FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: (emphasis added); and (iv) in the section entitled ‘Risks/weaknesses’, the fact that ‘the financial risk of the highly leveraged FT is not commensurate with investment grade (compensated by strong operational performance/implicit support of French government)’. (emphasis added) However, after the capital increase, the factor was no longer taken into consideration and the credit rating was based clearly on France Télécom's financial data.
Greek: (η υπογράμμιση έχει προστεθεί)· (iv) — στο τμήμα «risks/weaknesses section» — το γεγονός ότι: «ο οικονομικός κίνδυνος που έχει σχέση με τη σημαντική χρέωση της France Télécom δεν ανταποκρίνεται στην ποιότητα των επενδύσεών της (η οποία αντισταθμίζεται από καλή λειτουργική επίδοση και την έμμεση υποστήριξη της γαλλικής κυβέρνησης».
English: See, for example, ‘The French State's announcement today that it will immediately grant a €9 billion shareholder loan …’) (S & P, 5.12.2002); The confirmation follows FT's announcements that a EUR 9 billion loan facility has been put in place via ERAP ….) (Moody's, 9.12.2002).
Italian: V. a esempio S & P, 5 dicembre 2002: «L'annuncio di oggi con cui lo Stato ha fatto sapere che concederà immediatamente un prestito d'azionista di 9 miliardi di euro …» (The French State ' s announcement today that it will immediately grant a 9 billion € shareholder loan …); Moody ' s, 9 dicembre 2002: «La conferma segue all'annuncio da parte di FT che la linea di credito di 9 miliardi di euro è stata creata» (The confirmation follows FT ' s announcements that the EUR 9 billion loan facility has been put in place via ERAP …).
Dutch: Zie bv.: „The French State’s announcement today that it will immediately grant 9€ shareholder loan …”, S & P van 5.12.2002 (eigen vert.: „De aankondiging van de Franse Staat dat hij onmiddellijk een aandeelhouderslening van 9 miljard EUR zal toekennen (…)”); „the confirmation follows FT’s announcements that EUR9 billion loan facility has been put in place via ERAP …”, Moody ' s van 9.12.2002 (eigen vert.: „de bevestiging komt er na berichten van France Télécom dat een kredietfaciliteit van 9 miljard EUR via ERAP is uitgewerkt (…)”.).
Greek: Βλέπε για παράδειγμα: «Η αναγγελία του κράτους σήμερα ότι αυτό θα χορηγήσει αμέσως προκαταβολή μετόχου ύψους 9 δισεκατομμυρίων ευρώ …» (S & P 5 Δεκεμβρίου 2002)· « η επιβεβαίωση αυτή αποτελεί συνέχεια της αναγγελίας της FT ότι το κονδύλιο πίστωσης ύψους 9 δισεκατομμυρίων ευρώ χορηγήθηκε» (Moody ' s, 9 Δεκεμβρίου 2002).
English: ‘Nevertheless the state's indication underpins FT's investment grade credit quality’. Moreover: ‘F.
Swedish: ”Nevertheless the state's indication underpins FT's investment grade credit quality”.
Greek: Παρόλα αυτά η δήλωση του κράτους υποστηρίζει τη βαθμολογία της FT σε επίπεδο επένδυσης («nevertheless the state's indication underpins FT's investment grade credit quality»).
Slovak: „nevertheless the state’s indication underpins FT’s investment grade credit quality“.
English: The French authorities stress that the State never indicated or suggested that it would give France Télécom its unconditional and unlimited support. They add that ‘the State … emphasised in the summer [the French authorities are referring to the statement made by the Minister for Economic Affairs on 12 July] that it would act like a prudent private shareholder and not as a public authority and that it intended to intervene as a shareholder in a way (still to be defined) which would be no different from that which a private investor would choose, which necessarily ruled out the possibility that the State had already decided to intervene in an unconditional and irrevocable manner’.
Spanish: Las autoridades francesas destacan que en ningún momento el Estado indicó o sugirió que pensara aportar a FT un apoyo incondicional e ilimitado, y añaden que «el Estado […] a partir del verano [las autoridades francesas se refieren a la declaración del Ministro de Economía de 12 de julio] insistió en que su comportamiento sería el de un accionista privado prudente y no el de una autoridad pública y que su intervención como accionista se haría según unas modalidades (que quedaban por definir), no muy distintas de las que elegiría un inversor privado, lo que excluía necesariamente que el Estado ya hubiese decidido intervenir de modo incondicional e irrevocable».
English: The French authorities maintain that ‘the only specific measures envisaged by the State in its capacity as majority shareholder in France Télécom are those set out in the information/notification dossier forwarded to the Commission and announced publicly on 5 December 2002, namely the participation alongside private shareholders in a EUR 15 billion capital increase in proportion to the share held by the State in France Télécom's capital and a possible shareholder loan remunerated at market rates upfront of the capital increase. The indication by the State that it would play its role of prudent shareholder in no way constitutes a state guarantee.
Spanish: Las autoridades francesas sostienen también que «las únicas medidas específicas previstas por el Estado en su condición de accionista mayoritario de FT son las que se expusieron en el expediente de información y notificación que se transmitió a la Comisión y que se anunciaron públicamente el 5 de diciembre de 2002, es decir su participación junto a la de los inversores privados en una ampliación de capital de 15000 millones de euros a prorrata de la participación del Estado en el capital de FT y un posible anticipo de accionista remunerado en condiciones de mercado como anticipo de dicha ampliación de capital El simple hecho de que el Estado recuerde que piensa comportarse como un accionista prudente no constituye en modo alguno una garantía estatal.
English: The financing problems were therefore not unexpected, given the general financial context. The situation had not changed by the time the other declarations were published.
Spanish: De modo que, habida cuenta del contexto financiero general, los problemas de financiación no eran un acontecimiento aleatorio, Esta situación no había evolucionado cuando se publicaron las otras declaraciones.
English: The debt-reduction plan announced by the management and centred on a major assets sale had been judged unworkable by the Moody's rating agency, which had downgraded the Company's credit rating by two notches on 24 June 2002. As a result, France Télécom had then lost the markets' confidence.
Spanish: La agencia de calificación Moody’s, que el 24 de junio de 2002 había rebajado dos niveles de la calificación de la empresa, juzgó irrealizable el plan para desendeudarse anunciado por la dirección y centrado en una importante cesión de activos, tras lo cual FT perdió la confianza de los mercados.
Polish: Plan oddłużenia, zapowiadany przez kierownictwo i skoncentrowany na znacznej cesji aktywów, został oceniony jako niewykonalny przez agencję ratingową Moody's, która obniżyła rating Przedsiębiorstwa o dwa punkty 24 czerwca 2002 r.. W konsekwencji, FT straciło wówczas zaufanie rynków.
English: The syndicated loan to which the French authorities refer in their comments of 22 January 2004 dates from 14 February 2002, that is to say, from before the downgrading of France Télécom's credit rating by the rating agencies. On the other hand, the use for several months of this short-term credit instrument instead of a longer-term bond issue which would have made it possible to refinance part of the Company's debt seems rather to confirm that France Télécom's access to the capital market was not easy. This situation was confirmed, moreover, by the French authorities in their comments of 22 January 2004, when they stated that recourse to the syndicated loan was less costly for France Télécom than access to the bond market.
Spanish: Por otra parte, las autoridades francesas confirmaron esta situación en sus comentarios de 22 de enero de 2004, según los cuales el recurso al crédito del consorcio bancario era menos costoso para FT que el acceso al mercado obligacionista.
Portuguese: Esta situação foi aliás confirmada pelas Autoridades francesas nas suas observações de 22 de Janeiro de 2004, segundo as quais o recurso ao crédito do consórcio bancário era menos oneroso para a FT do que o acesso ao mercado obrigacionista.
Swedish: Det bekräftades dessutom av franska staten i synpunkterna av den 22 januari 2004, där man uppgav att ett syndikerat lån användes eftersom det var billigare för FT än obligationsmarknaden.
Slovak: Túto situáciu potvrdili francúzske orgány vo svojich pripomienkach z 22. januára 2004, v ktorých tvrdia, že uchýliť sa k združenému úveru bolo pre FT menej nákladné než vstup na trh s dlhopismi.
Slovenian: To situacijo je potrdila francoska vlada v svojih pripombah z dne 22. januarja 2004, kjer meni, da je bila izbira sindiciranega kredita bolj ugodna za podjetje FT kot dostop do trga obveznic.
Latvian: Šo situāciju cita starpā apstiprināja Francijas varasiestādes savos 2004. gada 22. janvāra novērojumos, saskaņā ar kuriem vēršanās pie sindicēta kredīta FT bija mazāk apgrūtinoša nekā vēršanās obligāciju tirgū;
English: Containing three reports prepared by three experts appointed by France Télécom (Mr C.D. Ehlermann, Mr Y. Galmot and Mr J. Studzinski of HSBC).
Spanish: Con tres informes preparados por tres expertos designados por FT: Srs. Ehlermann y Galmot y Sir Studzinski, del banco HSBC.
Swedish: Med tre expertrapporter som valts ut av FT (Claus-Dieter Ehlermann, Yves Galmot och Sir Studzinski från banken HSBC).
English: Ibid., ‘Bonds and convertibles suggest that the market is unsure of the weight of government support’ (p. 3). See also p. 22.
Spanish: Ibid., ‘Bonds and convertibles suggest that the market is unsure of the weight of government support’ (p. 3) Véase también la página 22.
Dutch: Verslag van Deutsche Bank van 22.7.2002, reeds aangehaald, blz. 3: „Bonds and convertibles suggest that the market is unsure of the weight of government support”; zie ook blz. 22.
English: In particular, … the report manifestly twists — albeit clear — remarks made by the Minister for Economic Affairs in the course of an interview with a journalist published in July 2002. The French authorities strongly contest that it is possible to propose interpretations as unfounded as these in order to draw legal conclusions and in particular to assert that there exists any guarantee granted by the State to France Télécom’.
Polish: W szczególności … raport ten w wyraźny sposób wynaturza, skądinąd oczywiste, wypowiedzi ministra gospodarki podczas rozmowy z dziennikarzem opublikowanej w lipcu 2002 r. Władze francuskie zdecydowanie zaprzeczają, aby możliwe było zaproponowanie tak bezpodstawnych interpretacji umożliwiających wyciągnięcie wniosków prawnych, a przede wszystkim potwierdzenie istnienia jakiejkolwiek gwarancji udzielonej przez państwo France Télécom”.
Estonian: Konkreetselt … see aruanne moonutab ilmselgelt majandusministri ometi selgeid ütlusi ajakirjanikule antud intervjuus, mis avaldati 2002. aasta juulis.
English: ‘The legal report's finding of the existence of an “unlimited guarantee”, granted by the State to France Télécom, is in any event totally baseless in Community law’. In accordance with the Compagnie nationale Air France judgment, the remarks in question cannot give rise to any firm and unconditional commitment on the part of the State.
Estonian: “Juriidilise aruande järeldused, mis püüavad tõestada riigi poolt France Télécomile antud “piiramatu garantii” olemasolu, on pealegi täiesti põhjendamatud ühenduse õiguse kohaselt”.Vastavalt Air France'i riigiettevõtte kohtupraktikale ei saaks süüks pandavad ütlused sisaldada riigi kindlat ja tingimusteta kohustusevõttu.
English: As to the firmness of the commitment, the Commission is not convinced that the phrases ‘if France Télécom were to be in difficulty’ or ‘if France Télécom had any financing problems’ (July declarations) and ‘if necessary’ (September and October press releases) can be interpreted as provisos having the effect of suspending the effectiveness of the State's commitment. At the time of the first declaration, France Télécom had already seen its credit rating fall strongly, its debt came to approximately EUR 70 billion, and the market knew that it had to meet certain important maturities at the end of 2002/beginning of 2003 and to cover a substantial financing need before the end of 2003.
Estonian: Selles osas, mis puudutab nimetatud kohustuse paikapidavust, ei ole komisjon veendunud, et väljendeid “kui France Télécomil oleks raskusi” või “kui France Télécomil oleks rahastamisprobleeme” (juulikuine avaldus) ja “kui see osutub vajalikuks” (septembrikuine ja oktoobrikuine avaldus) võib tõlgendada kui tingimusi, avalduse tegemise ajal oli FT rahanduslik seis juba väga palju langenud, tal oli umbes 70 miljardi euro suurune võlg ja turg teadis, et aasta 2002 lõpus ja 2003 alguses peab ta seisma silmitsi teatud märkimisväärsete laenutähtaegadega ning rahastama olulisi finatseerimisnõudeid 2003. aasta lõpuks.
English: Ehlermann, Mr Y. Galmot and Mr J. Studzinski of HSBC).
Estonian: Galmot ja Sir Studzinski HSBC pangast) koostatud kolme aruannet.
English: 11 April 2003: comments from WorldCom France 11 April 2003: comments from B
Dutch: 11 april 2003: opmerkingen van WorldCom France;11 april 2003: opmerkingen van B;
Finnish: 11 päivänä huhtikuuta 2003: WorldCom France11 päivänä huhtikuuta 2003: B
English: 2-Dec-01
Finnish: 2-Dec-01 2-Jan-02 2-Feb-02
English: 2-Jan-02
Finnish: 2-Mar-02
English: 2-Feb-02
Finnish: 2-Apr-02
English: 2-Mar-02
Finnish: 2-May-02
English: 2-Apr-02
Finnish: 2-Jun-02
English: 2-May-02
Finnish: 2-Jul-02
English: 2-Jun-02
Finnish: 2-Aug-02
English: 2-Jul-02
Finnish: 2-Sep-02
English: 2-Aug-02
Finnish: 2-Oct-02
English: 2-Sep-02
Finnish: 2-Nov-02
English: 2-Oct-02
Finnish: 2-Dec-02
English: 2-Nov-02
Finnish: 2-Jan-03
English: 2-Dec-02
Finnish: 2-Feb-03
English: 2-Jan-03
Finnish: 2-Mar-03
English: 2-Feb-03
Finnish: 2-Apr-03
English: 2-Mar-03
Finnish: 2-May-03
English: 2-Apr-03
Finnish: 2-Jun-03
English: 2-May-03
Finnish: 2-Jul-03
English: 2-Jun-03
Finnish: 2-Aug-03
English: 2-Jul-03
Finnish: 2-Sep-03
English: 2-Aug-03 2-Sep-03 2-Oct-03
Finnish: 2-Oct-03
English: 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. This financial situation is weakening the company's potential.
Finnish: Syyskuun 13 päivänä hallitus toisti lehdistötiedotteessaan tukevansa yritystä ja ilmoitti selkeästi päättäneensä osallistua tulevaan FT:n pääoman korotukseen: ”… Ensimmäisellä vuosipuoliskolla todettujen harvinaisen suurten tappioiden vuoksi France Télécom kärsii vakavasta oman pääoman puutteesta.
English: The Government is therefore determined to exercise its responsibilities to the full.
Dutch: De regering is dus vastbesloten haar verantwoordelijkheden ten volle op te nemen. (...)
Finnish: Tällainen taloudellinen tilanne heikentää yrityksen mahdollisuuksia.
English: … Taking note of the new situation brought about by the considerable deterioration in the accounts, Mr Bon has tendered his resignation to the Government, which has accepted it.
Dutch: De heer Bon heeft akte genomen van de nieuwe situatie die is ontstaan door sterke verslechtering van de rekeningen, en daarom heeft hij zijn ontslag aangeboden aan de regering die het ontslag heeft aanvaard. Dit ontslag gaat in vanaf een raad van bestuur die in de eerstkomende weken zal plaatsvinden en waarop de nieuwe voorzitter zal worden voorgesteld. (...)
Finnish: Hallitus onkin päättänyt täyttää kaikki velvoitteensa …Voimakkaasti heikentyneen tilinpäätöksen johdosta, johtaja Bon esitti hallitukselle eronpyyntönsä, joka hyväksyttiin.
English: A detailed description of the Ambition 2005 plan and its various aspects (operations, debt renegotiation and strengthening of the Company's capital base) as well as of the other measures envisaged by the French authorities is given in the opening decision and is not repeated in this Decision. (56) The presentation of the Ambition 2005 plan was accompanied by a press release of the Minister for Economic Affairs and Finance in which the Government confirmed its support for the plan, its commitment to take part in the operation to strengthen the Company's capital base and the making-available of a shareholder loan in the form of a EUR 9 billion credit line.
Finnish: Ambitio 2005 –suunnitelman lisäksi julkaistiin valtiovarainministerin lehdistötiedote, jossa hallitus vahvisti tukensa kyseiselle suunnitelmalle, osallistumisensa FT:n pääoman korottamiseen sekä 9 miljardin euron luottolimiittinä FT:n käyttöön asetettavan osakaslainan.
English: Basically, the fact is that the Ambition 2005 plan does not satisfy the minimum requirements of the Guidelines. The plan contains measures not forming part of a rescue operation, such as recourse to the bond market or the envisaged recapitalisation.
Italian: BT fa presente che il piano Ambition 2005 non soddisfa i requisiti minimi prescritti dagli orientamenti: contempla misure, come il ricorso al mercato obbligazionario o la prevista ricapitalizzazione, che non attengono a un salvataggio.
Swedish: BT hävdar även att Ambitionsplanen 2005 inte är en omstruktureringsplan som skall öka lönsamheten utan att den bara ökar FT:s likviditet för att lösa de aktuella svårigheterna.
Finnish: BT katsoo myös, että Ambitio 2005 -suunnitelma ei ole luonteeltaan rakenneuudistussuunnitelma, jonka avulla muutettaisiin FT:n rakenteita sen kannattavuuden parantamiseksi.
Slovak: BT zároveň tvrdí, že plán Ambition 2005 nie je plánom reštrukturalizácie, ktorým by sa zmenila štruktúra FT s cieľom zvýšiť jej rentabilitu, ale že iba zvyšuje disponibilné aktíva firmy na prekonanie jej súčasných ťažkostí.
English: Moreover, the plan is not a restructuring plan capable of modifying the structure of France Télécom with a view to improving its profitability, but is limited to increasing the Company's liquidity so as to lessen the impact of its current difficulties. Bouygues Telecom insists also on the fact that the measures at issue are weak in comparison with those taken by the historical operator's competitors, such as KPN, Deutsche Telekom or British Telecom, both as regards the disposal of assets and as regards the social measures taken.
Finnish: BT väittää, että kyseiset toimenpiteet vaikuttavat heiveröisiltä verrattuna FT:n kilpailijoiden (KPN, Deutsche Telekom ja British Telecom) omaisuuden luovutusta ja henkilöstöä koskeviin toimenpiteisiin.
English: Nor is it surprising, since it was not intended for any specific beneficiary, that the alleged commitment was not accepted’. As for the business management hypothesis, this concept is entirely inapplicable to the present case.
Dutch: Aangezien de beweerde verbintenis niet voor een specifieke begunstigde was bestemd, zal het ten tweede ook niet meer verbazen dat deze beweerde verbintenis ook niet is aanvaard.”
Finnish: Kyseistä toimintamallia ei kannata käyttää myöskään tilanteessa, jossa valtio oletti yrityksen olevan.
English: ‘The legal consultant's conclusions clearly fly in the face of the Commission's decision-making practice and of Community case law in the field of state aid, which make the existence of aid conditional on proof of a firm, precise and unconditional commitment on the part of the State concerned — something which the Minister's remarks of 12 July 2002 could in no way be construed as being.’‘A state measure, in whatever form, must be sufficiently precise and concrete for the Commission to be able to determine the very existence of an advantage’. ‘To be able to apply the prudent investor test, the Commission must have at its disposal all the necessary information concerning the specific modalities of the measure that is being scrutinised’.
Finnish: Ministerin 12. heinäkuuta 2002 antama lausunto ei missään nimessä ollut tällainen sitoumus.””Kaikkien valtion toteuttamien toimenpiteiden on oltava riittävän tarkkoja ja konkreettisia, jotta komissio voi esimerkiksi määrittää saavutetun edun.””Voidakseen soveltaa järkevästi toimivan sijoittajan kriteeriä, komissiolla on oltava käytettävissään tiedot kaikista kyseisen toimenpiteen konkreettisista toteutuskeinoista.”
English: ‘The amount calculated by the economic consultant is essentially linked to the utilisation of a reference trend in France Télécom's share price which bears no relationship to the event examined in the study (the Minister's comments of 12 July 2002)’. ‘Furthermore, the consultant's deductions are contradicted by simple, unavoidable tests such as the observation that, over the relevant period, France Télécom's shares and bonds moved in quite a similar way to the securities of its closest comparable competitor, Deutsche Telekom’.
Finnish: Tämän vuoksi konsultin esittelemät tulokset eivät ole lainkaan vakuuttavia.””Konsultin laskemaan summaan vaikuttaa olennaisesti France Télécomin osakekurssin viitekehityksen käyttö laskennassa, vaikka se ei liity mitenkään tarkasteltavaan tapahtumaan (ministerin 12. heinäkuuta antamat lausunnot).””Lisäksi konsultin päätelmien kanssa ristiriitaisia ovat muun muassa huomiot siitä, että kyseisenä aikana France Télécomin osakkeiden ja joukkovelkakirjojen arvon kehitys olisi ollut aivan samanlaista kuin sitä lähinnä vastaavan yrityksen, Deutsche Telecomin, arvopapereiden.”
English: Moreover, France Télécom's net financial liabilities (see Table 12) came to EUR 63,5 billion on 31 December 2001, EUR 69,7 billion on 30 June 2002 and EUR 68,0 billion on 31 December 2002. Table 12
Finnish: Lisäksi FT:n nettovelka (ks. taulukko 12) rahoituslaitoksille oli yhteensä 63,5 miljardia euroa 31 päivänä joulukuuta 2001, 69,7 miljardia euroa 30 päivänä kesäkuuta 2002 ja 68 miljardia euroa 31 päivänä joulukuuta 2002.
English: Source: France Télécom annual reports and consolidated balance sheets as at 30 June 2002 (EUR billion) 31.12.2001
Finnish: Taulukko 12
English: The exchange offer by […], which was dated July 2002 and which is said to have been made to France Télécom on the 17th of that month, thus contains only preliminary remarks on a possible exchange transaction and mentions only an indicative price of Euribor + 380 base points and a coupon of 8,50 %. The September 2002 offer by […] was not signed by the parties and contains no refinancing rate.
Finnish: […]-pankin heinäkuussa 2002 päivätty ja FT:lle 17 päivänä heinäkuuta 2002 jätetty vaihtotarjous sisältää vain alustavia huomioita mahdollisesta vaihdosta ja siinä annetaan ainoastaan tavoitehinta Euribor + 380 pp ja arvio 8,5 prosentin osinkolipusta.[…]–pankin syyskuussa 2002 tekemää tarjousta ei ole allekirjoitettu, eikä siinä ole mainintaa jälleenrahoitusmääristä.