natgillin/translations-raw huggingface dataset:
Den beregning af støtten, som eksperterne har foretaget, er ud over de faktuelle fejl og mangler på det økonomiske plan, som HSBC har påpeget, behæftet med grundlæggende juridiske fejl, som gør den ugyldig og ubrugelig for Kommissionen.« Notens forfatter bestrider bl.a. den opgørelse af støtten, der foretages i ekspertrapporten, og påpeger bl.a., at man ved værdiansættelsen af støtten kun skal medregne nettoomkostningerne ved statens indgriben til fordel for selskabet.
The calculation of the aid as carried out by the experts is vitiated, not only by material errors and deficiencies on the economic side as mentioned by HSBC, but also by fundamental errors of law which render it invalid and unusable by the Commission.’ The memorandum's author challenges the quantification of the aid set out in the expert report and states that, in quantifying the aid, account should be taken only of the net cost to the State of its intervention in favour of the company.
Ifølge den tredje note fra FT stillede staten ikke kreditbevillingen til rådighed for FT via ERAP.
According to the third memorandum submitted by France Télécom, the State has not placed any credit line at France Télécom's disposal through ERAP.
Noten præciserer endvidere, at tilkendegivelser ifølge fransk lov ikke er juridisk bindende for staten, hverken over for FT eller tredjeparter.
The memorandum argues, moreover, that, under domestic law, declarations are not legally binding on the State, either vis-à-vis France Télécom or vis-à-vis third parties.
Det hævdes i noten, at tilkendegivelser hverken udgør retsakter ifølge privatretten eller retsskabende handlinger ifølge den offentlige ret.
Declarations do not constitute a legal instrument in the ordinary-law sense, nor are they an act giving rise to a right in the public-law sense.
Men staten kan ikke forpligte sig uden en retsskabende handling under overholdelse af kompetencereglerne (og i den foreliggende sag er der tale om en hensigtserklæring uden praktisk gennemførelse) og budgetproceduren.
The State, however, cannot commit itself without an act giving rise to a right, carried out in compliance with the rules on competence (the declaration in the present case is a declaration of intent without any material implementation) and on budgetary procedure.
Det fremføres også i noten, at staten ikke har noget ansvar, og at en skadesløsholdelsesforpligtelse som følge af misligholdelse ikke udgør statsstøtte, for »hvis staten blev dømt til at betale erstatning og renter, ville overførslen af midler ikke være en følge af det juridiske forhold som sådan, men af det ansvar, forholdet medfører.
Moreover, the State's responsibility is not incurred and in any event the obligation to make amends for wrongdoing does not constitute state aid as ‘in the event of the State's being ordered to pay damages, the transfer of resources stems, not from the legal act itself, but from the incurrence of responsibility as a result of that act.
Og modtageren af de overførte statsmidler ville så ikke være det pågældende selskab, men den skadelidte part«.
And the beneficiary of the transfer of state resources is not the company concerned but the victim who has suffered damage’.
Notens forfatter præciserer også, at det er umuligt at anmelde et juridisk forhold, mens alle støtteforanstaltninger skal anmeldes til Kommissionen i henhold til traktaten.
The memorandum's author also states that it is impossible to notify a legal act despite the fact that, under the Treaty, all aid measures must be notified to the Commission.
Notens bilag fremhæver, at tilkendegivelserne blev formuleret i en bestemt kontekst, som skal tages med i betragtning for at vurdere deres reelle betydning.
The annex to the memorandum describes more particularly the context in which the declarations were made, pointing out that this is necessary in order to measure their true scope.
En analyse af tilkendegivelserne på baggrund af begivenhederne fra ultimo juni til december 2002 viser således, at tilkendegivelserne ikke kunne udgøre et løfte, men viser derimod ikke, at de foranstaltninger, staten påtænkte, var finansielle foranstaltninger.
An analysis of the declarations in the light of events between late June and December 2002 thus shows that the declarations could not constitute a promise, and does not show that the appropriate measures planned by the State were financial measures.
Der var f.eks. intern uenighed i regeringen på dette tidspunkt, og økonomi- og finansministeren udtrykte ikke regeringens holdning.
There were differences of opinion within the Government at the time and the Minister for Economic Affairs and Finance did not represent the government standpoint.
Forfatteren pointerer, at eksperten hverken fremfører retlig eller faktisk dokumentation for statens vilje til at forpligte sig.
The author states that the expert provides no legal or factual evidence of the State's will to commit itself.
En gennemgang af de foreliggende forhold viser, at der ikke forelå nogen sådan hensigt fra de ansvarliges side, da disse ikke havde noget klart billede af, hvordan problemerne skulle løses, og at operatørerne aldrig gav udtryk for, at de mente, at staten havde forpligtet sig til at løse dem på den ene eller den anden måde.
A study of the facts reveals that there was no such intention on the part of those responsible, who were at a loss how to solve the problem, and that operators had never said they believed the State had committed itself to one or other solution.
I økonomirapporten, som FT har fremlagt, understreges det, at konsulentrapportens analysefelt er for snævert, »fordi analysen primært fokuserer på følgerne af tilkendegivelsen af 12. juli 2002 og benytter en bestemt metodik, nemlig event studies«.
The economic report submitted by France Télécom, for its part, stresses that the scope of the analysis contained in the consultant's report is highly restrictive ‘as it analyses principally the effects of the declaration of 12 July 2002 and uses a single methodology, that of event studies’.
Rapporten pointerer også, at den metodik, NERA har brugt, hviler på »en meget teoretisk tilgang, hvor markederne forudsættes at være effektive, og en begivenheds konsekvenser opgøres ved at måle de samtidige variationer i børskurserne.
The report also states that the methodology used by NERA is based on ‘a highly theoretical approach which consists in assuming that the markets are efficient and in measuring the impact of an event by quantifying the variations in stock exchange prices at the time of that event.
Denne alt for teoretiske tilgang har ingen sammenhæng med realiteterne for en storaktionær«.
This over-theoretical approach does not reflect the reality of the situation of a reference shareholder’.
I økonomirapporten understreges det også, at NERA-rapporten er »uklar hvad angår fordelene, kilderne til dem og omkostningerne for FT og selskabets aktionærer«.
The report stresses, moreover, that the NERA report is ‘confused about the profits, the sources of profits and the costs for France Télécom and its shareholders’.
Rapporten konkluderer, at konsulentfirmaets konklusioner er misvisende af følgende årsager:
The report concludes by saying that the consultant's conclusions are wrong because:
»Analysen af situationen i FT-koncernen ved offentliggørelsen af resultaterne for første halvår af 2002 viser, at (i) koncernen har en ustabil balance og problemer med likviditeten på kort sigt, men at (ii) driftsresultaterne er højst positive.
‘Analysis of the France Télécom group's situation at the time of the announcement of the results for the first half of 2002 shows that (i) the group has an unbalanced balance sheet and a short-term liquidity problem, but (ii) the business's operating results are very good.
Analysen af det indsatsfelt, som en fornuftig aktionær bør sætte ind på, når gældsbyrden vejer så tungt, viser, at det var rationelt at iværksætte en omlægningsplan med bl.a. kapitaltilførsel, når der var tale om en koncern med gode aktiver, hvor selskabets indre værdi oversteg summen af børsværdien og nettogælden.
Analysis of the range of measures a prudent shareholder must envisage in a situation of heavy indebtedness indicates that it was rational to introduce a recovery plan, including a recapitalisation, for a group with healthy assets whose intrinsic worth is greater than the sum of its market capitalisation and its net debt.
Analysen af værdiskabelsen og rentabilitetsforventningerne peger i retning af, at staten foretager en yderst fornuftig investering ved at bidrage til kapitaltilførslen, og at den ikke løber nogen videre risiko ved at give adgang til et aktionærlån, hvis det bliver nødvendigt«.
Analysis of value creation and profitability prospects suggest that the State is making a very good investment by participating in a capital increase and that it is taking little risk in providing a shareholder loan’.
Bemærkninger fra ECTA
Comments from ECTA
Efter ECTA's mening udgør følgende foranstaltninger statsstøtte: (i) de ministerielle tilkendegivelser i juli og oktober 2002, hvor markedet fik at vide, at staten ikke ville lade FT i stikken med selskabets finansielle problemer; (ii) statens godtagelse af udbyttebetaling for 2001 i form af aktier i stedet for kontanter; (iii) kreditbevillingen på 9 mia. EUR og statens forhåndstilsagn om deltagelse i den senere kapitalforøgelse; (iv) statsgarantien til ERAP, som gav institutionen mulighed for at optage markedslån til en rente på 3,375 % i stedet for de 10,4-10,9 %, der sædvanligvis ville gælde for en virksomhed med rating som »junk bond«; og (v) den tilsyneladende flytning af medarbejdere fra FT til ERAP, mens medarbejderne fortsat arbejder for FT.
ECTA is of the opinion that the following measures constitute state aid: (i) the ministerial declarations of July and October 2002 informing the market that the State would not leave France Télécom in financial difficulties; (ii) the acceptance by the State of the payment of dividends for 2001 in shares and not in cash; (iii) the granting of a EUR 9 billion credit line and the advance commitment by the State to take part in the future capital increase; (iv) the provision by the State of a state guarantee for the benefit of ERAP enabling the latter to borrow on the markets at a rate of 3,375 % instead of the 10,4-10,9 % applicable to a company with junk bond status; and (v) the apparent transfer of France Télécom's employees within ERAP despite the fact that they continue to work for France Télécom.
Den støtte, der er ydet til FT, har tilladt selskabet at videreføre sin aggressive forretnings- og markedsføringspolitik og sin rolle som integreret operatør samt at øge sin andel i Orange.
The aid granted to France Télécom enabled it to maintain an aggressive marketing and advertising policy and to continue as an integrated operator while increasing its stake in Orange.
ECTA er af den opfattelse, at et selskab i FT's situation burde have reageret helt anderledes, som det skete hos FT's konkurrenter på markedet for globale teletjenester, f.eks. British Telecom og KPN, der var nødt til at afhænde strategiske aktiver for at nedbringe deres gæld.
ECTA is of the opinion that a company in France Télécom's situation ought to have acted altogether differently, as did France Télécom's competitors in the global telecommunications services market, such as British Telecom and KPN, which had to dispose of strategic assets to reduce their debt.
ECTA mener også, at de foranstaltninger, der nævnes i betragtning 141, udgør ulovlig statsstøtte og på ingen måde kan berettiges efter rammebestemmelserne, da ingen af kriterierne heri er opfyldt.
ECTA is of the opinion that the measures mentioned in paragraph 141 constitute unlawful aid and that they cannot be justified under the Guidelines in so far as none of the criteria laid down in those guidelines are fulfilled.
Subsidiært pointerer ECTA, at eventuelle kompenserende foranstaltninger fra Kommissionens side bør være meget omfattende.
In the alternative, ECTA states that, if the Commission were to adopt any compensatory measures, these should be substantial.
For så vidt angår foranstaltninger af strukturel karakter påpeger ECTA, at FT uden statsstøtten havde været nødt til at afhænde Orange og Wanadoo.
ECTA points out under the heading of structural measures that, without the state aid, FT would have had to dispose of Orange and Wanadoo.
Af adfærdsregulerende foranstaltninger foreslår ECTA markedsandelsnedbringelser for FT, Equant, Orange og Wanadoo, som dog ifølge ECTA vil være sværere at gennemføre end de strukturelle foranstaltninger.
As to behavioural measures, ECTA proposes a reduction in the market shares of France Télécom, Equant, Orange and Wanadoo, pointing out, however, that these latter measures are harder to introduce than structural measures.
BEMÆRKNINGER FRA FRANKRIG
COMMENTS FROM FRANCE
Sammenfatning af sagsforhold
Summary of the facts
De franske myndigheder mindede indledningsvis om, at de fra første færd havde handlet i overensstemmelse med det markedsøkonomiske investorprincip.
The French authorities state by way of introduction that they have behaved in accordance with the prudent private investor principle from the outset.
Således drog staten allerede konsekvensen efter offentliggørelsen af FT's resultater for første halvår af 2002, hvoraf det fremgik, at selskabet var finansielt uligevægtigt og manglede egenkapital på trods af gode driftsresultater, ved at udpege en ny bestyrelsesformand for selskabet og samle et bankkonsortium, som allerede i september 2002 forpligtede sig til at garantere for en kapitalforøgelse, når tiden var moden hertil.
Since the announcement of France Télécom's results for the first half of 2002, which highlighted an unbalanced financial structure and significant capital needs despite good operating results, the State has drawn the necessary conclusions, placing a new CEO at the head of the Company and gathering together a banking syndicate which undertook from September 2002 to underwrite a capital increase when the time came.
Samtidig anmodede staten den nye ledelse om en tilbundsgående gennemgang af selskabet.
At the same time, the State asked the new management to carry out an in-depth audit of the Company.
På grundlag af ambitionsplanen 2005, som hovedaktionæren blev holdt løbende orienteret om, og bankkonsortiets tilsagn bebudede staten den 4. december 2002, at den havde besluttet at medvirke til at styrke selskabets egenkapital med 9 mia. EUR, og at den muligvis via ERAP ville fremskynde sin deltagelse ved at yde FT et aktionærlån på almindelige markedsvilkår.
On the basis of the Ambition 2005 plan, about which the majority shareholder was kept regularly informed, and of the banking syndicate's commitment, the State announced, on 4 December 2002, its decision to participate in the strengthening of the Company's capital base to the tune of EUR 9 billion and the fact that it was prepared to place at France Télécom's disposal, through ERAP, an advance on this subscription remunerated at market rates.
I betragtning af finansieringsbetingelserne for lånet fra de franske myndigheder og Kommissionens tilkendegivelse af mistanke om statsstøtte i forbindelse med denne foranstaltning foretrak FT at henvende sig direkte til obligationsmarkedet.
However, in view of the financial terms of grant of this advance by the French authorities and of the Commission's misgivings about the presence of aid elements in the measure, France Télécom preferred to resort directly to the bond market.
De franske myndigheder pointerede derefter, at den samlede finansiering fra obligationsemissionerne beløb sig til ca. 9 mia. EUR, dvs. det samme som det maksimale påtænkte aktionærlån.
The French authorities then point out that the total amount of the financing resulting from the bond issues came to approximately EUR 9 billion, equivalent to the maximum amount of the advance constituted by the shareholder loan.
De franske myndigheder påpegede også, at de vellykkede obligationsemissioner viser, at FT havde god adgang til finansieringsmarkederne på gunstige vilkår og at markedet havde tillid til de driftsmæssige tiltag i TOP-planen og den nye ledelses evne til at gennemføre den.
They state that the success of the bond issues demonstrated France Télécom's ability to gain access to the financial markets under good conditions as well as the markets' confidence in the operational measures contained in the TOP plan and in the new management's ability to implement it.
De franske myndigheder fremfører også, at kapitaltilførslen blev iværksat med det samme det var teknisk muligt, den 24. marts 2003, og at den var meget vellykket.
They also state that the capital increase was launched as soon as was technically possible, namely on 24 March 2003, and that it was a success.
På mødet mellem de franske myndigheder og Kommissionen den 22. januar 2004 understregede de franske myndigheder, at kapitaltilførslen efter deres mening overholdt det markedsøkonomiske investorprincip, og at statens finansieringsforanstaltninger til fordel for FT dermed ikke omfattede støtteelementer.
At the meeting between the French authorities and the Commission on 22 January 2004 the French authorities stressed that, in their view, the recapitalisation operation satisfied the prudent investor test and that, consequently, the financial measures granted by the State to France Télécom did not contain any aid element.
De mente, at det markedsøkonomiske investorprincip udmøntede sig i, at der, inden der blev truffet nogen tiltag, blev udpeget en ny bestyrelsesformand, foretaget en gennemgang af selskabet og udarbejdet en holdbar omlægningsplan.
In their opinion, the prudent investor test may be defined as the need, before acting, to appoint a new CEO, to conduct an audit and to prepare a credible plan.
Den kronologi i begivenhederne, som de franske myndigheder her påviser, skulle i sig selv være dokumentation for, at staten handlede som en fornuftig investor.
The chronology of events illustrated by the French authorities in itself demonstrated the prudent character of the State's conduct.
De franske myndigheder understreger, at de, da disse forhold var på plads, førte kontrol med situationen (navnlig emissionsprisen).
The French authorities emphasise that, with these factors under control, they were masters of the situation (in particular the issue price).
Selskabets finansielle situation
The Company's financial situation
De franske myndigheder mener ikke, at FT var en kriseramt virksomhed i rammebestemmelsernes forstand, da der blev truffet beslutning om at investere.
The French authorities maintain that, when the decision to invest was taken, France Télécom was not a firm in difficulty within the meaning of the Guidelines.
Selskabets omsætning var således støt stigende (en stigning på 10 % fra første halvår 2001 til første halvår 2002), og selskabets bruttoavance ved selvfinansiering voksede hurtigere end omsætningen.
The Company's turnover was increasing steadily (by 10 % between the first half of 2001 and the first half of 2002), and its gross cash flow was high and growing faster than its turnover.
Ikke desto mindre satte de franske myndigheder ind over for selskabets finansielle uligevægt den 30. juni 2002, hvor de præciserede, at underskuddet først og fremmest skyldtes ekstraordinære hensættelser og nedskrivninger på aktiver købt forud for de helt uforudsigelige markedsændringer.
Despite this, the French authorities refer to the Company's unbalanced financial structure as at 30 June 2002 and point out that the losses were mainly due to the exceptional provisions and write-downs linked to the depreciation of assets acquired prior to the entirely unforeseeable reversal of the markets.
De franske myndigheder pointerer også, at FT's driftsomkostninger ikke steg så hurtigt som omsætningen, hvilket viser, at rentabiliteten var for opadgående.
France Télécom's operating costs were increasing more slowly than its turnover, which meant that its profitability was improving.
Driftsresultatet og selskabets cashflow var ligeledes stigende (cashflow steg 15 % i forhold til første halvår 2001).
Moreover, operating results and cash flow were increasing (with cash flow up 15 % on the first half of 2001).
De franske myndigheder påpeger, at de gode udsigter for FT's drift blev endnu bedre med TOP-planen.
France Télécom's very good performance prospects were further improved by the TOP plan.
Disse resultater blev bekræftet ved offentliggørelsen af regnskabet for 2002, som viste, at selskabets nye ledelse havde startet en »god cirkel«.
This performance was confirmed when the 2002 accounts were published, showing as they did the virtuous dynamic triggered within the Company by the new management.
Hvad angår kriteriet vedrørende egenkapitaludvikling i rammebestemmelsernes pkt. 5, litra a), pointerer de franske myndigheder, at den relevante indikator i denne forbindelse i henhold til den franske handelslovs paragraf L225-248 er aktiekapitalen i FT SA, som til stadighed har været positiv og aldrig er blevet formindsket til det halve.
On the criterion concerning the movement in company capital referred to in point 5(a) of the Guidelines, the French authorities point out that the relevant indicator is, pursuant to Article L225-248 of the Commercial Code, the company capital of France Télécom SA, which has always remained positive and has never fallen by half.
De franske myndigheder understreger, at FT således ikke var i den situation, som rammebestemmelserne omhandler, hvor egenkapitalen bliver mindre end aktiekapitalen.
France Télécom was therefore not in the situation referred to in the Guidelines in which shareholders' funds fall below the company capital.
FT var heller ikke i betalingsstandsning, det var blot konstateret, at likviditetssituationen i første halvår af 2003 kunne blive stram, hvis det forventede markedsopsving ikke kom.
France Télécom was not in a cessation of payments situation; there were merely signs of a possible liquidity requirement by the first half of 2003 should the expected market recovery not occur.
De franske myndigheder tilføjer, at FT så kunne have forventet at have 6,9 mia. EUR til rådighed pr. 31. december 2003 og kunne have klaret sig frem til 2003 uden at benytte sig af finansieringsmarkedet.
The French authorities add that France Télécom had anticipated reserves of EUR 6,9 billion as at 31 December 2003 and could have crossed the threshold of the year 2003 without resorting to the financial market.
På mødet den 22. januar 2004 påpegede de franske myndigheder, at selskabet så ville have kunnet optage op til 4 mia. EUR i lån hos bankkonsortiet på mindre byrdefulde vilkår end på obligationsmarkedet.
At the meeting on 22 January 2004, the French authorities indicated that France Télécom had had recourse to the syndicated loan, which was less expensive than the bond market and out of which EUR 4 billion had been made available to the Company.
De franske myndigheder bemærkede bl.a., at FT havde adgang til finansieringsmarkederne i 2002, og fremlagde en samlet beskrivelse af de finansieringsmidler, FT havde til rådighed mellem den 11. juli 2002 og den 15. januar 2003.
The French authorities observe inter alia that France Télécom had access to the financial markets during the course of 2002 and describe all of the financing instruments at the Company's disposal between 11 July 2002 and 15 January 2003.
De gjorde især opmærksom på, at FT den 14. februar 2002 via forhandlinger fik bevilget en konsortialkredit på 15 mia. EUR, og at FT gennemførte obligationsemissioner i 2002, hvoraf 442,2 mio. EUR var i aktieombyttelige obligationer.
They mention the fact that, on 14 February 2002, France Télécom negotiated the provision of a syndicated credit line of EUR 15 billion and that during the course of 2002 the Company issued bonds, EUR 442,2 million worth of which was repayable in shares.
De franske myndigheder pointerede også, at FT ikke løb den mindste finansielle risiko som følge af sin nedsatte rating, da obligationskontrakterne f.eks. ikke indeholdt klausuler om førtidig indfrielse.
The French authorities also state that France Télécom was not open to any financial risk owing to the downgrading of its credit rating by the rating agencies as there was no early repayment clause in the covenants.