natgillin/translations-raw huggingface dataset:
Selv om man ved at tage udgangspunkt i markedssituationen før tilkendegivelserne i juli 2002 kan vurdere de franske myndigheders tidligere tilkendegivelsers effekt på markederne, så kan man ikke adskille denne effekt fra de eventuelle følger af andre begivenheder, f.eks. ledelsesskiftet i FT eller ambitionsplanen 2005.
Although reference to the market situation before the July 2002 declarations makes it possible to factor in the effect on the markets of the prior declarations of the French authorities, it does not make it possible to isolate that effect from any other effects of events such as the change of France Télécom's management or the Ambition 2005 plan.
Denne vurdering kan således kun føre frem til et groft overslag, som ikke helt er nogen sikker beløbsfastsættelse af FT's fordel.
Such an assessment offers, therefore, only a ‘gross’ view which is probably not strictly equivalent to the advantage enjoyed by France Télécom.
Selv om Kommissionen har gjort sit bedste, har den ikke kunnet få en rimelig vurdering af de indberettede foranstaltningers finansielle »nettoeffekt«, som skal fastlægges efter en teoretisk beregning, der isolerer indvirkningen af statens tilkendegivelser og handlinger fra alle andre begivenheder, som kunne indvirke på FT's situation eller markedsaktørernes opfattelse heraf.
Despite all its efforts, the Commission has been unable to arrive at a reasonable assessment of the notified measures' ‘net’ financial impact, which ought to be established on the basis of a theoretical calculation isolating the effects of the declarations and actions attributable to the State from any other event which may have exerted an influence on France Télécom's situation or on the perception of that situation by the markets.
Det lader sig tilsyneladende heller ikke gøre at indarbejde tilstrækkelig præcise beregningsparametre i beslutningen til at kunne foretage den endelige beregning, inden beslutningen gennemføres.
Nor does it seem possible to incorporate in the Decision calculation parameters which are sufficiently precise to be able to carry out the final calculation during the Decision's implementing phase.
Under disse omstændigheder vil tilbagebetalingskravet stride mod medlemsstatens ret til forsvar i medfør af artikel 14, stk. 1, i forordning (EF) nr. 659/1999, hvor det angives, at »Kommissionen kræver ikke tilbagebetaling af støtten, hvis det vil være i modstrid med et generelt princip i fællesskabslovgivningen«.
In these particular circumstances, respect for the Member State's rights of defence might constitute an obstacle to recovery pursuant to Article 14(1) of Regulation (EC) No 659/1999, according to which ‘the Commission shall not require recovery of the aid if this would be contrary to a general principle of Community law’.
Denne konklusion er også i overensstemmelse med princippet om den berettigede forventning. Frankrig har ganske vist ikke over for Kommissionen fremsat noget argument om, at der var en berettiget forventning hos støttemodtagerne.
This conclusion also seems to follow from the principle of legitimate expectation.
Det fremgår imidlertid af Domstolens retspraksis, at Kommissionen har pligt til automatisk at tage hensyn til særlige forhold, der i overensstemmelse med artikel 14, stk. 1, i forordning (EF) nr. 659/1999 berettiger, at den giver afkald på at kræve ulovligt ydet støtte tilbagesøgt, når dette strider mod et generelt princip i fællesskabsretten såsom respekten for støttemodtagernes berettigede forventninger.
Although France has not presented to the Commission any argument based on the existence of a legitimate expectation on the part of the aid recipient, it follows from the case law of the Court of Justice that the Commission is required to take automatically into consideration any exceptional circumstances which justify, in accordance with Article 14(1) of Regulation (EC) No 659/1999, its refraining from ordering the recovery of unlawfully granted aid where such recovery is contrary to a general principle of Community law, such as respect for the legitimate expectations of the recipients.
Kommissionen har i sin vurdering af den undersøgte støttes overensstemmelse med statsstøttereglerne taget hensyn til regeringens tilkendegivelser.
The Commission has taken the Government's declarations into account in its assessment of the compliance of the measure at issue with the state aid rules.
Isoleret set ville det påtænkte aktionærlån nok ikke være blevet betragtet som støtte i traktatens forstand.
Viewed in isolation, the shareholder loan proposal would probably have been considered not to constitute aid under the Treaty.
Kommissionen er imidlertid nået til den konklusion, at tilkendegivelserne styrkede markedsaktørernes tiltro til selskabet og dermed har gjort det umuligt at anvende det markedsøkonomiske investorprincip, og støtten til FT udmøntede sig i det påtænkte aktionærlån.
However, the Commission has come to the conclusion that the declarations had the effect of restoring confidence to the market as far as the Company was concerned, thereby ruling out the application of the prudent private investor principle and turning the shareholder loan proposal into the concretisation of the aid granted to France Télécom.
Kommissionen erkender, at det er første gang, den skal tage stilling til, om en sådan adfærd udgør statsstøtte.
The Commission recognises that this is the first time it has had to examine whether this type of conduct constitutes aid.
Hvis støtten således afhænger af den adfærd, der gik forud for indberetningen af det påtænkte lån, kunne en operatør, som havde udvist den fornødne omhu, have en berettiget forventning om, at der var udvist lovlig adfærd fra den pågældende medlemsstat, som for sit vedkommende havde indberettet det påtænkte lån behørigt.
In so far as the aid depends, as a result, on conduct which preceded the notification of the shareholder loan proposal, a diligent operator could have had confidence in the lawfulness of the conduct of the Member State concerned, which, for its part, had duly notified the loan proposal.
Som generaladvokat Darmon udtalte i sit forslag til afgørelse i sagen C 5/98: »Man kan ikke lade hånt om den usikkerhed, visse virksomheder vil kunne komme ud i, når der er tale om »atypiske« former for støtte, for så vidt angår nødvendigheden af at give underretning«.
As Advocate General Darmon stated in his Opinion in Case C 5/89, ‘the doubts with which some undertakings may be assailed, when faced with “atypical” forms of aid, as to whether notification is necessary should not be made light of’.
Afslutningsvis konkluderer Kommissionen, at FT kan have haft en berettiget forventning om, at Frankrigs adfærd ikke udgjorde statsstøtte.
In conclusion, the Commission finds that France Télécom could legitimately have confidence in France's conduct not constituting state aid.
I betragtning af ovenstående vil det efter Kommissionens mening være i modstrid med de generelle principper i fællesskabsretten at kræve støtten tilbagebetalt.
In the light of the above, the Commission considers that, in the present case, ordering the aid's recovery would be contrary to the general principles of Community law.
Kommissionen konstaterer, at det aktionærlån, som Frankrig i december 2002 tilkendte FT i form af en kreditbevilling på 9 mia. EUR, sammenholdt med den franske stats tilkendegivelser i tiden fra juli 2002 udgør statsstøtte -
The Commission finds that, placed in the context of the declarations made from July 2002, the shareholder loan granted by France to France Télécom in December 2002 in the form of a EUR 9 billion credit line constitutes state aid,
Det aktionærlån, som Frankrig i december 2002 tilkendte France Télécom i form af en kreditbevilling på 9 mia. EUR, udgør sammenholdt med den franske stats tilkendegivelser i tiden fra juli 2002 en statsstøtte, som er uforenelig med fællesmarkedet.
Placed in the context of the declarations made from July 2002, the shareholder loan granted by France to France Télécom in December 2002 in the form of a EUR 9 billion credit line constitutes state aid incompatible with the common market.
Den i artikel 1 omhandlede støtte skal ikke tilbagebetales.
The aid referred to in Article 1 does not have to be recovered.
Udfærdiget i Bruxelles, den 2.8.2004.
Done at Brussels, 2 August 2004
Se pkt. 1-8 i indledningsbeslutningen, der betragtes som en integrerende del af nærværende beslutning.
See paragraphs 1-8 of the opening decision, which are to be considered an integral part of this Decision.
I nærværende beslutning også betegnet MCI.
Also called MCI for the purposes of this Decision.
Vedlagt klage af 22. januar 2003 fra de samme selskaber.
To which a complaint lodged by the same companies dated 22.1.2003 was annexed.
Selskabet LDCom sendte Kommissionen en berigtigelse, som blev videresendt til de franske myndigheder den 16. juni 2003.
LDCOM sent the Commission a corrigendum, which was forwarded to the French authorities on 16.6.2003.
De franske myndigheder fremsendte en berigtiget udgave af et af bilagene pr. e-mail den 30. juli 2003.
The French authorities sent a corrected version of one of the annexes by email dated 30.7.2003.
Brevet omhandlede en høring gennemført af Sureau.
Containing a consultation carried out by Mr Sureau.
Tre rapporter udarbejdet af tre eksperter på vegne af FT (C.D.
Containing three reports prepared by three experts appointed by France Télécom (Mr C.D.
Ehlermann, Y.
Ehlermann, Mr Y.
Galmot og Sir Studzinski fra banken HSBC).
Galmot and Mr J. Studzinski of HSBC).
Dette brev indeholdt undersøgelser, hvis ophavsmænd ønsker at forblive anonyme.
This letter contains studies the authors of which wish to remain anonymous.
Det drejer sig om en økonomisk analyse og tre undersøgelser om statslige tilkendegivelsers retskraft i henholdsvis britisk, amerikansk og fransk ret.
They include an economic study, a study on English law, a study on American law and a study on French law concerning the binding force of declarations by the State.
Med de i pkt. 4.13 omhandlede ekspertrapporter.
Containing the expert reports described in point 4.13.
Staten har fortsat aktiemajoriteten i FT.
The State still holds the majority of France Télécom's capital.
Se betragtning 60.
See paragraph 60.
Se indledningsbeslutningens pkt. 9 — 12.
Paragraphs 9-12 of the opening decision.
Ifølge rapporten l'Etat actionnaire fra 2003 har FT 240000 samarbejdspartnere i 39 lande.
According to the 2003 report l'État actionnaire, France Télécom has 240000 employees in 39 countries.
Høring af Thierry Breton, arbejdende bestyrelsesformand i FT, ved mødet den 4. juni 2003 i undersøgelsesudvalget vedrørende administration af offentlige selskaber.
Hearing of Mr Thierry Breton, France Télécom's CEO, before the commission of enquiry into the management of public undertakings, sitting of 4.6.2003.
NERA: »Ved gældskvote forstås forholdet mellem den langfristede gæld og de samlede langfristede midler (gæld og kapital)«
NERA: ‘The debt ratio is defined as the ratio of long term debt to total long term capital (debt and equity)”
NERA: »Forholdet mellem gæld og selskabskapital beregnes som forholdet mellem den langfristede gæld og selskabskapitalen«
NERA: ‘The debt-equity ratio is calculated as the ratio of long-term debt to equity”
NERA: »Rentebetalingskvoten (»times-interest-earned ratio« eller »interest cover«) angiver, i hvilket omfang de skyldige renter kan dækkes af overskuddet før renter, skat og afskrivning (EBIT).
NERA: ‘The “times-interest-earned ratio” or “interest cover” measures the extent to which interest is covered by earnings before interest and taxes (EBIT) plus depreciation.
Dette tal viser, om selskabets omsætning er tilstrækkelig stor til at virksomheden kan dække rentebetalingerne «
The measure gives a level of the adequacy of cash flow generation and the consequent comfort a company enjoys in meeting its interest payments ”
NERA: »Beregningerne er baseret på de data, FT har fremlagt.
NERA: ‘Calculations based on data supplied by France Telecom.
De omfatter renter og hovedstol på obligationslån og virksomhedscertifikater (renter på virksomhedscertifikater er kun medregnet fra 25. juli til 31. december 2003, da der ikke foreligger oplysninger om de foregående år)«
Figures include bond and commercial paper interest and principal (interest on commercial paper was computed from 25 July 2002 to 31 December 2003 due to data unavailability for previous dates)”
»Kreditvurderingerne bruges af investorer som indikator for, hvor stor sandsynlighed de har for at få afkast på deres investering.
‘Credit ratings are used by investors as indications of the likelihood of repayment in accordance with the terms on which they invested.
Således angiver de såkaldte »investment grade«-vurderinger (for internationale langfristede låns vedkommende »AAA« og »BBB« og for kortfristedes vedkommende »F1« — »F3«) en forholdsvis lav risiko for uerholdelige fordringer, mens de såkaldte »speculative«- eller »non-investment grade«-kategorier (for internationale langfristede låns vedkommende »BB« — »D« og for kortfristedes vedkommende »B« — »D«) viser, at der er større risiko for uerholdelige fordringer, eller at en fordring allerede har vist sig uerholdelig « (se Fitchs Rating på internettet: http://www.fitchratings.com/)).
Thus, the use of credit ratings defines their function: “investment grade” ratings (international long-term “AAA” — “BBB” categories; short-term “F1” — “F3”) indicate a relatively low probability of default, while those in the “speculative” or “non-investment grade” categories (international long-term “BB” — “D”; short-term “B” — “D”) may signal a higher probability of default or that a default has already occurred ’ (Fitch Rating ' s Internet site: http://www.fitchratings.com/).
Moody's: »Moody's vurderer nu, om France Télécom og Oranges ratings for langfristet gæld skal nedjusteres — Dette berører værdipapirer for ca. 60 mia. EUR … Nedjusteringsovervejelserne for France Télécoms ratings angår følgende: Omsættelige globale obligationer, euro-MTN'er, eurobonds, rentevariable euro-MTN'er, rentevariable obligationer i franske franc, franske obligationer, obligationer i schweizerfranc, selskabets udstederrating og banklånsrating …. hvis ratingerne justeres, bliver det højst med ét trin«.
Moody's: ‘Moody's places France Telecom and Orange's long-term debt ratings on review for downgrade — Approximately EUR 60 billion of Debt Securities Affected… The France Telecom ratings under review for possible downgrade relate to the following: Convertible global bonds, Euro MTNs, Eurobonds, Floating Rate Euro MTNs, Floating Rate French Franc Bonds, French Bonds, Swiss Franc Bonds, its issuer rating and bank loan rating…. any resulting rating action should not exceed more than one notch’.
»Forventningerne til BBB+-vurderingen for FT's langfristede gæld er nu blevet negative; ratingen A-2 fastholdes... Det skyldes oplysningerne om, at det tyske børstilsyn har til hensigt at undersøge en mulig aftale mellem France Télécom, hovedaktionæren — Gerhard Schmid — i Mobilcom AG, som France Télécom ejer 28,5 % af, og et konsortium af europæiske banker om vilkårene for et kontrolskifte i Mobilcom«.
‘France Telecom's Long-Term“BBB+” Rating Placed on CreditWatch Negative; A-2 Rating Affirmed… The action follows news that the German stock-exchange regulatory authority will investigate a possible agreement between France Telecom, the main shareholder — Gerhard Schmid — of France Telecom ' s 28,5 % -owned German associate Mobilcom AG, and a consortium of European banks regarding the conditions for a change in control of Mobilcom’.
»Moody's Investors Service har i dag indledt overvejelser om at sænke France Télécoms rating for kortfristet gæld (Prime-2) i forlængelse af ratingbureauets beslutning om at udvide den igangværende revurdering af FT.
‘Moody's Investors Service has today placed the Prime-2 short-term rating of France Telecom (FT) on review for possible downgrade as a result of the rating agency's decision to expand the scope of the ongoing review of FT.
Moody's har ganske vist ændret sine anbefalinger, hvilket peger i retning af, at ratingerne for langfristet gæld kan blive ændret med op til to trin, men ratingbureauet forventer, at ratingerne fortsat vil være i investeringskategorien.
Although Moody's has revised its guidance, indicating that a downgrade of up to two notches is now possible for the long-term ratings, the rating agency expects the ratings to remain investment grade.
Revurderingen af FT's Prime-2-rating skyldes, at Moody's bliver stadig mere i tvivl om, hvorvidt FT kan gennemføre sin gældsnedbringelsesstrategi.
The review of FT's Prime-2 rating reflects Moody's increasing concerns about FT's ability to execute its debt reduction strategy.
Ratingbureauet bemærkede, at FT's aktivafhændelser skrider langsomt frem og at kapitalmarkedsvilkårene i sektoren bliver støt ringere, hvilket kan begrænse selskabets muligheder for at forbedre sin finansielle fleksibilitet og overholde målsætningerne for sin gældsnedbringelse«.
The rating agency noted that FT's slow progress in finalising asset sales, coupled with continuing deterioration in capital market conditions in this sector, could further limit FT's ability to improve its financial flexibility and meet its debt reduction targets’.
»Standard & Poor's udtalte i dag, at ratingerne for France Telecom (BBB+/Watch Neg/A-2) forbliver uændrede, også hvad angår koncernens rating for kortfristet selskabsgæld.
‘Standard & Poor's said today that the ratings on France Telecom (BBB+/Watch Neg/A-2) remain unchanged, including the group's short-term corporate credit rating.
Da Standard & Poor's den 28. marts 2002 placerede France Télécoms langfristede ratings i CreditWatch-kategorien, angav bureauet, at de højst ville blive ændret med ét trin, og at der ikke blev ændret på de kortfristede ratings.
In its CreditWatch placement of France Telecom's long-term ratings on March 28, 2002, Standard & Poor's indicated that any long-term rating downgrade would be limited to one notch and that its short-term ratings were affirmed.
»[…] Despite expectations that FT's EBITDA will grow to around €14 billion in 2002, FT's substantial interest and capex requirements means the company is not expected to generate material free cashflow for deleveraging in the near term.
‘… Despite expectations that FT's EBITDA will grow to around €14 billion in 2002, FT's substantial interest and capex requirements means the company is not expected to generate material free cashflow for deleveraging in the near term.
Although Moody's does not have any immediate liquidity concerns, the rating agency notes that FT faces around €15 billion of total long-term debt maturities in 2003;«
Although Moody's does not have any immediate liquidity concerns, the rating agency notes that FT faces around €15 billion of total long-term debt maturities in 2003’.
»Standard & Poor's udtalte i dag, at bureauet har sænket France Télécoms rating for lang- og kortfristede lån til triple-’B’/ ’A-3’ fra triple- ’B’-plus/ ’A-2’.
‘Standard & Poor's said today that it has lowered its long- and short-term corporate credit ratings on France Telecom (FT) to triple-“B”/ “A-3” from triple- “B”-plus/ “A-2”.
Nedsættelsen skyldes først og fremmest, at Standard & Poor ' s forventer, at FT vil opkøbe de 71,5 %, selskabet ikke allerede ejer af den tyske mobiloperatør Mobilcom, og at FT ikke har kunnet afvikle sin gæld i tilstrækkeligt omfang og hurtigt nok til at sin tidligere rating.
The downgrade primarily reflects Standard & Poor ' s expectations that FT will acquire the 71,5 % stake it does not already own in German wireless operator Mobilcom, as well as FT's inability to reduce debt sufficiently and rapidly enough to maintain credit measures consistent with the previous ratings.
Standard & Poor's foretog også en nedsættelse til triple-’B’ fra triple- ’B’-plus af bureauets rating for langfristede lån til Orange S.A., FT ' s majoritetsejede datterselskab i mobilsektoren.
Standard & Poor's also lowered to triple-“B” from triple- “B”-plus its long-term corporate credit rating on Orange S.A., FT ' s majority-owned wireless subsidiary.
Begge virksomheders rating er fortsat underlagt det såkaldte CreditWatch, som de har været det siden den 28. marts 2002, som følge af FT's refinansieringsproblemer, der bl.a. omfatter finansieringsforpligtelser på 15 mia. EUR i 2003, og det kan være en hæmsko for virksomhederne«.
The long-term ratings on both companies remain on CreditWatch with negative implications, where they were placed on March 28, 2002, reflecting FT's challenging refinancing needs, including €15 billion of financial obligations in 2003’.
Fitch sænkede sin rating for FT den 5. juli 2002, og S & P sænkede sin den 12. juli 2002.
Fitch reduced France Télécom's rating on 5 July 2002 and S & P reduced it on 12 July.
I sin pressemeddelelse af 12. juli skriver S & P: »FT kan få svært ved at refinansiere de gældsforpligtelser, der forfalder i 2003«.
In its 12 July press release, S & P stated that: ‘FT could face certain difficulties refinancing its debt obligations coming due in 2003’.
Høring af V. de la Bachelerie, FT's revisor, i ovennævnte undersøgelsesudvalg: »I henhold til loven skal vi iværksætte varslingsproceduren når forskellige kriterier og indikatorer konstateres.
Hearing of Mr V. de la Bachelerie, France Télécom's auditor, before the above-mentioned commission of enquiry: ‘By law, we have to put into effect the alert procedure as soon as a number of criteria and indicators appear.
Denne procedure fandt ikke anvendelse før medio 2002, hvor en bestemt markedsfaktor gjorde sig gældende: France Télécom fik sin rating sænket.
The procedure was not applicable before mid-2002, at which time a signal given out by the market came to our attention, namely the downgrading of France Télécom's rating.
I overensstemmelse med vores rolle som revisionsselskab skulle vi derfor forelægge sagen for revisionsudvalget og bestyrelsen og anmode om, at bestyrelsen fik fremlagt en kortfristet likviditetsplan for at sikre likviditetsdækningen.
As part of our auditor's duties, we thus had to deal with the question within the audit committee and the board of directors, demanding that board members be provided with a short-term liquidity plan in order to cope with the “liquidity wall” problem.
Men dette skridt må nok siges at have været for sendrægtigt, eftersom selskabet indtil dette tidspunkt havde de nødvendige refinansieringsmidler og desuden havde gennemført omfattende finansieringsforanstaltninger, for eksempel jumbolån.
It must be said that this constraint appeared at a late stage, in so far as the company had, up to that time, the means with which to refinance itself and had, moreover, introduced substantial financing measures, including jumbos.
Da likviditetsdækningen blev utilstrækkelig efter ratingnedsættelsen, bad vi således om at få ajourført likviditetsbudgettet.
Consequently, when the liquidity wall appeared with the downgrading of the rate, we ask for an update of the cash flow forecasts.
I det halvårsregnskab, der blev udarbejdet primo september 2002 og godkendt ved mødet den 12. september 2002, gennemgik man likviditeten på kort sigt — der fokuseres ved likviditetsvurderingen således på et kort tidsrum, dvs. under et år.
At the time of the half-yearly accounts, which were adopted at the beginning of September 2002 and finalised at the board meeting on 12 September 2002, a review was carried out of the liquidity situation in the short term — liquidity visibility being assessed over the short term, that is to say, less than a year.
Situationen var på daværende tidspunkt kritisk, og det blev meddelt officielt via noterne til regnskabet af 30. juni 2002.«
The situation, which was by then critical, was made official in the notes annexed to the financial statements on 30 June 2002’.
Den franske regerings tilkendegivelser gengives i nedenstående betragtning 204.
The wording of the French Government's declarations is reproduced in paragraph 204 below.
Goldman Sachs: »FT var på nippet til at blive klassificeret som spekulationspapirer hos Moody's og S & P«.
Goldman Sachs: ‘FT was on the brink of “junk” status with both Moody ' s and S & P ' s ’.