natgillin/translations-raw huggingface dataset:
Med disse tilkendegivelser gav staten reelt udtryk for, at den var villig til at træffe de nødvendige foranstaltninger for at løse FT ' s finansielle vanskeligheder.
By these declarations, the State manifested its will to take appropriate steps to resolve France Télécom's financial difficulties.
Det påtænkte aktionærlån var således virkeliggørelsen af den hensigt, som staten tidligere havde tilkendegivet.
Thus, the shareholder loan proposal is the concretisation of intentions previously expressed by the State.
Fra en materiel synsvinkel er der ingen juridisk begrundelse for at begrænse undersøgelsen af de relevante forhold til kun at omfatte det, medlemsstaten har valgt at påberåbe sig i indberetningen.
From a material point of view, there is no legal reason to limit the examination of the relevant facts to the facts which the Member State has decided to mention in the notification.
Støtte er et objektivt begreb, som er baseret på de økonomiske realiteter.
The concept of aid is an objective concept based on economic reality.
Heraf følger, at hvis Kommissionen har kendskab til forudgående forhold, som objektivt set er relevante, må den også medtage dem i sin analyse.
It follows that, if the Commission has knowledge of earlier facts which are objectively relevant, it must include them in its analysis.
I den foreliggende sag kan Kommissionen konstatere, at de franske myndigheder forud for de foranstaltninger i december 2002, som indberetningen omfattede, var kommet med flere tilkendegivelser og havde gennemført flere foranstaltninger siden juli.
In the present case, the Commission notes that the measures of December 2002, which were the subject-matter of the notification, were preceded by several declarations and measures by the French authorities dating from July.
Disse tilkendegivelser og foranstaltninger giver for det første en bedre indsigt i decemberforanstaltningernes årsager og omfang.
Firstly, these declarations and measures make it possible to better understand the reasons for and scope of the December measures.
For det andet påvirkede disse forudgående tilkendegivelser og foranstaltninger afgjort markedets og de økonomiske beslutningstageres opfattelse af FT's situation i december.
Secondly, they definitely had an impact on the perception which the markets and economic operators had of France Télécom's situation in December.
Også de økonomiske aktørers adfærd var påvirket af statens adfærd, og derfor udgør den ikke noget objektivt parameter for en bedømmelse af statens adfærd.
Inasmuch as the conduct of economic operators was itself influenced by the conduct of the State, it does not constitute an objective parameter for then judging the conduct of the State.
Disse forudgående tiltag skal derfor tages med i betragtning ved analysen af, om foranstaltningerne i december omfattede statsstøtte.
These prior interventions must therefore be taken into account in analysing the presence of aid in the December measures.
De franske myndigheders forskellige tilkendegivelser og foranstaltninger fra juli 2002 kan således ses som et samlet hele, der mundede ud i de konkrete foranstaltninger i december (tilrådighedsstillelse af aktionærlån), som var de eneste, der blev indberettet.
It is possible to view the successive declarations and measures of the French authorities from July 2002 onwards as forming a set which took concrete shape in the December measures (making available of a shareholder loan), these being the measures which were notified.
Der er så naturligvis kun tale om støtte, hvis de forskellige kriterier herfor er opfyldt (selektive fordele, statsmidler, påvirkning af samhandel og konkurrence).
Of course, aid can be said to exist only in so far as the various elements of the aid concept are present (selective advantage, state resources, and effect on trade and competition).
Analysen af den foreliggende sag viser umiddelbart en tidsforskydning mellem fordelene for selskabet, som nok især var af betydning i juli, og den potentielle forpligtelse af statsmidler, som var tydeligst i december.
The analysis of the present case suggests at first sight the existence of a time lag between the advantages for the Company, which were particularly distinct in July, and the potential commitment of state resources, which seems to be more clearly established in December.
Man kan således betragte økonomi- og finansministerens udtalelser som støtte, idet disse tilkendegivelser uden tvivl påvirkede markedet og gav selskabet en fordel.
Inasmuch as they clearly had an effect on the markets and conferred an advantage on the Company, the declarations by the Minister for Economic Affairs and Finance may be characterised as aid.
Det er imidlertid vanskeligere at afgøre, om det er hævet over enhver tvivl, at tilkendegivelserne i juli 2002 indebar en — om ikke andet, så potentiel — forpligtelse af statsmidler.
It would not be easy, however, to establish beyond all doubt whether the July 2002 declarations were of such a character as to commit, at least potentially, state resources.
I den forbindelse har Kommissionen analyseret en lang række juridiske argumenter, som underbygger, at sådanne offentlige tilkendegivelser på det juridiske plan svarer til en statsgaranti, og at de sætter statens omdømme på spil, idet den kan pådrage sig økonomiske omkostninger, hvis tilkendegivelserne ikke efterleves.
In this respect, the Commission has carefully analysed numerous legal arguments seeking to show, firstly, that such public declarations were equivalent from a legal standpoint to a state guarantee and, secondly, that they placed the State's reputation on the line, with economic costs in the event of non-compliance.
Det betyder som helhed, at de medfører en reel risiko for statsmidlerne (idet staten får et ansvar over for investorerne og kan få højere omkostninger på fremtidige transaktioner).
Taken as a whole, these elements might be thought to actually risk putting state resources in jeopardy (either by making the State liable towards investors, or by increasing the cost of future state transactions).
Tesen om at tilkendegivelserne i juli 2002 er statsstøtte er dermed en nyskabende tese, men vel ikke uunderbygget.
The argument to the effect that the July 2002 declarations are aid is therefore innovative, but probably not without foundation.
I den foreliggende sag har Kommissionen dog ikke tilstrækkelige oplysninger til ubestrideligt at bevise, at der er tale om støtte på grundlag af denne nyskabende tese.
The Commission does not, however, have sufficient evidence in the present case to establish irrefutably the existence of aid on the basis of this innovative argument.
Kommissionen mener til gengæld at kunne fastslå, at der er tale om støtte via en mere traditionel tilgang ud fra foranstaltningerne i december, som indberetningen vedrørte.
On the other hand, it does consider that it can establish the existence of aid elements by following a more traditional approach, taking as a basis the December measures which were the subject-matter of the notification.
Dels står det klart i december, at der er forpligtet statsmidler.
For one thing, the existence of a commitment of state resources is clear in December.
Dels står det lige så klart, at selskabet i december har en fordel, når man ser, hvordan tilkendegivelserne og de indledende foranstaltninger påvirker markederne.
For another, the existence of an advantage for the Company in December is also evident as soon as one takes account of the impact on the markets of the prior declarations and measures.
I den forbindelse kan det markedsøkonomiske investorprincip ikke berettige indgrebet i december, som de franske myndigheder ellers hævder, idet markedsaktørerne adfærd i december tydeligvis var påvirket af de forudgående handlinger og tilkendegivelser fra regeringens side siden juli.
In this connection, the ‘private investor in a market economy’ test cannot be used to justify this December intervention as the French authorities claim, inasmuch as economic operators' conduct in December was clearly influenced by the prior actions and declarations of the Government since July.
Hvis man skulle være i tvivl om, hvorvidt tilkendegivelserne i juli var tilstrækkelig konkrete til i sig selv at kunne betragtes som statsstøtte, kan der dog ikke herske tvivl om, at sådanne tilkendegivelser var mere end nok til at »smitte af« på markedernes opfattelse og påvirke de økonomiske aktørers adfærd senere hen.
While it may be doubted that the July declarations were sufficiently concrete to constitute aid in themselves, there is scarcely any doubt that such declarations were more than sufficient to ‘contaminate’ the markets' perception and to influence economic operators' subsequent conduct.
Når det er tilfældet, kan man ikke bruge de økonomiske aktørers adfærd som et neutralt sammenligningsgrundlag for en efterfølgende vurdering af statens adfærd.
If such is the case, this conduct on the part of economic operators cannot be taken as a neutral point of comparison from which to judge the State's conduct.
Man kan således ikke anvende det markedsøkonomiske investorprincip på markedssituationen i september, da det logisk set er nødvendigt at basere sammenligningen på en markedssituation, der ikke var påvirket af de forudgående tilkendegivelser.
The presumption based on the ‘private investor in a market economy’ test cannot therefore take as point of departure the market situation as it was in December but ought logically to be based on a market situation uncontaminated by the impact of the prior declarations.
VURDERING AF DEN UNDERSØGTE FORANSTALTNING JF. TRAKTATENS ARTIKEL 87, STK. 1
ASSESSMENT OF THE MEASURE AT ISSUE IN THE LIGHT OF ARTICLE 87(1) OF THE TREATY
I henhold til traktatens artikel 87, stk. 1, er statsstøtte eller støtte, som ydes ved hjælp af statsmidler under enhver tænkelig form, og som fordrejer eller truer med at fordreje konkurrencevilkårene ved at begunstige visse virksomheder eller visse produktioner, uforenelig med fællesmarkedet i det omfang, den påvirker samhandelen mellem medlemsstaterne.
Article 87(1) of the Treaty provides that any aid granted by a Member State or through state resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods is, in so far as it affects trade between Member States, incompatible with the common market.
Der skeles i traktaten ikke til, hvordan eller hvorfor staten træffer foranstaltninger, men kun til, hvilke følger de har.
The Treaty does not distinguish between measures of State intervention by reference to their causes or their aims but defines them in relation to their effects.
Ved udtrykket støtte forstås statslige foranstaltninger under enhver tænkelig form, som direkte eller indirekte kan begunstige virksomheder eller varer kendeligt, og som selv eventuelt truer med at fordreje konkurrencevilkårene.
The concept of aid refers to state measures which, in any form whatsoever, are likely directly or indirectly to favour certain undertakings or products in an appreciable way and which threaten, even potentially, to distort competition.
I henhold til gængs retspraksis omfatter støttebegrebet ikke blot selve tilskuddene, men ligeledes indgreb, der under forskellige former letter de byrder, som belaster en virksomheds budget, og derved, uden at være tilskud i ordets egentlige forstand, er af samme art og har tilsvarende virkninger.
According to well established case law, the concept of aid embraces not only subsidies themselves, but also interventions which, in various forms, mitigate the charges which are normally included in the budget of an undertaking and which, without therefore being subsidies in the strict meaning of the word, are similar in character and have the same effect.
Heraf følger, at støttebegrebet er baseret på tanken om økonomisk fordel, mens det formelle kriterium er uden betydning.
It follows from the above that the concept of aid is based on the economic concept of advantage, the formal criterion being therefore immaterial.
Støttebegrebet er således en objektiv størrelse, som ikke tager hensyn til en statslig foranstaltnings juridiske form, men kun til dens virkninger.
In conclusion, the concept of aid is an objective concept which takes no account of the legal form of a state measure, being exclusively concerned with the latter's effects.
Fortolkningen af disse bestemmelser skal derfor ikke baseres på de formelle kriterier, men i stedet lade sig inspirere af bestemmelsernes ånd, hvor det i henhold til traktatens artikel 3, litra g), er formålet at sikre, at konkurrencen ikke fordrejes.
Consequently, these provisions must be interpreted not on the basis of formal criteria but rather by reference to their purpose, which, according to Article 3(g) of the Treaty, is to ensure that competition is not distorted.
Der skal kunne konstateres en række faktorer for at en foranstaltning kan betragtes som støtte: den skal indebære en selektiv fordel, den skal være ydet ved hjælp af statsmidler, og den skal fordreje eller kunne fordreje konkurrencen og samhandlen mellem medlemsstaterne.
For a measure to qualify as aid, several elements must be present: a selective advantage, granted through state resources, which distorts or threatens to distort competition and trade between Member States.
Angående fordelskriteriet bemærker Kommissionen, at aktionærlånet (til fremskyndelse af statens deltagelse i kapitaltilførslen til selskabet) giver FT en fordel, fordi selskabet dermed får mulighed for at øge sine finansieringsmidler og give markedet tiltro til selskabets evne til at afholde sin forfaldne gæld.
As regards the advantage, the Commission would observe that the shareholder loan (which constitutes the upfront prepayment by the State towards the Company's recapitalisation), confers an advantage on France Télécom as it enables it to increase its means of financing and to reassure the market as to its capacity to meet its maturities.
Selv om kontrakten om aktionærlånet aldrig blev underskrevet, var det, at markedet fik kendskab til planerne om aktionærlånet, nok til, at FT fik en fordel, fordi selskabets finansielle situation efter markedets opfattelse var blevet mere solid.
Even if the loan agreement has never been signed, the appearance given to the market of the existence of such a loan is likely to confer an advantage on France Télécom as the market has considered the Company's financial situation to be more secure.
Det påvirkede sandsynligvis FT ' s lånemuligheder.
This may have influenced France Télécom's borrowing terms.
For så vidt angår kriteriet vedrørende statsmidler understreger Kommissionen, at dét, at en fordel er en følge af et statsligt tilsagn, som kan føre til overførsel af midler, men ikke med det samme gør det, ikke udelukker, at fordelen er ydet ved hjælp af statsmidler. »I så henseende skal for det første fremhæves, at det ifølge Domstolens faste praksis ikke er nødvendigt i alle tilfælde at godtgøre, at der har fundet en overførsel af statsmidler sted, for at den fordel, som er ydet en eller flere virksomheder, kan anses for en statsstøtte ifølge artikel 87, stk. 1, EF«.
As to the condition relating to state resources, the Commission would point out that the fact that an advantage results from the giving of a state commitment leading to a potential, but not immediate, transfer of resources does not rule out the possibility that the advantage may have been granted through state resources.‘In that respect, it should first be noted that, according to settled case-law, it is not necessary to establish in every case that there has been a transfer of State resources for the advantage granted to one or more undertakings to be capable of being regarded as a State aid within the meaning of Article 87(1) EC’.
Således betragtes også en fordel, der ydes via en potentiel meromkostning for staten, som statsstøtte, hvis den påvirker konkurrencen og samhandlen mellem medlemsstaterne.
Thus, even an advantage granted through a potential additional burden for the State constitutes state aid where it affects competition and trade between Member States.
I modsætning til, hvad de franske myndigheder og FT hævder, bemærker Kommissionen, at det indebærer en potentiel meromkostning for statsmidlerne, når der bebudes et aktionærlån i forening med forhåndsbetingelserne for dette lån, at markedet fik indtryk af, at lånet allerede reelt var stillet til rådighed og at ERAP havde fremsendt låneaftalen, der var paraferet og underskrevet, til FT.
Contrary to what the French authorities and France Télécom maintain, the Commission finds that a potential additional burden on the State's resources was created by the announcement of the provision of the shareholder loan coupled with the fulfilment of the preconditions for such provision, by the impression given to the market that the loan had actually been provided and, lastly, by the dispatch to France Télécom of the loan contract initialled and signed by ERAP.
FT underskrev ganske vist aldrig kontrakten; det betyder dog ikke, at staten ikke foretog en potentiel forpligtelse af statsmidler.
While it is true that the contract was never signed by France Télécom, this does not mean that there was no potential commitment of state resources.
Eftersom dokumentet således udgjorde et kontraktligt tilbud, som ikke blev tilbagekaldt, kunne FT til enhver tid have underskrevet det og dermed have fået ret til med øjeblikkelig virkning at få udbetalt de 9 mia. EUR. Det vidste staten, og den måtte følgelig via ERAP binde et tilsvarende beløb af statsmidlerne, der skulle holdes parat til FT.
In so far as the document constituted a contractual offer and as long as it was not rescinded, France Télécom could have signed it at any time, thereby acquiring the right to obtain immediate payment of the sum of EUR 9 billion. Inasmuch as it could not be unaware of this, the State accordingly had to keep at France Télécom's disposal through ERAP the amount of the corresponding resources.
Kommissionen må derfor undersøge, om den fordel, FT fik, overholder det markedsøkonomiske investorprincip og om den påvirker konkurrencen og samhandlen mellem medlemsstaterne.
The Commission must therefore consider whether the advantage thus granted to France Télécom satisfies the prudent private investor test and whether it affects competition and trade between Member States.
Den fordel, som de undersøgte foranstaltninger gav FT, gav selskabet mulighed for at dæmpe eller til dels undgå de konsekvenser, selskabets uligevægtige finansielle situation normalt ville medføre.
The advantage which the measures at issue procured for France Télécom enabled the Company to mitigate or partly avoid the consequences normally flowing from its unbalanced financial situation.
Det må også påpeges, at det udtrykkelige formål med statens indgriben var at afhjælpe den finansielle krise og samtidig opretholde driftsstrukturen og den interne vækst i FT (hvilket i det væsentlige lykkedes, da koncernen kom over krisen med sin interne struktur i behold bortset fra visse forholdsvis ubetydelige afhændelser).
It will be recalled that the purpose of the State's intervention was explicitly to resolve the financial crisis while substantially preserving the integrity of France Télécom's operational structure and its rate of domestic growth (a purpose which has essentially been achieved inasmuch as France Télécom has recovered and at the same time retained the integrity of the group apart from a few minor disposals).
Hvis den fordel, FT fik, også var selektiv, kan der ikke være videre tvivl om, at den fordrejede konkurrencen mellem FT og selskabets konkurrenter.
In so far as the advantage granted to France Télécom is selective, it is clear that that advantage would distort competition between France Télécom and its competitors.
Det må så konkluderes, at de fordele, som FT fik i en så konkurrencepræget sektor som telesektoren, fordrejer eller kan fordreje konkurrencen mærkbart.
It must be concluded that, in a competitive sector like telecommunications, the advantages enjoyed by France Télécom distort or threaten to distort competition to a particularly appreciable extent.
Når en finansiel støtte, som ydes af en stat, styrker en virksomheds position i forhold til andre virksomheder, som den konkurrerer med i samhandelen inden for Fællesskabet, må det antages, at denne samhandel påvirkes af støtten.
When state financial aid strengthens the position of an undertaking compared with other undertakings competing in intra-Community trade, the latter must be regarded as affected by that aid.
Når en medlemsstat yder støtte til en virksomhed, der driver virksomhed inden for servicesektoren eller med distribution, er det heller ikke nødvendigt, at den støttemodtagende virksomhed selv udøver sin virksomhed uden for den pågældende medlemsstat, for at støtten påvirker samhandelen mellem medlemsstaterne.
Similarly, where a Member State grants aid to undertakings operating in the service and distribution industries, it is not necessary for the recipient undertakings themselves to carry on their business outside the Member State for the aid to have an effect on Community trade.
Eftersom FT driver virksomhed på markeder, som i stigende grad er blevet liberaliseret siden slutningen af 80erne, kan regeringens tilkendegivelser fra juli 2002 og frem forventes at påvirke samhandlen mellem medlemsstaterne.
In so far as France Télécom operates in markets which have been gradually opened up to competition since the end of the 1980s, the declarations made by the Government as from July 2002 are likely to affect trade between Member States.
Telesektoren er i dag en af de mest dynamiske og mest integrerede sektorer på europæisk plan.
The telecommunications sector is today one of the most dynamic and most integrated sectors in Europe.
Sektoren har en lang række aktører, der ligesom FT er aktive i flere forskellige medlemsstater.
Many are the operators in this sector who, like France Télécom, are active in more than one Member State.
Det følger af ovenstående, at de pågældende foranstaltninger kan fordreje samhandlen mellem medlemsstaterne.
It follows from the above that the measures in question are likely to affect trade between Member States.
Det markedsøkonomiske investorprincip vurderes i afsnit 8 i sammenhæng med de forskellige tilkendegivelser, som regeringen fremkom med i månederne forud for låneudkastet.
The prudent private investor principle is discussed in Section 8 as part of the examination of all the declarations made by the Government during the months preceding the loan proposal.
DET MARKEDSØKONOMISKE INVESTORPRINCIP
PRINCIPLE OF THE PRUDENT PRIVATE INVESTOR IN A MARKET ECONOMY
Kommissionen understreger som tidligere nævnt, at de indberettede foranstaltninger ikke kan analyseres uden også at tage regeringens tilkendegivelser i perioden juli-december 2002 med i betragtning.
As previously mentioned, the Commission would stress that the notified measures cannot be analysed without taking into account the declarations made by the Government between July and December 2002.
Disse tilkendegivelsers indhold og deres virkning på markedet viser således, at staten allerede i juli havde truffet beslutning om at støtte selskabet.
The content of these declarations and the impact they had on the market show that the State had decided as early as July to support the Company.
Kommissionen understreger indledningsvis, at EU-retten i anvendelsen af statsstøttereglerne generelt anerkender betydningen af løfter og tilkendegivelser fra statslig side.
The Commission would point out first of all that Community law recognises in general the importance of promises and declarations made by the State for the application of the rules on state aid.
Den 12. juli 2002 offentliggjorde avisen Les Echos et interview med den franske økonomi- og finansminister, hvor ministeren gentagne gange bekræftede, at hvis FT skulle få finansieringsproblemer, ville staten træffe de fornødne foranstaltninger for at afhjælpe dem.
On 12 July 2002, Les Échos published an interview with the French Minister for Economic Affairs and Finance in which the Minister confirmed more than once that if France Télécom were to have any financing problems, then the State would take whatever measures were necessary to overcome them.