Commission Decision (EU) 2022/459 of 10 September 2021 on the State aid SA.49668 ... (32022D0459) - Commission Decision (EU) 2022/459 of 10 September 2021 on the State aid SA.49668 (2019/C) (ex 2017/FC) and SA.53403 (2019/C) (ex 2017/FC) implemented by Denmark and Sweden for PostNord AB and Post Danmark A/S (notified under document C(2021) 6568) (Only the Danish and Swedish versions are authentic) (Text with EEA relevance) - Seite 61

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Note: Tax rate 22 %

(149) Furthermore, Denmark and Sweden claim that the performance of Post Danmark would have improved compared to the targets set in the business plan for 2018 to 2020 as stated in PostNord AB’s annual report 2018 at page 25. In both Denmark’s and Sweden’s opinion, this supports the conclusion that the assumptions of the DCF calculation were prudent and conservative. It also disproves ITD’s claim that the trend in Post Danmark’s operating results since 2017 has been exclusively and increasingly negative. On the contrary, there has been an upward trend in the EBIT before items effecting comparability. As stated in PostNord AB’s annual report 2018, the reduced losses are due to the implementation of the transformation plan.

(150) 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. However, Denmark and Sweden argue that even if the capital injections were included in the calculation of the NPV of PostNord Group’s capital injection in Table 1 of the opening decision, thereby increasing the capital injection (A) by SEK 667 million (DKK 460 million), the total value net of the capital injection (G) would remain positive, namely about DKK […] (DKK […] – DKK 460 million).

(151) 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. 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.