natgillin/translations-raw huggingface dataset:
Mellem juni og november 2002 var FT ifølge flere rådgivende bankers mening, forud for offentliggørelsen af ambitionsplanen 2005 og hovedaktionærens støtte, i stand til at gennemføre en refinansiering via obligationsmarkederne.
Moreover, according to the concordant opinion of several consultant banks consulted between June and November 2002, France Télécom was, prior to the announcement of the Ambition 2005 plan and of the majority shareholder's support, able to refinance itself on the bond markets.
De franske myndigheder angiver således, at bankerne […] og […] henholdsvis i juli og september 2002 tilbød via ombytningsprogrammer i oktober og november at refinansiere den del af FT's obligationsgæld, som forfaldt til betaling i 2003-2005.
The French authorities thus indicate that, in July and September 2002 respectively, […] and […] offered to refinance, through swap programmes starting in October or November, France Télécom's bond debts maturing between 2003 and 2005.
Angående FT's afgåede bestyrelsesformands udtalelse om, at FT ikke længere havde adgang til markedet bemærker de franske myndigheder, at hans mening nødvendigvis måtte være farvet af omstændighederne.
As to the statement by France Télécom's former CEO to the effect that the Company no longer had access to the market, the French authorities point out that his opinion was necessarily subjective in view of the circumstances.
Statsaktionærens fornødne omhu
Duty of care of the State as shareholder
Hvad angår statens manglende omhu i forbindelse med selskabets tidligere adfærd fremfører de franske myndigheder, at argumentet om, at en fornuftig investor ikke ville have befundet sig i samme situation som den franske stat, næppe er relevant, fordi Kommissionen i henhold til gængs retspraksis skal basere sin analyse på det tidspunkt, hvor investeringsbeslutningen blev truffet, medmindre det er sigtet at påvise, at staten tidligere har ydet statsstøtte, hvilket ikke er tilfældet i denne sag.
As regards the allegation that the State had failed in its duty of care as shareholder with regard to the Company's past conduct, the French authorities maintain that the argument to the effect that a prudent investor would not have found himself in the same situation as the French State is irrelevant as, according to well established case law, the Commission has to place its analysis at the time when the investment decision was taken, unless it can be shown that the State's past conduct involves aid elements, something which has not been claimed in the present case.
Selv om det har været til ugunst for FT, at staten var juridisk forpligtet til at besidde aktiemajoriteten i selskabet, kan Kommissionen under alle omstændigheder ikke drage de franske myndigheders beslutning om at bevare selskabet i den offentlige sektor i tvivl uden at vende det blinde øje til traktatens neutralitetsprincip.
At all events, even if the legal obligation on the State to hold a majority of the capital placed France Télécom at a disadvantage, the Commission cannot, without violating the neutrality principle enshrined in the Treaty, call into question the French authorities' choice to maintain the Company in the public sector.
De franske myndigheder understreger også, at de greb ind, så snart de fik kendskab til selskabets finansielle problemer.
The French authorities stress that they intervened as soon as they became aware of the financial difficulties encountered by the Company.
I deres bemærkninger af 29. juli 2003 fastholdt de franske myndigheder, at der i henhold til Stardust-sagen skulle tages udgangspunkt i det tidsrum, hvor støtteforanstaltningerne fandt sted, hvilket »[…] automatisk udelukker tiden forud for juli 2002«.
In their comments of 29 July 2003, the French authorities insist on the fact that, according to the judgment in Stardust, it is necessary to place oneself in the context of the period during which the financial support measures were taken and that this ‘… excludes automatically the period before July 2002’.
De understregede ligeledes, at udbyttebetalingen for 2001 i aktier er i overensstemmelse med det markedsøkonomiske investorprincip, da der var udsigt til god vækst i aktiens kurs.
They also stress that the payment in shares of the dividends for 2001 was in keeping with the prudent private investor principle inasmuch as there was at that time a strong potential for an increase in the share price.
TOP-planens fornuftsgrundlag
Rationality of the TOP plan
På baggrund af foranstående forhold understreger de franske myndigheder, at stigningen i selskabets cashflow og styrkelsen af egenkapitalen jf. ambitionsplanen 2005 var led i en strategi, som enhver fornuftig flertalsaktionær ville have fulgt.
The French authorities stress that, in the light of the above, the increase in the cash flow and the strengthening of the capital base provided for in the Ambition 2005 plan are components of a strategy that would have been followed by any prudent majority shareholder.
Eftersom FT's økonomi grundlæggende var sund, kan selskabets situation ikke sammenlignes med virksomheder som Vivendi Universal eller Crédit Lyonnais.
Hence, owing to the fact that the Company's fundamentals were healthy, France Télécom's situation cannot be compared to that of companies such as Vivendi Universal or Crédit Lyonnais.
For så vidt angår spørgsmålet, om TOP-planen var rationel, pointerer de franske myndigheder, at planen repræsenterer en betydelig indsats fra selskabets side.
As to the rationality of the TOP plan, the French authorities state that the plan in question represents a considerable effort on the Company's part.
De franske myndigheder understreger, at det er en global administrativ omlægningsplan med udgangspunkt i konkrete tiltag, som allerede har givet de første positive resultater.
It is an overall plan for a change of management direction based on specific actions which has already produced its first positive results.
I den forbindelse pointerer de, at planen er yderst målrettet og giver mulighed for at gøre selskabet mere rentabelt med udsigt til et investeringsafkast på 43 % i 2005 for de investorer, som deltog i kapitaltilførslen i april 2003, dvs. et godt stykke over referenceafkastet (11 %) for markedsøkonomiske investorer i telesektoren.
The French authorities stress in this connection that the plan is an extremely precise one which makes possible an increase in the Company's profitability with a rate of return on investment (RRI) of 43 % in 2005 for those investors who participated in the April 2003 capital increase, that is, a much higher return than the reference RRI (11 %) expected by a private investor in the telecommunications sector.
TOP-planen omfatter også tiltag til effektivisering af personaleadministrationen.
The TOP plan also includes a staff management optimisation chapter.
De franske myndigheder pointerer desuden, at selskabet ved at afhænde aktiver sidst i 2002 kunne udskyde den truende likviditetsstramning til udgangen af 2003 selv uden at benytte sig af finansieringsmarkederne.
As to the disposal plan, the French authorities state that the disposal of assets at the end of 2002 made it possible to carry forward any liquidity constraint to the end of 2003 without even having to resort to the financial markets.
Afhændelser af strategiske aktiver ville i øvrigt havde været i modstrid med FT's og aktionærernes interesser på mellemlang og lang sigt.
Moreover, a disposal of strategic assets would not have been in the interests of France Télécom and its shareholders in the medium to long term.
Endelig understreger de franske myndigheder, at de strategier, som de konkurrerende operatører fulgte, ikke virkede mere fornuftige, og at en plan ikke blot kan bedømmes ud fra, hvor mange eller hvor strategiske aktiver det er tanken at afhænde, men må vurderes ud fra planens overordnede fornuftsgrundlag.
The French authorities stress, lastly, that the strategies followed by competing operators are no more prudent and that a plan must be assessed, not in the light of the scope or strategic character of the assets whose disposal is being contemplated, but in that of the rationality of the plan as a whole.
Det gode tegningsresultat ved obligationsemissionerne i december 2002 og januar 2003 beviste for øvrigt efterfølgende, at de private investorer havde tillid til selskabets forretningspotentiale.
Moreover, the success of the December 2002 and January 2003 bond issues confirmed a posteriori the confidence private investors place in the Company's operational potential.
Statens overholdelse af det markedsøkonomiske investorprincip ved styrkelsen af egenkapitalen
Application of the prudent investor principle to the participation in the strengthening of the Company's capital base
For så vidt angår spørgsmålet, om det markedsøkonomiske investorprincip blev overholdt, da staten bebudede sin deltagelse i styrkelsen af egenkapitalen, bemærker de franske myndigheder, at de havde betinget deres godkendelse af, at den nye bestyrelsesformand fremlagde en ny, overbevisende genopretningsplan med bankdeltagelse.
With regard to the application of the prudent private investor principle to the announcement by the State of its anticipated participation in the strengthening of the Company's capital base, the French authorities observe that they made their agreement conditional on the presentation, by the new management, of a new, credible rebalancing plan and on participation by the banks.
Vedrørende overholdelsen af samtidighedsprincippet understreger de franske myndigheder, at staten som aktionær fra første færd traf alle forholdsregler for at sikre samtidig deltagelse af offentlige og private aktionærer, og at staten ikke løb nogen risiko tidligere end de private investorer.
On compliance with the concomitance principle, the French authorities point out that, from the outset, the State shareholder took every step to ensure the concomitant participation of public and private shareholders and that it took no risk before private investors did.
Statens deltagelse i styrkelsen af egenkapitalen blev således bebudet den 12. september 2002, og allerede i september 2002 havde et bankkonsortium givet tilsagn om at garantere for kapitalforøgelsen over for de private investorer sammen med statsaktionæren, når tiden var inde til det, på betingelse af, at der blev fremlagt en troværdig plan for markedet.
Thus, the announcement of the State's intention to participate in the strengthening of the Company's capital base dates from 12 September 2002, and on that date a banking syndicate had already undertaken to underwrite, when the time came, that part of a capital increase which was intended for private investors alongside the public shareholder, on condition that a credible rebalancing plan was announced to the market.
De franske myndigheder understregede, at denne betingelse var fuldt forståelig i betragtning af FT's finansielle ubalance, og de pointerede, at statens deltagelse ligeledes var betinget af, at der blev fremlagt en plan, som markedet fandt troværdig.
The French authorities stress that this condition was normal in view of France Télécom's unbalanced financial situation, the State's participation also being conditional on the announcement of a plan considered by the market to be credible.
De franske myndigheder præciserede, at staten ikke var kommet med sin bebudelse, hvis de private investorer ikke havde stillet sig som garanter.
They add that, if the private investors had not stood guarantors, the State would not have made such an announcement.
De franske myndigheder præciserer også, at privatfinansieringen fremkom før den offentlige finansiering, da en betydelig del af de finansielle bidrag fra private investorer forelå i form af obligationslån og omlægning af bankkreditter mellem december 2002 og februar 2003.
The French authorities also state that the private financing predated the public financing inasmuch as the financial contributions by private investors — in the form of debenture loans and the rescheduling of bank loans between December 2002 and February 2003 — took place in significant proportions.
De franske myndigheder præciserer, at enhver eventuel tilrådighedsstillelse af statsmidler skal analyseres på baggrund af denne omfattende privatfinansiering.
The analysis of any making available of state funds must, in the French authorities' view, be carried out in the light of such private financing.
De franske myndigheder mener, at kapitaltilførslen den 24. marts 2003 overholder samtidighedsprincippet.
The French authorities maintain that the recapitalisation operation carried out on 24 March 2003 complies with the concomitance principle.
Staten ydede for sit vedkommende ikke noget bidrag til kapitaltilførslen før de private aktionærer, jf. de nærmere vilkår for aktionærlånet, som fremgår i pkt. 5.6 og som ikke indeholdt noget ubetinget statsligt tilsagn om kapitaltilførsel forud for marts 2003.
The State, for its part, made no capital contribution before the private shareholders did, as can be seen from the arrangements for the shareholder loan described in point 5.6, which included no unconditional recapitalisation commitment by the State before March 2003.
Det tilsagn fra bankerne i september 2002, som angives i betragtning 159, blev således bekræftet af den formelle garanti fra bankkonsortiet i marts 2003, og dermed var staten fri for enhver risiko i forbindelse med deltagelsen af private investorer i kapitaltilførslen.
The banks' undertaking of September 2002 referred to in paragraph 159 was thus confirmed by the banking syndicate's formal guarantee in March 2003 and enabled the State to take no risk as regards the participation of private investors in the capital increase.
De franske myndigheder understreger, at staten i overensstemmelse med retspraksis i Alitalia-sagen ikke havde forpligtet sig formelt forud for bankernes formelle engagement.
The French authorities stress that, in accordance with the judgment in Alitalia, the State did not commit itself formally prior to the banks' formal undertaking.
Den private aktionærandel er med sine 40 % temmelig høj, og et sådant omfang har Domstolen tidligere vurderet som i overensstemmelse med samtidighedsprincippet.
The private shareholder participation is significant at 40 %, which has been held by the Court of Justice to be in keeping with the concomitance principle.
Det garanterende bankkonsortium blev valgt efter udbud, så man sikrede de bedst mulige markedsvilkår for bankernes investeringsafkast, navnlig hvad angår bankernes gebyrer.
The underwriting banking syndicate was selected by open tender, which ensured that the banks' remuneration corresponded to optimised market conditions, notably as regards the commission paid to the banks.
De franske myndigheder nævner også, at gebyrerne i den foreliggende sag ([…] % af det samlede garantibeløb) er i overensstemmelse med angivelserne i Alitalia-beslutningen af 19. juni 2002.
The French authorities also mention that the commissions paid in the present case ([…] % of the total amount underwritten) are in keeping with the guidelines set out in the Alitalia decision of 19 June 2002.
For så vidt angår forventningerne til selve afkastet præciserer de franske myndigheder, at overholdelsen af det markedsøkonomiske investorprincip som tidligere nævnt også her bevises af, hvor høj TOP-planens rentabilitetsprognose var og hvor godt markedet tog imod den.
As regards the expected return, the French authorities state that, as has already been indicated, compliance with the prudent private investor principle is also demonstrated by the high profitability prospects of the TOP plan, as confirmed by the plan's favourable reception by the market.
De franske myndigheder hævder desuden, at FT, da investeringsbeslutningen blev truffet, ikke var kriseramt efter rammebestemmelsernes definition og at selskabet havde adgang til finansieringsmarkederne i andet halvår af 2002.
They maintain, moreover, that, when the investment decision was taken, France Télécom was not a firm in difficulty within the meaning of the Guidelines and that the Company had access to the financial markets during the second half of 2002.
De franske myndigheder understreger, at kapitalforøgelsen blev gennemført, så snart det var teknisk muligt at give staten og investorerne et tidssvarende overblik over selskabets driftsperspektiver, hvilket viser, at staten satsede på seriøse investorer med ønske om et langsigtet afkast.
The French authorities stress that the capital increase was effected as soon as it was technically possible to present to the State and to investors updated data on the Company's operational prospects, which demonstrates the State's choice of high-quality investors motivated by long-term return prospects.
De franske myndigheder pointerer, at de tidsmæssige vanskeligheder var af teknisk art vedrørende FT og ikke hang sammen med, om børsmarkedsvilkårene var gunstige eller ej.
The French authorities point out that the timetable constraints were technical constraints linked to France Télécom independent of any favourable stock market conditions.
De franske myndigheder mener, at transaktionen var en succes, og at garantibeløbet var over fem gange så stort som det beløb, der blev angivet i udbuddet.
The French authorities state that the operation was a success and that the fixed amount underwritten was more than five times that sought from the market.
De franske myndigheder tilføjer, at kapitaltilførslens omfang ikke er relevant, men at det udelukkende skal bedømmes, om transaktionen var rationel.
The French authorities add that the amount of the recapitalisation is not a relevant factor and that all that matters is whether the operation was rational.
Under alle omstændigheder var det pågældende beløb ikke overdrevent stort i sammenligning med f.eks. kapitalforøgelsen i KPN.
At all events, the amount in the present case was not excessive compared with, say, the capital increase in the case of KPN.
Vedrørende dette forhold understreger de franske myndigheder afslutningsvis, at kapitalforøgelsen allerede (de franske myndigheder afgav disse bemærkninger i juli 2003) fremstod som en velovervejet investering, idet FT's aktiekurs steg med næsten 50 % i forhold til kapitalforøgelseskursen.
Concluding on this point, the French authorities stress that the capital increase seems already (the French authorities' comments date from July 2003) to be a prudent investment as France Télécom's share price has risen by almost 50 % compared with the rate of capital increase.
Statens afholdelse af ERAP's lån som tilkendegivet af viceministeren med ansvar for budgetanliggender i december 2002 vedrører kun detaljerne i statens investering og har ingen indflydelse på forholdet mellem staten, aktionærerne og selskabet.
As to the repayment of the ERAP loan by the State as announced by the deputy Minister for the Budget in December 2002, it concerns only the modalities for investment by the State and has no impact on relations between the State, the shareholders and the Company.
Aktionærlånet
The shareholder loan
De franske myndigheder fastholder, at FT aldrig underskrev udkastet til aktionærlånet, dels fordi selskabet fandt finansieringsvilkårene for bekostelige, dels fordi Kommissionen var i tvivl om, hvorvidt foranstaltningen var lovlig ifølge traktaten.
The French authorities maintain that the loan proposal was never signed by France Télécom owing to the excessive cost of the financial terms proposed to it and the fact that the Commission was raising doubts about the measure's lawfulness under the Treaty.
Derfor blev der ikke stillet statsmidler til rådighed for selskabet via udkastet til aktionærlån.
Consequently, no state resources were placed at the Company's disposal via the shareholder loan proposal.
De franske myndigheder påpeger, at aktionærlånet ikke kan betragtes som værende trådt i kraft som følge af statens tilkendegivelse den 4. december 2002, som udelukkende vedrørte statsaktionærens tilsagn om at medvirke til at styrke selskabets egenkapital, mens der kun nævnes en »eventuel« tilrådighedsstillelse af et aktionærlån.
The French authorities argue that the entry into force of the loan cannot be deduced from the announcement made by the State on 4 December 2002, which concerns only the commitment by the State shareholder to participate in the operation to strengthen the Company's capital base, mention being made only of the ‘possible’ provision of a shareholder loan.
Det bemærkes også, at tilkendegivelsen under alle omstændigheder ikke havde indebåret nogen fordel for FT.
The French authorities observe that, at all events, the loan proposal conferred no advantage on France Télécom.
De franske myndigheder påpeger således, at aktionærlånet ikke trådte i kraft, at selskabet ikke benyttede sig af det, og at det dermed ikke kunne medføre, at selskabets likviditetsbehov blev udskudt.
The French authorities thus make clear that, in so far as it has not entered into force, the loan has not been used by the Company and therefore has not been able to postpone the Company's liquidity needs.
De franske myndigheder fastholder, at bebudelsen af aktionærlånet ikke udgjorde nogen garanti.
They maintain that the loan announcement does not constitute a guarantee.
Ifølge fransk ret findes der således ikke nogen underforstået garanti: enhver garanti, som staten bevilger, skal have sit retsgrundlag i en lov.
French law does not recognise an implicit guarantee: any guarantee provided by the State must be enshrined in a law.
Der er således ikke grundlag for at ligestille bebudelsen af et muligt aktionærlån fra staten med en garanti.
It is wrong to treat the announcement of a possible state loan as a guarantee.
De franske myndigheder insisterer endvidere på, at den garanti, staten stillede over for ERAP, så institutionen kunne finansiere sin deltagelse i styrkelsen af FT's egenkapital, ikke kan sidestilles med en garanti stillet over for FT.
The French authorities insist that the guarantee which the State provided to ERAP to enable it to finance its participation in the strengthening of France Télécom's capital base must not be equated with a guarantee given to France Télécom.
De præciserer nemlig, at ERAP spillede en helt neutral rolle og kun greb ind ud fra budgetmæssige hensyn.
As far as ERAP is concerned, the French authorities state categorically that its role was entirely neutral and that it intervened only for budgetary reasons.
Statens bebudelse af et muligt aktionærlån kunne heller ikke lette FT's adgang til obligationsmarkedet.
Likewise, the announcement by the State of a loan proposal did not facilitate France Télécom's access to the bond market.
For det første udgør den ingen garanti for obligationslånene, da deres løbetid er længere end aktionærlånets.
First of all, the debenture loans are not covered by any sort of guarantee, their duration being longer than that of the shareholder loan.
Desuden har obligationsejerne ingen rekursret, hvis det skyldige beløb ikke tilbagebetales ved forfaldstidspunktet.
Moreover, bondholders have no recourse in the event of non-payment upon maturity.
For det andet påpeger de franske myndigheder, at man ikke kan sammenligne statens bebudelse af, at den muligvis vil yde et aktionærlån til fremskyndelse af sin deltagelse i styrkelsen af selskabets egenkapital, med den garanti, der blev ydet i den tidligere nævnte beslutning om Crédit Foncier de France, fordi aktionærlånet i den foreliggende sag var rent hypotetisk og af klart afgrænset varighed og beløb og derfor ikke i sig selv kunne løse selskabets finansieringsproblemer i betragtning af gældens forfaldstidspunkt.
Secondly, it is not possible to compare the announcement, by the State, of the possibility of its making an upfront prepayment towards the strengthening of the Company's capital base with the guarantee given in the above-mentioned Crédit Foncier de France decision because, inasmuch as the loan envisaged in the present case was hypothetical and strictly limited in duration and amount, it could not by itself resolve the Company's financial problems having regard to its debt repayment schedule.