all three capital injections, the Commission notes that the capital injection from PostNord Group to Post Danmark is a separate measure that has a different purpose than the capital injections from Denmark and Sweden into PostNord AB.
#2245274
Maidir le hargóint ITD gur cuireadh san áireamh san anailís DCF costais neamh-incháilithe a bhaineann le fiachas morgáiste réadmhaoine agus iasachtaí nach mbeadh Post Danmark in ann a aisíoc i gcás leachtaithe, chuir an tSualainn agus an Danmhairg in iúl don Choimisiún go bhfuil na clásail thrasmhainneachtana i saoráid chreidmheasa Iar-Nord Ghrúpa den chineál sin, i gcás ina dtéann Post Danmark ina fhéimheach, tá de cheangal dlí ar PostNord Group na hiasachtaí sin a íoc ar ais.
With regard to ITD’s argument that the DCF analysis took into account ineligible costs related to the real estate mortgage debt and loans that Post Danmark would not be able to repay in case of liquidation, Sweden and Denmark have informed the Commission that the cross-default clauses in Post Nord Group’s credit facility are such that in the event that Post Danmark goes bankrupt, PostNord Group is legally bound to pay back those loans.
#2245278
Maidir le hargóint ITD gur cuireadh san áireamh san anailís DCF costais neamh-incháilithe a bhaineann leis na costais féimheachta indíreacha, eadhon na costais níos airde ar iasacht a líomhnaítear a bheith ar PostNord Group agus PostNord Group “nach mbeidh sé in ann réitigh loighistice Nordacha chuimsitheacha a thairiscint” chomh maith le “caillteanas sineirgí agus scála dá oibríochtaí Nordacha”, tugann an Coimisiún dá aire gur costais indíreacha a bheidh ar Ghrúpa PostNord, go deimhin, na costais sin a íoc, toisc go ndéanfadh aon oibreoir margaidh stuama amhlaidh i gcás IME Danmark’s Post Danmark’s.
With regard to ITD’s argument that the DCF analysis took into account ineligible costs related to the indirect bankruptcy costs, namely the alleged higher borrowing costs of PostNord Group and PostNord Group’s loss ‘of not being able to offer comprehensive Nordic logistics solutions’ as well as the ‘loss of synergies and scale to its Nordic operations’, the Commission notes that those costs are indeed indirect costs to be borne by PostNord Group, as any prudent market operator would do so, in case of Post Danmark’s bankruptcy.
#2245282
Maidir le héileamh ITD, fiú dá n-áireofaí costais dhíreacha agus indíreacha chás féimheachta Post Danmark san anailís ar an DCF, ní ceart ach cuid de na costais sin a bheith ann, agus ní ceart an méid iomlán a chur san áireamh, ós rud é nach gá go seachnófaí féimheacht Post Danmark trí instealladh caipitil PostNord Group a dheonú, tugann an Coimisiún dá aire a mhalairt gur léirigh na ríomhanna a chuir an Danmhairg agus an tSualainn isteach go gcuirfeadh instealladh caipitil an ghrúpa cosc ar fhéimheacht Iar Danmark.
With regard to ITD’s claim that even if direct and indirect costs of Post Danmark’s bankruptcy scenario were to be included in the DCF analysis, only a part of those costs and not the entire amount should have been included, since Post Danmark’s bankruptcy would not necessarily be avoided through the grant of PostNord Group’s capital injection, the Commission notes on the contrary that the calculations submitted by Denmark and Sweden demonstrated that the group’s capital injection would prevent Post Danmark’s bankruptcy, which was also actually prevented.
#2245283
Maidir le héileamh TFD go bhfuil na hioncaim sa DCF ró-ard agus nach dtugann siad aird ar an mbaol nach ndéanfaí cúram USO a leathnú thar 2019, tugann an Coimisiún dá aire nach bhfuil i gceist leis an riosca sin ach riosca hipitéiseach.
With regard to ITD’s claim that the revenues in the DCF are too high and do not account for the risk that the USO entrustment would not be extended beyond 2019, the Commission notes that such a risk is merely hypothetical.
#2245286
Maidir le héileamh ITD, i bhfianaise an laghdaithe 10 % ar ghlandíolacháin Post Danmark in 2017, go bhfuil na meastacháin sa DCF ar na rátaí fáis sa mhargadh litreacha agus lóistíochta ródhóchasach agus dá bhrí sin amhrasach, athdhearbhaíonn an Coimisiún a mheasúnú in aithris (212) agus measann sé gur féidir a mheas go bhfuil na réamhaisnéisí ón anailísí margaidh atá mar bhonn agus mar thaca le plean gnó Post Danmark coimeádach.
With regard to ITD’s claim that in view of the 10 % decrease in Post Danmark’s net sales in 2017, the estimates in the DCF of the growth rates in the letter and logistics market are too optimistic and thus questionable, the Commission reiterates its assessment in recital (212) and considers that the market analyst forecasts underpinning Post Danmark’s business plan can be considered conservative.