The UK authorities state that Greenpeace’s comments on overcapacity on the market were flawed because they were based on outdated forecasts, they wrongly interpreted NGTransco’s benchmark for capacity margin, they used wrong figures for present capacity margin, they envisaged only the more of the three possible scenarios for the future, and they ignored the difficulties in returning certain mothballed plants to the market.

The actual evolution of electricity prices was finally higher than even the most of all four scenarios used by BNFL.

It presents three scenarios for the outcome of the recapitalisation, the most of which is the closest to the current outcome.

Difference in the ‘’ hypotheses

What had led to the troubled real estate loans and the provision of guarantees in the real estate funds sector were, as already mentioned in the notification, the extremely expectations of a rise in the value of properties in Berlin and the new Länder following the unification of Germany.

According to the Commission’s estimates on the basis of Carsid’s forecast cash flow, under the most hypothesis and the most favourable one for Carsid (100 % capacity utilisation, constant costs as from […], continuous operation after […]), the internal rate of return on the investment is […], which is well below the minimum rate required in view of the risk and, at all events, below the rate indicated by the Belgian authorities for an investment in the steel industry […].

takes note that this low consumption is due to the fact that the preparation of the 2011 budget was too and the requested amounts were too high; notes, furthermore, that final payment settlements were only requested in 2012; emphasises the fact that unused payment appropriations have been transferred to other budget lines in the context of the global transfer exercise taking place each year in November; is aware that in 2011, those payment appropriations have been used for the shortfalls for Cohesion budget lines;

Although the expectations turned out to be too and the challenges on the market to be underestimated from an ex post perspective, given the information available in 2004 and the general opinion in the airline industry, the Commission considers the forecasts in the business plan and the 3-year financial projection to be credible at that time.

These results confirm that the financial forecasts were not overly and that Nauta was able to compete successfully on the market despite an unfavourable overall economic situation.

The company's financial forecast, including cash flow, net profit and depreciation for 2007-2011 with a sensitivity analysis (moderate, and pessimistic scenarios for 2007-2011) is based on data supplied by PZL Wrocław.

the company's financial forecasts, including cash flow, net profit and depreciation for 2007-2011 with a sensitivity analysis (moderate, and pessimistic scenarios); see Table 23 below,

Austria completed the restructuring plan by submitting an updated base case scenario and a sensitivity analysis including an and pessimistic scenario.

Three valuation methods were used: revenue method based on the discounted net profit (method 1), revenue method based on the discounted net profit plus depreciation (method 2) and discounted cash-flow method (method 3) [19], including a sensitivity analysis (moderate, and pessimistic scenarios).

During 2001, for reasons mainly related to Teracom's investments in digital terrestrial television, the predictions concerning Teracom's solvency were not very and it was expected that its solvency would continue to fall.

However, given that these valuations were questioned by the commercial creditors who claimed that they were too in view of the method used, in December 2003 ATEST carried out a further valuation based on the discounted cash flow of the combined rolling mill and foundry, resulting in a figure of PLN [...] million.

The Commission regarded this projection as extremely in a newly-liberalised, regulated and mature sector.

Its future prospects in the context of the restructuring reveal a moderately view of developments in the wine market, anticipating no slump in the demand for high-quality wines produced in restricted geographical areas.

According to the Commission 2013 autumn forecast, real GDP is set to grow at 1,3 % in 2013 and accelerate to 2,5 % in 2014 and 2,9 % in 2015. Compared to the Polish authorities, the Commission has a less view on domestic demand growth over the forecast horizon, private consumption and private investment in particular.

If some of the Community producers have views about their export activities this may only have resulted in the overstatement of their forecasted general economic performance but not in their performance in the domestic market, which is kept separate in the analysis.

The calculation submitted by the Dutch authorities is fro the municipalities' point of view among other things because it does not deduct the costs of settling the insolvency.