natgillin/translations-raw huggingface dataset:
Den 13. september gentog regeringen i en pressemeddelelse sin støtte til selskabet og angav udtrykkeligt, at regeringen havde besluttet sig til at deltage i en fremtidig styrkelse af FT's egenkapital: »… Efter de ekstraordinære tab i første halvår lider France Télécom nu under en alvorlig mangel på egenkapital.
In the same press release, the Government repeated its commitments: ‘On a proposal from the company's board of directors, the Council of Ministers has decided to appoint Thierry Breton chairman of France Télécom … To that end, the new chairman will immediately carry out an inventory of the company, the findings of which will be communicated to the board in the weeks ahead and which will form the basis for a financial recovery and strategic development plan enabling the company's debt to be reduced while building on its strengths.
Denne finansielle situation giver risiko for, at selskabets potentiale ikke kan udnyttes fuldt ud.
Within this framework, Thierry Breton will enjoy the support of the State in its capacity as shareholder, determined as it is to exercise its responsibilities to the full.
Staten støtter France Télécom i iværksættelsen af planen og bidrager fra sin side til en betragtelig styrkelse af selskabets egenkapital, hvor tidsplanen og de nærmere detaljer tilrettelægges på baggrund af markedsforholdene.
Thus, the medium-term objectives were (i) to meet France Télécom's financing requirements; and (ii) to achieve a net reduction in debt and a reconstitution of capital, a sine qua non for the Company's rehabilitation in the long run in terms of borrowing on the stock market.
Staten træffer desuden de foranstaltninger, der måtte være nødvendige for at sikre selskabet mod enhver form for finansieringsvanskeligheder...«. (52) Samme dag ændrede bureauet Moody's sin rating af FT's gæld fra negativ til stabil som følge af dette tilsagn om støtte til FT.
In the HSBC report, it is stated that: ‘Assuming a business plan which incorporates the operational improvement in the TOP programme, we consider that France Télécom has a refinancing requirement over the period 2002-07 of approximately €22 billion ... [On the other hand], assuming a business plan which does not incorporate the operational improvement in the TOP programme, we estimate that France Télécom has a refinancing requirement over the period 2002-07 of approximately €35 billion’.
Oktober 2002
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. The parts of the press release that are relevant to this Decision are as follows: ‘Francis Mer, Minister for Economic Affairs, Finance and Industry, confirms the State's support for the action plan approved by France Télécom's board of directors on 4 December.
Udnævnelsen blev offentliggjort i en pressemeddelelse fra økonomi- og finansministeriet.
This state of affairs is due to the failure of past investments, which were carried out badly at the height of the financial “bubble” and, more generally, to the market downturn.
For FT bliver prisen på den fastforrentede del 7,165 % (all-in).
For France Télécom, the cost of the fixed-rate tranche is 7,165 % (all-in).
Det andet obligationslån blev optaget på pund sterling-markedet (GBP) til et beløb af 250 mio. GBP med en fast rente på 8 % over 15 år, svarende til LIBOR + 330bp.
The second bond issue was placed on the pound sterling (GBP) market for an amount of GBP 250 million at a fixed rate of 8 % over 15 years, or LIBOR + 330bp.
Der blev gennemført yderligere emissioner den 15. januar 2003 til et samlet beløb af 5,5 mia. EUR. Der er tale om et obligationslån i tre rater (1 mia. EUR med en fast rente på 6 % og en løbetid på 4,7 år; 3,5 mia. EUR med en fast rente på 7,5 % og en løbetid på 10 år; og 1 mia. EUR med en fast rente på 8,125 % og en løbetid på 30 år).
Other issues were made on 15 January 2003 for a total amount of EUR 5,5 billion. These were part of a three-tranche issue (EUR 1 billion at a fixed rate of 6 %, scheduled to mature in 4,7 years; EUR 3,5 billion at a fixed rate of 7,5 %, scheduled to mature in 10 years; and EUR 1 billion at a fixed rate of 8,125 %, scheduled to mature in 30 years).
Den 10. februar 2003 fornyede selskabet den skyldige del af den syndikerede kredit på 15 mia. EUR, dvs. ca. 5 mia. EUR over 3 år med en forrentning på Euribor + 125bp.
On 10 February 2003, that part of the EUR 15 billion syndicated loan which had matured, namely approximately EUR 5 billion over three years at the rate Euribor + 125bp, was renewed.
Den 17. december 2002 præciserede S & P, at regeringens opbakning siden juli 2002 havde været en afgørende faktor i beslutningen om at lade FT's rating blive i investeringskategorien, og at regeringens meddelelse om aktionærlån og forholdsmæssig deltagelse i kapitaltilførslen på 15 mia. EUR havde styrket denne opbakning. 3.2.5.
On 17 December 2002, S & P indicated that, since July 2002, the Government's support had been a key factor in maintaining France Télécom's investment-grade status and that its announcement concerning the shareholder loan and the commitment to subscribe, in proportion to its shareholding, to a EUR 15 billion recapitalisation operation had confirmed that support.
Februar/marts 2003
February/March 2003
FT afsluttede regnskabsåret 2002 med et underskud på omkring 21 mia. EUR og en finansieringsgæld på næsten 68 mia. EUR.
France Télécom ended the 2002 financial year with a loss of approximately EUR 21 billion and a net financial debt of almost EUR 68 billion.
Den 4. marts 2003 iværksatte man den styrkelse af egenkapitalen på 15 mia. EUR, som blev planlagt i ambitionsplanen 2005.
On 4 March 2003, the operation to strengthen the Company's capital base by EUR 15 billion as envisaged by the Ambition 2005 plan was launched.
Styrkelsen forløb fuldstændig planmæssigt og blev afsluttet den 11. april.
The operation was broadly successful and was terminated on 11 April.
Den 14. april 2003 ejede staten 58,9 % af kapitalen i FT, heraf 28,6 % via ERAP.
On 14 April 2003, the State held 58,9 % of France Télécom's capital, of which 28,6 % through ERAP.
Efter Kommissionens opfattelse var kapitaltilførslen i store træk i overensstemmelse med FT's strukturelle finansieringsbehov.
The Commission notes that the capital increase largely met the structural needs of France Télécom's financing.
Efter tilførslen begyndte FT's rating således at bedres, S & P gik op til BBB med stabil prognose den 14. maj 2003 (fra A-3 til A-2 for kortfristet gæld), og Fitch hævede FT's rating fra BBB- til BBB den 8. august 2003.
Thus, following the operation, France Télécom's credit rating began to improve: on 14 May 2003 S & P raised its rating to BBB, outlook stable (from A-3 to A-2 for its short-term rating) and on 8 August 2003 Fitch raised its rating from BBB- to BBB.
Kommissionen understreger i den forbindelse, at bureauerne herefter holdt op med at betragte statens opbakning som en afgørende faktor for selskabets rating.
The Commission would point out in this connection that the agencies thereupon ceased to consider the State's support to be a key factor in the Company's credit rating.
Kommissionen modtog forskellige bemærkninger fra flere interesserede parter.
The Commission has received comments from a number of interested third parties.
Indholdet af disse bemærkninger fremgår i hovedtræk i nedenstående afsnit.
The essence of those comments is reproduced in this section.
Bemærkninger fra Telecom Italia
Comments from Telecom Italia
Telecom Italia understreger, at enhver støtte til FT sandsynligvis påvirker konkurrencen i telesektoren, navnlig på det franske marked.
Telecom Italia stresses that any aid granted to France Télécom is likely to affect competition in the telecommunications markets, and in the French market in particular.
Derfor er det vigtigt, at de franske myndigheders foranstaltninger ledsages af andre foranstaltninger, som modvirker de førstes indvirkning på konkurrencen.
It is therefore essential that the aid granted by the French authorities should be accompanied by compensatory measures aimed at reducing its impact on competition.
I den forbindelse ville det være mest hensigtsmæssigt at vedtage reguleringsforanstaltninger, som letter og fremskynder markedsadgangen for nye operatører og disses brug af FT's infrastrukturer, især hvad angår adgang til abonnentkredsløbet samt forhandlingsfrister for aftaler om samtrafik og samhusning.
In this context, it would be particularly appropriate to adopt regulatory measures making for easier and speedier access by new entrants and their use of France Télécom's infrastructures, particularly as regards access to the local loop and the length of time it takes to negotiate interconnection and provisioning agreements.
Bemærkninger fra WorldCom
Comments from WorldCom
WorldCom tilkendegav, at virksomheden var enig i Kommissionens analyse i indledningsbeslutningen.
WorldCom indicates that it shares the Commission's analysis as set out in the opening decision.
Virksomheden fremførte først og fremmest, at statens støtte til FT gav selskabet de nødvendige likvide midler til at afvikle sin gæld uden at behøve afhænde strategiske aktiver.
It points out that the aid granted by the State to France Télécom enabled the latter to obtain the liquidity it needed to reimburse its debt without having to dispose of any strategic assets.
WorldCom påpegede desuden, at støtten fra staten gav FT mulighed for at anlægge en flerårig forretningsstrategi, dvs. gennemføre en vertikal integration mellem en række forskellige netoperatører og teletjenester.
It adds that the support of the State enabled France Télécom to ensure the continuance of its industrial strategy, that is to say, the creation of a series of vertically integrated operators of telecommunications networks and services.
WorldCom konkluderer, at denne forretningsstrategi fører til konkurrenceforvridning, bl.a. i form af krydssubsidiering og forskelle mellem den pris, som FT tilbyder slutbrugeren, og den adgangspris, det tidligere monopolselskab kræver fra konkurrenterne, samt mulighed for dumpingpriser ved offentlige udbud (som eksempler nævnes de to udbud »Sipperec« og »Assistance publique/Hôpitaux de Paris«).
WorldCom concludes that this industrial strategy entails anticompetitive practices, including the existence of cross-subsidies and of a price squeeze between the price proposed by France Télécom to the final customer and the price of access proposed to competitors of the historical operator, and the possibility of making tailor-made bids that are impossible to match when public contracts are being awarded (the ‘Sipperec’ and ‘public assistance/Paris hospitals’ contracts being two such examples).
For at mindske den konkurrenceforvridning, som støtten til FT afstedkommer, foreslår WorldCom modforanstaltninger af strukturel art, navnlig afhændelse af aktiver såsom Global One/Equant, Orange, Wanadoo/Oléane og/eller abonnentnet i Frankrig, eller en reel, gennemskuelig strukturel adskillelse af FT og selskabets kommercielle aktiviteter.
In order to reduce the distortions of competition caused by the aid granted to France Télécom, WorldCom proposes compensatory measures of a structural nature, including the disposal of assets such as Global One/Equant, Orange, Wanadoo/Oléane and/or the local network in France, or else the effective and transparent separation of France Télécom from its commercial activities.
Med henblik på adfærdsmæssige modforanstaltninger foreslår virksomheden en regnskabsmæssig opdeling mellem FT's kommercielle og ikke-kommercielle aktiviteter, fuld offentlig indsigt i selskabets regnskaber og kontrol med takster og priser.
Under the heading of behavioural quid pro quos, WorldCom mentions a to-be-wished-for accounting segregation between France Télécom's commercial and non-commercial activities, full publication of its accounts and a monitoring of its prices.
Bemærkninger fra C
Comments from C
C fremlagde følgende bemærkninger:
C submits the following comments:
De foranstaltninger, der undersøges, udgør statsstøtte.
the measures at issue constitute state aid.
C fremfører, at i henhold til Fællesskabets rammebestemmelser for statsstøtte til redning og omstrukturering af kriseramte virksomheder(herefter »rammebestemmelserne«), formodes der at være tale om statsstøtte, når der ydes offentlige midler til en kriseramt virksomhed.
C argues that, in accordance with the Guidelines on state aid for rescuing and restructuring firms in difficulty(‘the Guidelines’), where public funding is provided to a firm which is in financial difficulties there is a presumption that state aid is involved.
C påpeger, at anmeldelsen af og vilkårene for den franske stats bevilling af en kredit på 9 mia. EUR til FT samt den franske stats deltagelse i kapitaltilførslen til FT omfatter elementer af statsstøtte.
C states that the announcement of and terms governing the making available by the French State to France Télécom of the EUR 9 billion credit line and the participation by the French State in the recapitalisation of France Télécom involve aid elements.
Virksomheden understreger, at det markedsøkonomiske investorprincip ikke er overholdt i forbindelse med de nærmere vilkår for den tilkendte kredit, navnlig hvad angår rentesatsen og garantiprovisionen.
It points out that the prudent investor test is not satisfied as regards the arrangements for providing the credit line inter alia because of the interest rate proposed and the amount of the commitment fee.
C understreger også, at samtidighedsprincippet ikke er opfyldt, da de franske myndigheder bevilgede kreditten og bebudede deres deltagelse i kapitaltilførslen før ambitionsplanen 2005 blev offentliggjort og investorerne havde givet klart tilsagn.
It also points out that the principle of concomitance has not been complied with in so far as the French authorities granted the credit line and announced their participation in the recapitalisation prior to the announcement of the Ambition 2005 plan and prior to the firm commitment of the investors.
Eftersom FT's konkurrenter ikke er i stand til at rejse kapitalmidler af et sådant omfang og på sådanne vilkår, fik FT en fordel, som selskabet ikke ville have fået under normale markedsvilkår.
Inasmuch as France Télécom's competitors are not in a position to raise capital on these terms and on such a scale, France Télécom has received an advantage which it would not have obtained under market conditions.
De foranstaltninger, der undersøges, kan ikke betragtes som forenelige i medfør af rammebestemmelserne.
the measures at issue cannot be considered compatible within the meaning of the Guidelines.
C påpeger subsidiært, at den tilkendte støtte skulle have været begrænset til det strengt nødvendige for at sikre FT's rentabilitet og ikke skulle have bidraget til finansieringen af FT's aggressive ekspansion.
Alternatively, C takes the view that the aid granted should be strictly limited to that which is necessary to ensure France Télécom's viability and that it must not help to finance France Télécom's aggressive expansion.
C tilføjer, at privatiseringen af FT sikrer overholdelsen af »sidstegangsprincippet«, som gælder for omstruktureringsstøtte.
C adds that France Télécom's privatisation would ensure compliance with the ‘one time last time’ principle applicable to restructuring aid.
C gør Kommissionen opmærksom på de konkurrenceforvridninger, støtteforanstaltningerne har medført på de tyske telekommunikationsmarked, og foreslår som modydelse i rammebestemmelsernes forstand, at FT skal afhænde datterselskabet Orange.
It draws the Commission's attention to the distortions of competition in the German telecommunications market caused by the aid measures and proposes, by way of compensatory measures within the meaning of the Guidelines, the sale of all or part of France Télécom's subsidiary Orange.
Bemærkninger fra A
Comments from A
A fremfører som angivet i indledningsbeslutningen, at når staten vil sikre FT's rentabilitet ved at yde et aktionærlån på 9 mia. EUR og stiller en »immateriel« garanti for FT, der skal sikre selskabets obligationsemissioner, er der tale om foranstaltninger, som ikke stemmer overens med det markedsøkonomiske investorprincip og som omfatter elementer af statsstøtte.
A points out that, as indicated in the opening decision, the State's intention of restoring France Télécom's financial health by granting a EUR 9 billion shareholder loan and the provision by the State to France Télécom of an ‘intangible’ guarantee covering its bond issues are measures which do not satisfy the prudent private investor test and which contain aid elements.
A tilføjer, at FT's politik vedrørende betaling for selskabets patenter også indeholder elementer af statsstøtte.
It adds that France Télécom's policy regarding the collection of royalties for its patents also contains aid elements.
Bemærkninger fra Bouygues og Bouygues Télécom
Comments from Bouygues and Bouygues Télécom
Bouygues og Bouygues Télécom har fremlagt følgende bemærkninger:
Bouygues and Bouygues Télécom submit the following comments:
BT fremfører, at den vedvarende og uigenkaldelige støtte fra staten var hjørnestenen i den kapitaltilførselsplan for FT, som har fået selskabet på ret køl igen.
Bouygues Telecom points out that the unfailing and irrevocable support of the State is the cornerstone of France Télécom's recapitalisation plan, which has led to the Company's recovery.
I betragtning af selskabets kritiske finansielle situation var det ifølge BT således kun den franske stat, der kunne genoprette tilliden fra markedet og sætte skub i en »god cirkel«, som har givet selskabet mulighed for at opfylde sine forpligtelser på kort sigt og iværksætte en omfattende kapitalkonsolidering under gunstige økonomiske vilkår.
Thus, according to Bouygues Telecom, only the French State could, in view of the Company's critical financial situation, restore the markets' confidence and create a virtuous circle enabling it to meet its short-term commitments and launch a huge recapitalisation operation under favourable economic conditions.
Følgende foranstaltninger opfylder efter BT's opfattelse betingelserne i traktatens artikel 87, stk. 1, og udgør derfor statsstøtte:
In Bouygues Telecom's opinion, the following measures satisfy the requirements of Article 87(1) of the Treaty and hence constitute state aid:
tilkendegivelserne fra økonomi- og finansministeren i perioden 12. juli— 4. december 2002 er statsgarantier, som indebærer tilsagn om statsmidler
the statements made by the Minister for Economic Affairs and Finance during the period from 12 July to 4 December 2002 constitute a state guarantee committing the State's resources;
aktionærlånet og styrkelsen af egenkapitalen indvirker på statens midler
the shareholder loan and the operation to strengthen the Company's capital base commit state resources;
de foranstaltninger, der undersøges, giver France Télécom fordele, som selskabet ikke havde kunnet opnå under normale markedsvilkår
the measures at issue confer advantages on France Télécom which it would not have obtained under normal market conditions;
foranstaltningerne er ikke i overensstemmelse med princippet om den fornuftige markedsøkonomiske investor
the measures at issue do not satisfy the test of a prudent private investor operating under normal market conditions;
foranstaltningerne indvirker på konkurrencen
the measures at issue affect competition;
foranstaltningerne indvirker på samhandlen inden for Fællesskabet.
the measures at issue affect intra-Community trade.
Indledningsvis understregede BT, at det var den statstilskyndede ekspansionspolitik inden for mobiltelefonisektoren i løbet af 2000, der førte til operatørens dårlige økonomi og finansieringssituation, som den første besparelsesplan ikke kunne modvirke.
As a preliminary remark, Bouygues Telecom observes that the policy of expansion carried out in 2000 in the mobile telephony sector with encouragement from the State led to a worsening of the operator's financial and economic situation, which an initial savings drive did not succeed in containing.
For så vidt angår økonomi- og finansministerens tilkendegivelser udgør den konstante, gentagne støtte fra staten — via en række offentlige meddelelser fra 12. juli 2002 til 4. december 2002, og forskellige foranstaltninger såsom kreditbevillingen på 9 mia. EUR til selskabet og statens uigenkaldelige tilsagn om at indskyde en andel af den nødvendige kapitaltilførsel i selskabet svarende til statens eksisterende aktieandel — et uomgængeligt løfte fra statens side om med alle midler at afhjælpe enhver vanskelighed, som selskabet måtte få med at opfylde sine finansielle forpligtelser.
As regards the statements by the Minister for Economic Affairs and Finance, the unfailing and repeated support of the State, expressed in a series of announcements from 12 July 2002 to 4 December 2002 and supplemented by a series of measures including the opening of the EUR 9 billion credit line and the irrevocable commitment by the State to participate in a capital increase in proportion to its shareholding in the Company, amounts to a commitment on its part, from which it cannot withdraw, to make good by all available means any failure by the Company to meet its financial commitments.
BT understreger i den forbindelse, at dette løfte udgør en regulær statsgaranti, som har juridisk bindende virkninger for statens midler.
Bouygues Telecom stresses here that this commitment constitutes a veritable state guarantee producing legal effects committing the State's resources.
BT tilføjer, at statsgarantien er ubegrænset både i omfang og tid.
It adds that the State's guarantee is unlimited in amount and time.
BT fremfører i denne forbindelse, at beslutningen om Crédit Foncier de France (CFF), hvori Kommissionen vurderede, at offentlige erklæringer fra regeringen havde til formål og følge at berolige kreditorerne med hensyn til kvaliteten af deres lån, og ikke — som de franske myndigheder gjorde gældende — kunne betragtes som et rent politisk tilsagn uden juridisk gyldighed.
Bouygues Telecom refers in this connection to the Crédit Foncier de France (CFF) decision, in which the Commission found that the public declarations by the Government had the object and effect of reassuring the bank's creditors about the quality of their loans and could not be considered — as the French authorities maintained — to be a mere political commitment without any legal value.
BT påpeger derfor, at støttetilsagnene i denne sag havde til følge, at CFF's kreditorer blev beroligede, så de ikke krævede deres tilgodehavender indfriet med øjeblikkelig virkning, at CFF ikke benyttede kreditten fra statens side til egen fortjeneste og at virksomheden fik mulighed for at gennemføre en omstruktureringsplan.
Bouygues Telecom thus states that, in that case, the declarations of support had the effect of reassuring those of CFF's creditors who had not yet demanded the immediate repayment of their loans, of avoiding the need for CFF to use the credit line opened by the State on its behalf and of enabling the latter to devise and implement a restructuring plan.
For alle tilfældes skyld pointerer BT, at fællesskabsrettens løsningsmuligheder styrkes ved en gennemgang af national ret.
Bouygues Telecom points out, furthermore, that the Community-law approach is borne out by an analysis of domestic law.
I fransk erhvervsret kan sådanne tilsagn om støtte sammenlignes med hensigtserklæringer, som domstolene sidestiller med regulære garantier, som det fremgår af den seneste retspraksis.
Under French commercial law, such declarations of support may be likened to letters of intent, which, as can be seen from recent case law, the courts equate with actual guarantees.