2013/126/EU: Commission Decision of 8 May 2012 on State aid SA.22668 (C 8/08 (ex ... (32013D0126)
2013/126/EU: Commission Decision of 8 May 2012 on State aid SA.22668 (C 8/08 (ex NN 4/08)) (notified under document C(2012) 3025) Text with EEA relevance
- COMMISSION DECISION
- of 8 May 2012
- on State aid SA.22668 (C 8/08 (ex NN 4/08))
- (notified under document C(2012) 3025)
- (Only the Spanish text is authentic)
- (Text with EEA relevance)
- (2013/126/EU)
- I.
- PROCEDURE
- II.
- DETAILED DESCRIPTION
- III.
- COMMENTS FROM INTERESTED PARTIES
- IV.
- COMMENTS FROM SPAIN
- V.
- ASSESSMENT OF THE AID
- VI.
- CONCLUSION
- Article 1
- Article 2
- Article 3
- Article 4
- Article 5
- ANNEX A
- ANNEX I
- Ciudad de la Luz (CDL) — Approach for the calculation of an appropriate cost of capital in capital budgeting decisions — July 2009
- Objective
- The Cost of Equity Capital
- (5)
- Application to Ciudad De La Luz
- Pitfalls in the Methodology of LECG
- Competitors data
- 1.
- Amadeus data
- Peer group analysis
- 2.
- ORBIS data
- (11)
- Conclusion
- Comments on the last submission (25 March)
- Appendix
- ANNEX II
- [adapted from the document of March 2010]
- Reply to the submission of 19 October 2009 prepared by LECG
- 1.
- The parameters of the CAPM
- 1.1.
- Equity premium
- 1.2.
- Beta
- 2.
- The relevant time frame
- 3.
- Financial ratios
- 4.
- The extension of the investment to hotels and office spaces
- 4.1.
- The reports
- 4.1(a)
- Reports pertaining to the building of office space (NNT plot)
- 4.1(b)
- Reports on the valuation of the plot destined for a hotel complex (NNH plot)
- 4.2.
- Risk premiums
- 4.3.
- Credible valuations
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