natgillin/translations-raw huggingface dataset:
Der kunne ikke blive tale om afhændelse uden godkendelse fra kreditorbankerne, hos hvem Freenet-interesserne endnu var pantsat på det tidspunkt.
Any such sale would not have been possible without the agreement of the creditor banks, to which the freenet holding was still pledged at the time.
I betragtning af den store gæld på UMTS-området ville kreditorbankerne ikke have godkendt salget.
In view of the large debts in the UMTS sector, the creditor banks would not have agreed to a sale.
Desuden skulle provenuet udelukkende have været anvendt til at indløse kreditforpligtelserne i tilknytning til UMTS-projektet over for bankerne.
Furthermore, the proceeds would have had to be used exclusively for the repayment of the credit liabilities resulting from the UMTS project for the banks.
Kommissionen har heller ikke nogen holdepunkter for at antage, at der under den akutte krise i 3. og 4. kvartal skulle have været investorer, der udviste interesse for at overtage andele i MobilCom AG.
Nor does the Commission have any evidence to suggest that, during the acute crisis in the third and fourth quarters of 2002, investors would have shown any interest in acquiring shares in MobilCom AG.
Heller ikke på denne måde havde MobilCom således mulighed for at skaffe sig egne midler.
This means of procuring funds was therefore also not available to MobilCom.
Desuden har Tyskland fyldestgørende redegjort for, at konsortialbankerne ikke ville have ydet kreditten på 112 mio. EUR uden statsgarantien, da man antog, at der var stor risiko for manglende betalingsevne, og da der især ikke i tilstrækkelig grad fandtes den for bankerne normale sikkerhed.
Germany has also demonstrated sufficiently that the consortium banks would not have granted the EUR 112 million loan without the State guarantee, since the default risk was considered to be too high and in particular since the usual banking collateral was not provided in sufficient measure.
Tyskland har i den forbindelse blandt andet forelagt en udtalelse fra konsortialbanken KfW af 1. juni 2003, hvori denne vurderer værdien af de yderligere garantier, der blev givet for kreditten på 112 mio. EUR. I aftalen om kreditten på 112 mio. EUR forpligtede MobilCom sig blandt andet til at pantsætte samtlige andele i alle MobilCom AG's datter- og holdingselskaber, herunder også andelene i Freenet.de AG, samt at give afkald på alle fordringer over for Millenium GmbH samt over for den tidligere direktør Gerhard Schmid til et beløb af 71 mio. EUR. Desuden skulle alle normale bankmæssige sikkerhedsstillelser overdrages.
Germany submitted among other things an opinion drawn up by the consortium lead bank, KfW, on 1 June 2003 in which the latter assessed the value of the collateral additionally provided for the EUR 112 million loan. In the EUR 112 million loan contract, MobilCom undertook among other things to pledge all the shares in all the subsidiaries and associated companies of MobilCom AG and MobilCom Holding GmbH, including the freenet.de AG holding, and to transfer all claims against Millenium GmbH and against the former manager Gerhard Schmid amounting to EUR 71 million. All the usual banking collateral that was available in the company was also to be transferred.
Værdien af Freenet-andelene, som allerede blev pantsat i december 2002, kunne ifølge oplysningerne fra KfW ikke vurderes på grund af aktiernes ustabile kurser.
The value of the freenet holding, which had already been pledged in December 2002, could not be assessed according to KfW because of the marked volatility of the shares.
De fordringer over for Gerhard Schmid og Millenium GmbH, som var afstået til bankkonsortiet, skulle modsvares af, at formueforvalteren Dr. Dieter Thoma skulle afhænde aktierne i MobilCom AG frem til den 31. december 2003.
The claims against Gerhard Schmid and Millenium GmbH made over to the bank consortium were to be met through the sale of the MobilCom AG holding by the trustee Prof. Dieter Thoma by 31 December 2003.
Vurderingen af denne sikkerhed var baseret på kursen for MobilCom-aktien.
The valuation of this collateral was based on the stock exchange price of MobilCom's stock.
Da børskursen på aktien er afhængig af MobilComs bonitet, kunne KfW efter Tysklands oplysninger på grundlag af normale bankmæssige principper heller ikke fastsætte en sikkerhedsværdi.
Since that price is dependent on MobilCom's creditworthiness, KfW, according to Germany, was not able to attribute any collateral value, based on customary banking principles, to the collateral.
Yderligere sikkerhedsstillelse, som f.eks. den senere afståede købsprisfordring over for Freenet.de AG i forbindelse med afhændelsen af fastnetandelen til et beløb af 35 mio. EUR, var på det tidspunkt, hvor lånet blev ydet, endnu ikke en aktuel mulighed.
Other collateral, such as the subsequently transferred purchase money claim against freenet.de AG arising from the sale of the landline division amounting to EUR 35 million, was not yet available at the time the loan was granted.
Kommissionen må således konkludere, at ydelse af forbunds- og delstatsgarantien var nødvendig, for at det var bankmæssigt forsvarligt at yde kreditten på 112 mio. EUR.
The Commission must therefore conclude that the granting of the 80 % Federal and Land guarantee was necessary in order for the banks to be able to justify the granting of the EUR 112 million loan.
På baggrund heraf må Kommissionen konkludere, at virksomheden på tidspunktet for den anden støtteforanstaltning ikke var i stand til at gennemføre en sanering ved egen hjælp eller ved hjælp af midler fra andelshavere eller kreditorer uden et statsligt bidrag.
The Commission thus finds that, at the time when the second loan was granted, the firm was unable to restructure itself through its own resources or with the funds it was able to obtain from its owner/shareholders or creditors, without the State contribution.
Kommissionen finder det derfor godtgjort, at MobilCom i november 2002 stadig var kriseramt i den i EF-rammebestemmelserne anvendte betydning.
In its view, therefore, there is sufficient evidence that, in November 2002, MobilCom was still a firm in difficulty within the meaning of the Community guidelines.
Genoprettelse af den langfristede retabilitet
Restoration of long‐term viability
Ifølge punkt 30 ff. i EF-rammebestemmelserne skal der, for at der kan ydes støtte, iværksættes en omstruktureringsplan, der skal godkendes af Kommissionen for al individuel støtte, ligesom det skal efterprøves, om virksomheden kan gøres rentabel på længere sigt.
Pursuant to point 31 et seq. of the Community guidelines, the grant of restructuring aid is conditional on implementation of a restructuring plan which must be endorsed by the Commission in the case of all individual aid measures and checked to see whether it is likely to restore the long‐term viability of the firm.
Der var for Kommissionens vedkommende ingen tvivl om, at MobilCom-koncernen var i stand til at gennemføre en sanering på baggrund af den succesrige afslutning af MC Settlement Agreement med France Télécom.
The Commission did not have any doubt that the MobilCom group could be stabilised following the successful conclusion of the MC Settlement Agreement with France Télécom.
Den detaljerede omstruktureringsplan, som Kommissionen fik forelagt i marts 2003, indeholdt en omfattende analyse af de strukturelle underskud, som havde skabt problemerne, og et omfattende katalog over foranstaltninger, hvormed der skulle sættes ind over for de diagnosticerede svage punkter.
The detailed restructuring plan submitted to the Commission in March 2003 contained a comprehensive analysis of the structural deficits responsible for the problems and a comprehensive list of measures to overcome the weaknesses identified.
På grundlag af en prognosticeret resultatopgørelse frem til udgangen af 2007 samt en scenarie- og risikoanalyse kunne Kommissionen afslutningsvis fastslå, at de foreslåede omstruktureringsforanstaltninger var så fornuftige, følgerigtige og principielt rimelige, at de satte MobilCom i stand til at genoprette rentabiliteten på længere sigt.
On the basis of a forecast profit and loss account up to the end of 2007 and a scenario and risk analysis, the Commission was able to establish that the proposed restructuring measures were reasonable, cogent and, in principle, appropriate to allow MobilCom to restore its long‐term viability.
Desuden havde Deloitte & Touche på bestilling af MobilCom vurderet omstruktureringsplanen og var kommet til det resultat, at udsagnene var i overensstemmelse med revisionsfirmaets vurderinger i beretningen af 25. oktober 2002 og i den månedlige rapportering om saneringsprocessen.
Furthermore, Deloitte & Touche carried out an assessment of the restructuring plan on behalf of MobilCom and came to the conclusion that the plan was in line with the auditing firm's assessments in the 25 October 2002 report and in its monthly reporting on the restructuring process.
Denne forhåndsvurdering støttes af den faktiske udvikling.
This ex ante assessment is also borne out by actual developments.
MobilCom realiserede inden for tjenesteudbyderområdet allerede i 2. kvartal 2003 (for første gang efter 11 kvartaler) igen et overskud og kunne ved afhændelsen af Freenet-andelene i september 2003 udrydde al sin gæld.
MobilCom was back in profit in the service provider sector in the second quarter of 2003 (for the first time after eleven quarters) and was able to pay off its debts in full through the sale of freenet shares in September 2003.
Støtte begrænset til det strengt nødvendige minimum
Aid limited to the minimum
Ifølge punkt 40 i EF-rammebestemmelserne skal støttens størrelse og intensitet være begrænset til det for omstruktureringens gennemførelse strengt nødvendige minimum.
Under point 40 of the Community guidelines, the amount and intensity of the aid must be limited to the strict minimum needed to enable restructuring to be undertaken.
Støttemodtagerne skal selv yde et betydeligt bidrag til omstruktureringsplanen af egne midler, herunder ved afhændelse af aktiver, som ikke er nødvendige for virksomhedens overleven, eller ved finansiering udefra på markedsvilkår.
Aid beneficiaries must make a significant contribution to the restructuring plan from their own resources, including through the sale of assets that are not essential to the firm's survival, or from external financing at market conditions.
Tyskland har efter Kommissionens opfattelse i rigt mål påvist, at omstruktureringsstøtten i form af statsgarantien for kreditten på 112 mio. EUR i den foreliggende sag er begrænset til, hvad der er strengt nødvendigt for omstruktureringen set i forhold til virksomhedens, dens aktionærers eller den overordnede koncerns disponible finansielle midler.
The Commission considers that Germany has demonstrated sufficiently that the restructuring aid in the form of a State guarantee for the loan of EUR 112 million is limited to the minimum needed for the restructuring in the light of the existing financial resources of the company, its shareholders or the business group to which it belongs.
MobilCom har i omstruktureringsfasen hverken foretaget yderligere erhvervelser eller nyinvesteringer, som ikke var ubetinget nødvendige for genoprettelsen af rentabiliteten på lang sigt.
During the restructuring phase, MobilCom did not carry out any additional acquisitions or new investment not strictly necessary for the restoration of long‐term viability.
Alligevel finder Kommissionen det nødvendigt at knytte bestemte betingelser til ydelsen af statsstøtte for at undgå urimelige konkurrencefordrejninger (se præmis 176-189).
Nevertheless, the Commission thinks it necessary to attach conditions to its approval of the aid in order to avoid undue distortions of competition (see paragraphs 176 to 189).
Hvad løbetiden for det statsgaranterede lån angår, tager Kommissionen til efterretning, at France Télécom ifølge Tysklands oplysninger havde insisteret på en løbetid for det statsgaranterede lån på 18 måneder som betingelse for at overtage forpligtelserne på UMTS-forretningsområdet, hvilket var af afgørende betydning for MobilCom, hvorfor det ikke havde været muligt at opnå en kortere løbetid uden at bringe afslutningen af MC Settlement Agreement i fare.
As far as the period covered by the State‐guaranteed loan is concerned, the Commission notes that, according to the information provided by Germany, France Télécom pressed for a term of at least 18 months for the State‐guaranteed restructuring loan as a precondition for its taking over the liabilities stemming from the UMTS business, as MobilCom needed it to do, and that, consequently, a shorter term would not have been practicable without endangering the conclusion of the MC Settlement Agreement.
Kommissionen fandt derfor, at kravet om, at støtten skal begrænses til det strengt nødvendige minimum, var opfyldt.
The Commission therefore regards the requirement that aid be limited to the minimum as also having been met in this respect.
Med hensyn til den støttemodtagende virksomheds eget bidrag til omstruktureringen, tager Kommissionen til efterretning, at statsgarantien kun afdækkede 80 % af det garanterede lånebeløb.
As regards the beneficiary's own contribution to the restructuring, the Commission notes that the State guarantee covered only 80 % of the guaranteed loan.
Risikoen med hensyn til de resterende 20 % blev derfor båret af virksomheden, henholdsvis de kreditgivende banker.
The risk in relation to the remaining 20 % was thus borne by the firm and the lending banks.
Desuden bidrog MobilCom til finansieringen af omstruktureringen ved afhændelse af formueværdier, som det allerede var forudset i omstruktureringsplanen.
In addition, MobilCom helped to finance the restructuring through the sale of assets as set out in the restructuring plan.
Således blev de første rater på 35 mio. EUR fra salget i marts 2003 af fastnettet til Freenet anvendt til nedbringelse af kreditterne.
The first instalments made possible by the EUR 35 million sale of the landline division to freenet in March 2003 were used to pay back the loans.
Det resterende kreditbeløb blev fuldstændig tilbagebetalt på mindre end et år ved hjælp af provenuet fra salget af 20 % af andelene i Freenet.
The remainder of the loan was repaid in full in less than one year out of the proceeds from the sale of 20 % of the shares in freenet.
På denne baggrund og under hensyntagen til, at støtten bestod af en lånegaranti og ikke af et tilskud, der skulle betales tilbage, når Kommissionen frem til den konklusion, at MobilCom har ydet et tilstrækkeligt bidrag til omstruktureringen, jf. punkt 40 i EF-rammebestemmelserne, og at støtten var begrænset til et minimum.
Against this background and bearing in mind that the aid took the form of a loan guarantee and not a non‐repayable grant, the Commission concludes that MobilCom made a sufficient contribution to the restructuring from its own resources within the meaning of point 40 of the guidelines and that the aid was reduced to the minimum.
Undgåelse af urimelige konkurrencefordrejninger
Avoidance of undue distortions of competition
Ifølge punkt 35 ff. i EF-rammebestemmelserne skal der træffes foranstaltninger for så vidt muligt at afbøde støttens skadelige virkninger for konkurrenterne.
Under point 35 et seq. of the Community guidelines, measures must be taken to mitigate as far as possible any adverse effects of the aid on competition.
Denne betingelse indebærer oftest en begrænsning af den stilling, som virksomheden kan indtage på sit (sine) marked(er) efter omstruktureringen, og dette skal stå i forhold til støttens konkurrencefordrejende virkning og skal specielt stå i forhold til virksomhedens relative vægt på dens marked eller markeder.
This condition usually takes the form of a limitation or reduction of the presence which the company can enjoy on its market or markets, such limitation or restriction being in proportion to the distortive effects of the aid and, in particular, to the relative importance of the firm on its market or markets.
Kommissionen konstaterer, at MobilCom kun anvendte den ydede støtte til sanering af forretningsområdet mobiltelefoni/tjenesteudbyder som forudset i omstruktureringsplanen.
The Commission finds that MobilCom used the aid as specified in the restructuring plan only for the stabilisation of the mobile telephony/service provider business area.
Støtten har derfor først og fremmest virkninger på mobilmarkedet.
The aid therefore had an impact primarily on the mobile telephony market.
Kommissionen skønner, at markederne for fastnet, taletelefoni og internettjenester, hvor MobilCom også fremover vil være aktiv i kraft af sine interesser i Freenet.de AG, ikke er blevet påvirket mærkbart.
In the Commission's view, the markets for landline services, voice telephony and Internet services, on which MobilCom will continue to operate in the future through its holding in freenet.de AG, are not appreciably affected.
Kommissionen vil derfor i det følgende først og fremmest undersøge, om støtten har negative virkninger for MobilComs konkurrenter på mobilmarkedet, og om den har ført til konkurrencefordrejninger, som gør det nødvendigt at træffe kompensationsforanstaltninger.
In what follows the Commission will therefore examine first whether the aid has had a negative impact on MobilCom's competitors in the mobile telephony market and whether it has led to distortions which make compensatory measures necessary.
Betragter man markedet for mobiltjenester under ét, så hører MobilCom med en samlet markedsandel på 8 % før og skønsmæssigt 6 % efter omstruktureringen til gruppen af mindre udbydere.
Taking the market for mobile telephony services as a whole, MobilCom is one of the smaller suppliers, with a total market share of 8 % prior to the restructuring of the group and an estimated share of around 6 % after restructuring.
Desuden skal det understreges, at støtten til MobilCom ikke bestod af et tilskud, men af en lånegaranti.
Moreover, the aid granted to MobilCom took the form of a loan guarantee, and not a grant.
Det garanterede lån blev fuldstændig indløst allerede den 20. september 2003, hvilket var kun 10 måneder, efter at lånet blev ydet.
The guaranteed loan was repaid in full on 20 September 2003, only 10 months after the loan had been granted in November 2002.
På den anden side førte MobilCom i årene før krisen i 2002 en prisaggressiv ekspansionsstrategi, som udelukkende var rettet mod vækst på forretningsområdet mobiltjenester/tjenesteudbyder på bekostning af rentabiliteten.
On the other hand, in the years prior to the crisis in 2002, MobilCom pursued an aggressive expansion strategy geared exclusively to growth in the mobile telephony/service provider sector at the expense of profitability.
MobilComs ensidige fokusering på vækst i markedsandelene var også tydelig på baggrund af MobilComs planlagte UMTS-netudbygning, da netværksoperatører opnår højere avancer hos deres kunder end rene tjenesteudbydere.
MobilCom's focus purely on expanding its market share also had to be viewed in the context of the planned expansion of its UMTS network since network operators earn higher margins on their customers than pure service providers.
Ved at fokusere sine aktiviteter på UMTS-området og med sit forsøg på at etablere sig som UMTS-operatør indgik MobilCom en stor risiko.
By focusing its activities on the UMTS field and attempting to establish itself as a UMTS operator, MobilCom was taking a major risk.
I sidste instans mislykkedes denne forretningsstrategi, som MobilComs vanskeligheder i anden halvdel af 2002 er vidne om.
Ultimately, this business strategy failed, as demonstrated by the difficulties MobilCom experienced in the second half of 2002.
MobilCom trak sig derfor tilbage fra UMTS-området som netoperatør og rettede sin marketingsstrategi mod at binde den bestående rentable kundekreds og øge den gennemsnitlige månedlige omsætning.
MobilCom therefore withdrew as a network operator from the UMTS sector and geared its marketing strategy towards keeping existing profitable customers and pushing up average monthly turnover.
Som følge af den ydede støtte skulle MobilCom imidlertid ikke bære de negative konsekvenser af sin risikofyldte strategi alene, samtidig med at virksomheden drog fordel af de positive virkninger, som f.eks. muligheden for i forbindelse med saneringen af sin kundeportefølje at kunne gribe tilbage til et større kundeunderlag.
However, because of the aid, MobilCom did not have to bear the negative consequences of its high‐risk strategy alone, while it continued to benefit from the positive effects such as the possibility of drawing on a wider clientele when streamlining its customer base.
Dermed opnåede MobilCom ved hjælp af støtten en klar fordel i forhold til sine konkurrenter.
This gave MobilCom a clear advantage over its competitors.
Desuden indrømmede MobilCom, at virksomheden uden statsstøtten havde måttet indgive en insolvenserklæring, hvorved den sandsynligvis ville have mistet en stor del af sine bestående kunder.
MobilCom also conceded that, without the State aid, it would have had to declare insolvency, which would probably have lost it a large proportion of its existing customers.
Ved hjælp af støtten kunne virksomheden tværtimod ikke blot fortsætte sin forretningsvirksomhed, men både foretage en fysisk omstrukturering og omlægge sin marketingstrategi på en sådan måde, at den kunne rense sit kundeunderlag for kunder med lavere gevinstmargener og koncentrere sig om rentable kunder.
The aid enabled MobilCom not only to stay in business but also to carry out a physical reorganisation, to reorient its marketing strategy, to drop customers with lower profit margins from its clientele and to focus on profitable customers.
Som følge heraf faldt antallet af kunder i omstruktureringsfasen ganske vist, men bruttoavancen pr. kunde steg.
In the end, although customer numbers dropped during the restructuring, gross yield per customer rose.
Kommissionen tager også hensyn til, at MobilCom på grund af støtten vandt tid til at forberede det planlagte salg af Freenet-andelene omhyggeligt for således at realisere et størst muligt salgsprovenu til indløsning af lånet og af hensyn til den fremtidige likviditet.
The Commission also takes account of the fact that the granting of the aid gave MobilCom time to prepare the planned sale of the freenet holding carefully in order to achieve the maximum proceeds from the sale for redeeming the loans and to generate further liquidity.
Som resultat kunne MobilCom ved at sælge blot 20 % af andelen realisere et salgsprovenu på 176 mio. EUR. Efter indløsning af de udestående kreditlinjer i det statsgaranterede lån havde MobilCom 60 mio. EUR fra salget til disposition som yderligere likviditet med henblik på sine forretningsaktiviteter inden for tjenesteudbyderområdet.
In point of fact, MobilCom managed to achieve proceeds of EUR 176 million on the sale of only 20 % of the shares. After redemption of the outstanding credit lines from the State‐guaranteed loans, the remaining proceeds gave MobilCom EUR 60 million in additional liquidity for its service provider operations.
MobilCom drog således i forbindelse med sin nye forretningsstrategi både direkte og indirekte fordel af den garanterede kredit, da garantien gav MobilCom en brofinansieringsmulighed til at afhænde andele i Freenet.de AG på et egnet, senere tidspunkt.
In changing its business strategy, MobilCom thus benefited from the guaranteed loan directly, as well as indirectly in that the guarantee allowed it to obtain a bridging loan in order to enable it to sell shares in freenet.de AG at an appropriate later date.
Var afhændelsen sket tidligere, ville den sandsynligvis have kastet et mindre provenu af sig.
An earlier sale would probably have resulted in lower proceeds.
Støtten er derfor til skade for konkurrenterne, som på grund af den forventede naturlige mætning af markedet i de kommende år ligeledes er nødt til at indrette deres forretningsstrategi på mere rentable kundesegmenter uden at kunne forlade sig på statsstøtte.
The aid therefore has a particularly negative effect on competitors, who, as the expected natural saturation point is reached in the next few years, will also have to gear their business strategy to more profitable customer segments, but without the support of any State aid.