FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Pretty much the same factors are at play: haste in carrying out huge acquisitions (in one year, from 1999 to 2000, France Télécom devoted EUR 65 million to this), insufficient attention to the economic, political or geopolitical risks, particularly imprudent financing arrangements … In this climate of disquiet, urgency and doubt, the company embarked as from 1999 upon an ambitious and disorganised external growth programme, according priority to access to the UK and German markets’. See also the press release of the Ministry of Economic Affairs and Finance of 5.12.2002: ‘… the company is faced today with an unbalanced financial structure and a need for own funds and refinancing in the medium term.
Italian: In linea di massima sono presenti gli stessi fattori: fretta eccessiva nel dar corso ad acquisizioni di tale portata (in un anno, dal 1999 al 2000 France Télécom ha riservato 65 milioni di euro a queste operazioni), attenzione insufficiente ai rischi economici, politici o geopolitici, modalità di finanziamento particolarmente imprudenti … In un clima di preoccupazione, emergenza e incertezza, l'impresa si è orientata, a decorrere dal 1999, verso una crescita esterna ambiziosa e confusa, privilegiando l'accesso ai mercati del Regno Unito e della Germania.»V. anche il comunicato stampa del ministro dell'Economia e delle finanze del 5 dicembre 2002: «… attualmente l'impresa deve far fronte allo squilibrio della propria struttura finanziaria, al fabbisogno di capitale proprio e di rifinanziamento a medio termine.
Finnish: Niissä on samoja piirteitä: hätiköintiä hyvin suurissa hankinnoissa (France Télécom käytti hankintoihin 65 miljoonaa euroa yhdessä vuodessa,1999–2000) riittämätöntä taloudellisten, poliittisten ja geopoliittisten riskien huomioonottamista, erittäin harkitsemattomia rahoituskeinoja… Vuodesta 1999 yritys alkoi tässä epävarmassa, hätiköivässä ja epäilevässä ilmastossa kasvattaa toimintaansa kunnianhimoisesti ja järjestymättömästi, ja sen päätarkoituksena oli pääsy Yhdistyneen kuningaskunnan ja Saksan markkinoille.”Katso myös valtiovarainministeriön 5.12.2002 julkaisema lehdistötiedote: ”… yrityksen haasteina ovat nyt epävakaa rahoitusrakenne, pääoman tarve ja keskipitkän aikavälin jälleenrahoitustarve.
Latvian: Tajā ir atrodami vairāk vai mazāk vieni un tie paši elementi: steiga ļoti plaša apmēra pirkumos (viena gada laikā, no 1999. līdz 2000. gadam, France Télécom tiem veltīja 65 miljonus eiro), nepietiekama uzmanība pret ekonomiskas, politiskas vai ģeopolitiskas dabas riskiem, īpaši nepiesardzīgi finansējuma noteikumi… Šādā satraukuma, steidzamības un šaubu pilnā noskaņā Uzņēmums, sākot ar 1999. gadu, uzsāka ambiciozu un nekoordinētu ārējo pieaugumu, privileģējot piekļuvi Apvienotās Karalistes un Vācijas tirgiem.”Skat. arīdzan ekonomikas un finanšu ministra paziņojumu presei 2002. gada 5. decembrī: “… Šodien uzņēmums ir spiests saskarties ar nelīdzsvarotu finansiālo struktūru, ar vajadzībām pēc pašu fondiem un vidēja termiņa refinansējumu.
English: … we suspect there is no right answer to these questions, because if FT was operating in the real world, it would not be able to refinance without a debt for equity swap, in our view.’
French: Cela pourrait prendre la forme de prêts, aux conditions de marché, fournis par les banques ou le gouvernement ” (p. 21). Cependant, “quel est le prix du marché pour, disons, une dette nouvelle de 10 milliards pour un crédit BBB-?
Dutch: … we suspect there is no right answer to these questions, because if FT was operating in the real world, it would not be able to refinance without a debt for equity swap, in our view.”
Swedish: Däremot sägs ”vad är marknadspriset låt oss säga för en ny skuld på 10 miljarder när kreditvärderingen ligger på BBB- ?
Finnish: Mitkä ovat 10 miljardin euron velan todelliset kustannukset yritykselle, jonka todellinen luokitus ei ole BBB- ja jonka arvostus perustuu yksinkertaisesti hallituksen sille myöntämään tukeen? … Uskomme, että oikeaa vastausta näihin kysymyksiin ei ole, sillä jos FT toimisi todellisessa maailmassa, sillä ei meidän mielestämme olisi mahdollisuutta saada jälleenrahoitusta ilman, että se muuttaisi velkaansa pääomaksi.” (s. 33, ks. myös s. 54).
Hungarian: Az FT jelenlegi minősítése, a BBB-, úgy tűnik, hogy sokkal inkább a kormánynak a szükséges likviditás biztosítására vonatkozó támogatási ígéretére támaszkodik, mintsem az alapvető helyzetre.
English: Deutsche Bank report dated 22.7.2002 entitled France Télécom/Deutsche Telekom Debt Liquidity and possible solution: ‘… on July 12, 2002, S & P … downgraded France Télécom's ratings to BBB- ... The agency no longer expects France Télécom to hit the 3,5× net debt/EBITDA target by 2003, but did assign a “stable” outlook to the low triple B ratings. It seems that the stable outlook is anchored by “the French state … [which] has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties.”
French: Rapport de la Deutsche Bank de 22 juillet 2002 intitulé France Télécom/Deutsche Telekom Debt Liquidity and possible solution«Le 12 juillet 2002, S & P a dégradé la notation de France Télécom à BBB- … L'agence ne s'attend plus à ce que France Télécom atteigne son objectif de 3,5 x dette nette/EBITDA en 2003 mais a attribué une perspective stable à la notation basse de triple B. Il semble que la perspective stable soit soutenue par “l'État français — qui détient 55 % de France Télécom — a clairement indiqué à Standard & Poor qu'il se comporterait en investisseur avisé et qu'il prendrait les dispositions adéquates si FT devait avoir des difficultés”.
Swedish: Rapport från Deutsche Bank av den 22 juli 2002 med titeln ”France Télécom/Deutsche Telekom Debt Liquidity and possible solution”: Den 12 juli 2002 försämrade S & P France Télécoms kreditvärdering till à BBB- … Kreditvärderingsinstitutet tror inte längre att France Télécom kommer att nå målet på 3,5 × nettoskulden/vinsten före räntor, skatt, av- och nedskrivningar under 2003 men anger stabila utsikter för kreditvärderingen på BBB-.
English: On 12 September, the Government announced that it had accepted the resignation of France Télécom's CEO, Mr Michel Bon, but remained silent about the appointment of a new CEO. On 13 September, the Government reiterated in a press release its support for the Company and expressly indicated that it had decided to take part in a forthcoming operation aimed at increasing France Télécom's own funds: ‘… After the exceptional losses of the first six months, France Télécom is faced with a serious shortage of capital.
Hungarian: Szeptember 12-én a kormány nyilvánosan közölte, hogy elfogadta az FT elnök-vezérigazgatójának, Michel Bonnak a lemondását, anélkül azonban, hogy új elnök-vezérigazgató kinevezésének bejelentésére sor került volna.Szeptember 13-án a kormány egy sajtónyilatkozatban megismételte, hogy támogatja a vállalatot, és egyértelműen kijelentette, hogy döntése szerint részt vesz az FT saját tőkeállománya konszolidálását célzó jövőbeni akcióban: „… Az első félévben tapasztalt kivételes mértékű veszteségek után a France Télécom súlyos sajáttőkeállomány-hiánnyal néz szembe.
English: Declarations do not constitute a legal instrument in the ordinary-law sense, nor are they an act giving rise to a right in the public-law sense. The State, however, cannot commit itself without an act giving rise to a right, carried out in compliance with the rules on competence (the declaration in the present case is a declaration of intent without any material implementation) and on budgetary procedure.
Hungarian: A feljegyzés kiemeli, hogy a nyilatkozatok magánjogi értelemben nem jelentenek jogi aktust, mint ahogy közjogi értelemben, a hatásköri szabályok és a költségvetési eljárás betartásának keretében, nem jelentik jog létesítését (ez esetben egy szándéknyilatkozatról van szó, anyagi végrehajtás nélkül).
English: This perception led to a fall in the share price, which reached its lowest point on 30 September 2002 following a period of relative stability during the summer in the absence of any specific announcements or rumours. During that period, the State's declarations as to its intention to play fully its role of shareholder did not stop the downward trend in France Télécom's share price.
Hungarian: Kijelenti, hogy ugyanebben az időszakban, az állam részéről tett bejelentések, miszerint teljes körűen be kívánja tölteni többségi részvényesi szerepét, nem állította meg az FT részvények süllyedő tendenciáját.
Latvian: Francijas varasiestādes precizē, ka šajā laikposmā valsts paziņojumi par tās nodomu pilnībā pildīt savu akcionāra lomu neapturēja tendenci FT akcijai zaudēt vērtību;
Lithuanian: Ji patikslina, kad tuo laikotarpiu valstybės pareiškimai apie ketinimus imtis visos jai kaip akcininkei tenkančios atsakomybės niekaip nepaveikė FT akcijos kurso kritimo tendencijos.
English: France Télécom press release of 5.12.2002, p. 2. See also hearing of Mr Thierry Breton, France Télécom's CEO, before the Economic Affairs Committee on 11.12.2002: ‘during the course of 2000, carried out acquisitions worth a total of EUR 106 billion (purchase of Orange plc, NTL, Equant, TPSA)’.
Hungarian: FT 2002. december 5-i sajtónyilatkozata, 2. o. Lásd még Thierry Bretonnak, az FT elnök-vezérigazgatójának a meghallgatását a gazdasági bizottság előtt, 2002. december 11-én: „a 2000. év során összesen 106 milliárd euró összegben realizáltak akvizíciókat (Orange PLC, NTL, Equant, TPSA megvásárlása)”.
Latvian: 2002. gada 5. decembra FT paziņojums presei, 2. lpp. Skat. arīdzan FT izpilddirektora Thierry Breton kunga noklausīšanos ekonomikas lietu komisijā 2002. gada 11. decembrī: “2000. gada laikā uzsākti pirkumi par kopējo summu 106 miljardi eiro (Orange PLC, NTL, Equant, TPSA iegādāšanās).”
English: Rouen Commercial Court, 10.3.1981, Jurisdata 1982-00382, Soc. Chapelle Darblay.
Slovak: Obchod. súd v Rouen 10. marca 1981, Jurisdata 1982-00382, Spoločnosť Chapelle Darblay.
Polish: Sąd Handlowy w Rouen 10 marca 1981, Dane sądowe 1982-00382, Sp. Chapelle Darblay.
Hungarian: A roueni kereskedelmi bíróság, 1981. március 10., Jurisdata 1982-00382, Chapelle Darblay cég.
English: Judgment of the Court of Justice in Case C-99/98 Austria v Commission [2001] ECR I-1101. In this case, the press articles did not have probative force because they emanated neither from the company concerned nor from the Government.
Hungarian: A Bíróság 2001. feburár 15-i ítélete, C-99-98 Ausztria kontra Bizottság eset, EBHT I-1101. o. Ez esetben a sajtócikkek nem voltak bizonyító erejűek, mivel nem az érintett cégtől, és nem a kormánytól származtak.
Latvian: 2001. gada 15. februāra Tiesas spriedums, prāva C-99-98, Austrija pret Komisiju, krājuma I-1101. lpp. Šajā gadījumā preses rakstiem nav bijis izšķirošs spēks, jo tie nenāca ne no attiecīgā uzņēmuma, ne no valdības puses.
English: Comments from the French authorities of 29.7.2003, p. 8. In their comments of 4.4.2003, the French authorities state that the public shareholder's investment decision dates from 4.12.2002.
Hungarian: A francia hatóságok 2003. július 29-i észrevételei, 8. o. 2003. április 4-i észrevételeikben a francia hatóságok rámutatnak, hogy az állami részvényes befektetésre vonatkozó döntése 2002. december 4-re nyúlik vissza.
English: Mer has ruled out any privatisation of the group but has clearly pledged the unfailing support of the State, which owns 54,5 %, in the event of any financing problems. … One trader has said that this is the first time the Minister for Finance has expressed himself so clearly on the France Télécom case.
Hungarian: Mer kizárta a vállalatcsoport bármiféle privatizációját, de világosan megerősítette az állam hiánytalan támogatását, amely finanszírozási probléma esetén 54,5 %-al rendelkezik […] Egy trader értékelése szerint ez volt az első eset, hogy a pénzügyminiszter ennyire világosan fejezte ki magát France Télécom ügyében.
Lithuanian: Mer'as atmetė grupės privatizavimo galimybę, bet aiškiai patvirtino tvirtą valstybės, valdančios 54,5 %, įsipareigojimą finansavimo sunkumų atveju […] Vieno biržos tarpininko nuomone, pirmą kartą finansų ministras taip aiškiai kalba apie France Télécom reikalus.
English: The Commission replied by letter dated 24 September 2003. On 24 September 2003, the contract for the provision of services was awarded to the firm of consultants NERA (‘NERA’, or ‘the consultant’).
Italian: La Commissione ha risposto con lettera del 24 settembre 2003, data in cui il contratto di prestazione di servizi è stato aggiudicato all'agenzia NERA (di seguito «NERA» o «il consulente»).
English: Before that date, the last financial results to have been published by France Télécom were those for the 2001 financial year. However, some additional data emanating from financial analysts were to be found in the latters' forecasts, opinions and recommendations.
Italian: Prima di allora gli ultimi risultati finanziari pubblicati da FT erano quelli relativi all'esercizio 2001; alcuni dati complementari erano, tuttavia, disponibili nelle previsioni, nei pareri e nelle raccomandazioni degli analisti finanziari.
English: While the provisions correct the value of France Télécom's assets to a more realistic level, the colossal size of the debt, at EUR 63 billion, persists. This context, together with the inadequacy of the expected cash flow, helps explain the serious structural problems.
Italian: Gli accantonamenti rettificano il valore dell'attivo di FT a un livello più realistico, ma permane un debito enorme, che ammonta a 63 miliardi di euro.
English: On 24 June 2002, Moody's downgraded France Télécom's rating. The Company's prospective rating was maintained at a negative level.
Italian: Il 24 giugno 2002 Moody's ha declassato il rating di FT ed è stato confermato l'outlook negativo del rating dell'impresa.
English: The spreads study concerning France Télécom has thus demonstrated that the very short-term risks were higher than those in the medium and long term. This phenomenon is called a ‘spread inversion’.
Italian: Lo studio degli spread di FT ha quindi dimostrato che i rischi a breve termine erano maggiori rispetto a quelli a medio e lungo termine; si tratta di un fenomeno denominato «inversione degli spread» (spread inversion).
English: From its scrutiny of the half-yearly accounts published on 13 September 2002, the Commission notes an improvement in France Télécom's figures for the first half of 2002 compared with the previous year: an increase of 10 % in turnover, 13,2 % in EBITDA and 17,3 % in the operating result. The Commission notes also the sustained growth in mobile telephony and the improved performance of the Internet business.
Italian: Nell'esaminare il bilancio semestrale pubblicato il 13 settembre 2002, la Commissione rileva il miglioramento dei dati di FT nel primo semestre 2002 rispetto a quanto registrato nell'anno precedente: aumento del fatturato del 10 %, dell'EBITDA del 13,2 % e del risultato operativo del 17,3 %.
English: The first bond issue was for a total amount of EUR 2,5 billion over seven years, at a fixed rate of 7 %, or Euribor + 290bp. For France Télécom, the cost of the fixed-rate tranche is 7,165 % (all-in).
Italian: Nel primo caso si è trattato di un prestito obbligazionario per un importo complessivo di 2,5 miliardi di euro, con scadenza a 7 anni e un tasso d'interesse fisso del 7 %, ovvero EURIBOR + 290 pb, con un costo all-in della tranche a tasso fisso del 7,165 % per FT.
English: Again on this point, Bouygues Telecom states that the guarantee had the effect of enabling France Télécom to gain renewed access to the financial markets. Thus, the guarantee improved the prospects attaching to France Télécom's credit rating and enabled it to avoid junk-bond classification.
Italian: Su questo punto BT precisa inoltre che la garanzia ha avuto l'effetto di consentire a FT di avere nuovamente accesso ai mercati finanziari; la garanzia ha quindi migliorato l'outlook del rating di FT, consentendo a quest'ultima di evitare il rating a livello di «junk bond».
English: It stresses, moreover, that the measures at issue affect competition throughout the telecommunications market and dissuade foreign operators from coming to propose their services in France. France is thus the only European country in which no ‘foreign’ mobile operator has been able to establish itself.
Italian: BT sottolinea anche che le misure in esame incidono sulla concorrenza di tutto il mercato delle telecomunicazioni e scoraggiano gli operatori stranieri dal proporre i loro servizi in Francia, che è così l'unico paese europeo in cui non sia riuscito a insediarsi alcun operatore mobile straniero.
English: It adds that the measures cannot be considered compatible within the meaning of the Guidelines. Inasmuch as the Company is not in financial difficulties, the Guidelines are not applicable.
Italian: Ha d'altronde aggiunto che tali misure non possono essere considerate compatibili con gli orientamenti; dato che l'impresa non è in una situazione di difficoltà finanziarie, gli orientamenti non sono applicabili.
English: The arguments set out in the report, which seeks to show that the declaration of 5 December 2002 concerning the shareholder loan does not affect the State's resources, are essentially as follows: (i) the December 2002 announcement of the shareholder loan is not an irrevocable commitment (but a mere declaration of intent), and is conditional. The announcement does not therefore constitute a guarantee, and even less so an unlimited guarantee; (ii) the Crédit Foncier de France decision (referred to above) is not a valid precedent and, moreover, it concerns a declaration that is not comparable to the December 2002 announcement.
Italian: Le tesi sviluppate in questa relazione, che intende dimostrare che la dichiarazione del 5 dicembre 2002 relativa al prestito d'azionista non incide su risorse dello Stato, sono essenzialmente le seguenti: i) l'annuncio del prestito d'azionista del dicembre 2002, non essendo un impegno irrevocabile (bensì una semplice dichiarazione d'intenti) ed essendo condizionale, non costituisce una garanzia, né tanto meno una garanzia illimitata; ii) la già citata decisione Crédit Foncier de France non rappresenta un precedente valido e del resto riguarda una dichiarazione che non è confrontabile con l'annuncio del dicembre 2002.
English: The memorandum argues, moreover, that, under domestic law, declarations are not legally binding on the State, either vis-à-vis France Télécom or vis-à-vis third parties. Declarations do not constitute a legal instrument in the ordinary-law sense, nor are they an act giving rise to a right in the public-law sense.
Italian: Il documento precisa inoltra che nel diritto interno le dichiarazioni non impegnano lo Stato sul piano giuridico, né nei confronti di FT né nei confronti dei terzi; sottolinea che le dichiarazioni non costituiscono un atto giuridico ai sensi del diritto comune, né un atto che crea diritto a norma del diritto pubblico.
English: AFP, 13.12.2003: ‘France Télécom has launched a new stage in its refinancing plan via the bond market with a EUR 3 billion debenture issue …. The terms will be known before the end of the week’.
Italian: Agence France Presse (AFP), 13 gennaio 2003: «France Télécom ha appena avviato una nuova fase del proprio piano di rifinanziamento sul mercato obbligazionario mediante un prestito di 3 miliardi di euro … Le condizioni dell'operazione saranno rese note entro la fine della settimana.»Da un articolo del «Financial Times» del 15 gennaio 2003 : «Oggi FT rassicurerà gli investitori circa il suo cash flow nel 2003 raccogliendo 5,5 miliardi di euro sul mercato obbligazionario.
Dutch: Persbureau AFP van 13.1.2003 (eigen vert.): „France Télécom vat een nieuwe etappe aan in haar plan voor herfinanciering via de obligatiemarkt, met een lening van 3 miljard EUR (…).
Latvian: 2003. gada 13. janvāra AFP: “France Télécom ir uzsācis jaunu sava refinansējuma plāna posmu caur obligāciju tirgu ar 3 miljardu eiro lielu aizņēmumu […].
English: Research France Télécom, STANDARD & POOR'S RATINGS DIRECT, 17.12.2002: ‘Since July 2002, support from the French state has been a key rating factor, underpinning the group's investment-grade status’. (emphasis added).
Italian: Ricerca France Télécom, Standard & Poor's, Ratingsdirect, 17 dicembre 2002: «Da luglio 2002, il sostegno dello Stato francese costituisce un elemento chiave del rating del gruppo, mantenendolo all'interno della categoria investimento» ( Since July 2002, support from the French state has been a key rating factor, underpinning the group’s investment-grade status) (sottolineatura aggiunta).
Latvian: Research France Télécom, standard & poor's ratingsdirect, 2002. gada 17. decembrī: “Kopš 2002. gada jūlija Francijas Valsts atbalsts ir bijis būtiskākais faktors grupas vērtējumam, kas notur Uzņēmumu investīciju līmenī.”( ‘Since July 2002, support from the French state has been a key rating factor, underpinning the groups investment-grade status.’) (pasvītrojums pievienots).
English: This factor was still very important to S & P on 17 December 2002. Likewise, it was crucial as far as Moody's was concerned in February 2003.
Italian: Alla data del 17 dicembre 2002 questo elemento era ancora molto importante per S & P; analogamente, era essenziale per Moody's a febbraio 2003.
Slovenian: Ta element je bil 17. decembra 2002 še vedno zelo pomemben za agencijo S & P. Bil je ključen za agencijo Moody's februarja 2003.
English: … One trader has said that this is the first time the Minister for Finance has expressed himself so clearly on the France Télécom case. … Everything now turns on the form the State's support takes’.
Italian: […] Un operatore ha ritenuto che questa fosse la prima volta che il ministro delle Finanze si esprimeva in modo così chiaro sul dossier France Télécom.
Dutch: (…) Volgens een trader was het de eerste keer dat de minister van Financiën zich in het dossier-France Télécom zo duidelijk had uitgesproken.
English: The State's direct approaching of the rating agencies shows clearly that the declarations were the expression of a clearly defined, well thought-out will. The Standard & Poor's agency states that: ‘The French State – which owns 55 % of France Telecom — has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Telecom were to face any difficulties’.)
Italian: In effetti, l'intervento diretto dello Stato presso le agenzie di rating mostra chiaramente che le dichiarazioni erano l'espressione di una volontà ben definita e ponderata.
English: 33, along the same lines, see p. 54). And again ‘There have been reports in the press that the French government will stand behind France Télécom, implying that it is willing to be the “lender of last resort” to the company.
Italian: … we suspect there is no right answer to these questions, because if FT was operating in the real world, it would not be able to refinance without a debt for equity swap, in our view» (p. 33; nello stesso senso v. p. 54).
English: ’ (p. 28); ‘It is worth noting that S & P states on its recent conference call on its downgrade of FT's credit that, in general, a company generating free cash flow with debt to EBITDA of four times would qualify as a BBB- credit, the last investment grade rating. FT current BBB- rating appears to be based largely on the promise of government support providing liquidity, rather than on fundamentals’ (p. 30).
Italian: These reports have resulted in a significant rally in both bonds and equity prices, with the equity rallying over 90 % and the bonds 137bp in two weeks, as nervous shorts covered position » (p. 28); «It is worth noting that S & P states on its recent conference call on its downgrade of FT's credit that, in general, a company generating free cash flow with debt to EBITDA of four times would qualify as a BBB- credit, the last investment grade rating.