Capital Expenditures at Securitisation Date

NOI less Capex at Securitisation Date (Field NOI at Securitisation Date less Capital Expenditures at Securitisation Date).

capital expenditures and leasing commissions are excluded.

is degressive and decreases from […] % of capital expenditure in 2013 to […] % in 2018

On occurrence of such events, assurance that only investment expenditure is covered.

the inclusion of investment in vendor tooling within the eligible costs

In particular, the Commission recalculated the NPV excluding the following capital expenses

The collection of data on infrastructure investment expenditure and costs will be revised.

In the case of investment costs, no difference is made between initial investment and replacement investment.

hereinafter Regional Aid Guidelines) Under the Regional Aid Guidelines, state aid can in principle be authorised only for investment costs [53].

This study takes also into account the previous capital injections and the already carried out capital expenditures.

On this occasion, the company asked to remove some of the investment expenses certified on the occasion of the second control.

In addition, any other aid in favour of the other investment expenses that have been incurred by HSY is incompatible with the common market.

The information submitted by Poland does not allow identifying precisely which elements of the capital expenditures and of operating expenses relate to public remit expenses.

The potentially very high variability of investment expenditure should be taken into account, especially in the case of small Member States.