natgillin/translations-raw huggingface dataset:
EDF hævdede, at Oxera-undersøgelsen ville sammenligne den forventede interne forrentning af statens investering i 1997 og det afkast, som kapitalmarkederne krævede for en lignende investering, og vise, at en privat investor ville have foretaget investeringen ifølge de betingelser, der var fastlagt i serviceaftalen for 1997-2000.
It was that this single and indivisible recapitalisation measure that should be examined, not the alleged tax implications, which were artificially dissociated in the decision to extend the formal investigation procedure.
EDF fremsendte den 18. oktober 2013 denne Oxera-undersøgelse dateret den 15. oktober 2013 [12] til Kommissionen uden yderligere bemærkninger.
According to EDF, a business plan specific to the investment was not required by the case-law, which did not establish any formalism on that question but requires objective and verifiable evidence pre-dating or contemporaneous with the measure under examination.
Som EDF forventede ifølge sine bemærkninger fra juli 2013, konkluderede Oxera, at en fornuftig privat markedsøkonomisk investor ville have investeret i forhøjelsen af kapitaltilførslens beløb til EDF.
Incidentally, such a business plan would not have been essential for the state in 1997.
EDF mener, at EDF grundlæggende var økonomisk sund i 1997 på nær den svage egenkapital, som også analytikerne dengang bemærkede, idet de ikke tvivlede på virksomhedens finansielle levedygtighed eller forretningsmuligheder på det tidspunkt, hvor staten foretog sin investering.
EDF took the view that it was as a shareholder and not as a public authority that the state, as attested by many contemporary documents, had carried out an investment on the basis of precise forward-looking analyses and assessments.
EDF's rating var glimrende (Aaa hos Moody's i 1992-1997, AAA hos Standard & Poor's i 1996-1997) og ville være fortsat sådan, selv om man havde måttet sætte den et par niveauer ned for at tage højde for den statsgaranti, som EDF nød godt af som offentlig erhvervsvirksomhed.
Thus, as early as 1995 discussions had begun between EDF and its line ministries in order to draw the conclusions from the opinion of the Court of Auditors referred to in recital 26.
Det fremgår af flere dokumenter fra perioden, at forrentningen for den franske stat af EDF i form af afgifter var sammenlignelig med forrentningen i form af udbytte fra selskaberne i CAC40 (afkast på 4,5 % til 5 %) og virksomhederne i den europæiske energisektor (anslået 4,7 % og 5,27 % i henholdsvis 1996 og 1997).
These discussions focused on the reorganisation of the balance sheet of the undertaking and the return on capital.
Det viser i øvrigt ifølge EDF, at EDF kunne have opnået samme kapitalsum på kapitalmarkederne, og dermed at foranstaltningen ikke kunne fordreje konkurrencen som følge af sine virkninger.
They resulted in the signature, on 8 April 1997, of the contract for services between the state and EDF for the period 1997-2000 and the concomitant tabling, on 2 April 1997, of a draft law on various economic and financial measures, Article 45 of which was identical to Article 4 of Act No 97-1026.
I sit forsøg på at afhjælpe den finansielle strukturs ubalance mellem en svag egenkapital og gældsætningen kunne staten også have tilladt virksomheden at konkurrere mod andre af sektorens store aktører i EU.
According to EDF, the preparatory work in the National Assembly and the Senate, and even the Act itself, demonstrated that the nature of the intervention by the state was that of a shareholder:
Den samme aktionær ville derfor ikke bevidst have ladet en betydelig uligevægt fortsætte med at belaste balancen hos sit datterselskab, som grundlæggende var økonomisk sundt, hvis vedkommende havde adgang til en nem måde at afhjælpe ubalancen på ved at konvertere en fordring til kapital.
a capital contribution recapitalising EDF.
Ifølge EDF er det således rimeligt at mene, at en privat investor i en situation, der er så sammenlignelig med statens som muligt, nemlig virksomhedens eneaktionær, der arbejder i et langsigtet perspektiv i et kapitalintensivt marked, der er på vej mod liberalisering, ville have foretaget den samme investering.
As attested by some 40 contemporaneous documents that EDF attached to its accounts, the state had been guided in its analyses and reflections by four main concerns:
FRANKRIGS BEMÆRKNINGER TIL AFGØRELSEN OM AT UDVIDE DEN FORMELLE UNDERSØGELSESPROCEDURE
taking into consideration the new competitive context of the gradual opening-up of the markets following Directive 96/92/EC,
De franske myndigheder mener primært, at staten handlede som en fornuftig privat markedsøkonomisk investor, da den konverterede koncessionsafgifterne til en kapitaltilførsel til EDF, som var fritaget for selskabsskat.
normalising its financial relations with EDF on the basis of ordinary law by putting an end to the ambiguities which had existed in the past,
De franske myndigheder mener i modsætning til, hvad der fremlægges i indledningsbeslutningen af 16. oktober 2002 og udvidelsesafgørelsen af 2. maj 2013, at den foranstaltning, som Kommissionen vil analysere, er en enkeltstående foranstaltning til rekapitalisering af EDF gennem vedtagelse af artikel 4 i lov nr. 9-1026 og ikke den foranstaltning i form af skattefritagelse ydet i forbindelse med konverteringen af koncessionsafgifter til kapitaltilførsel, som er uafhængig af bestemmelserne i nævnte lov.
rectifying the significant imbalance which was affecting the structure of EDF's balance sheet by strengthening its own funds,
De støtter sig til oplysningerne i en række dokumenter fra 1996 og 1997, der er vedlagt deres bemærkninger, og som ifølge dem bekræfter dette udsagn.
facilitating international comparisons to increase the credibility of the enterprise within the financial community.
Disse dokumenter er nævnt i betragtning 87-108.
Lastly, for EDF, the criterion of the prudent private investor in a market economy was not only applicable because of the considerations referred to above but was also satisfied in this case since the state had acted as a private investor would have done.
Ifølge de franske myndigheder støtter andre dokumenter fremlagt af EDF i øvrigt Frankrigs bemærkninger.
In the view of EDF, according to the Court of Justice (paragraphs 78 and 89 of the judgment), the question was one of determining whether EDF, in circumstances which corresponded to normal market conditions, could have obtained the same advantage as that which had been made available to it through state resources and whether the advantage, because of its effects, distorted or threatened to distort competition.
De franske myndigheder minder subsidiært om, at de bestrider støttebeløbet, og gentager deres bemærkninger af 20. november 2003 om, at satsen for den pågældende selskabsskat skulle være den, der var gældende i 1996 og ikke i 1997, jf. betragtning 47.
Here again, many contemporaneous documents demonstrate that the state had indeed examined and quantified the profitability of its investment, as would have done an investor who was the sole shareholder in the undertaking operating to a long-term time horizon.
Anvendelsen af det markedsøkonomiske investorprincip
It was on that basis that the remuneration of the state had been set in the contract for services between the state and EDF for the period 1997-2000.
De franske myndigheder bestrider, at den anfægtede skattefritagelse er et resultat af Frankrigs egenskab af offentlig myndighed, hvilket gør det markedsøkonomiske investorprincip uanvendeligt.
At the time, the remuneration was consistent with the remuneration of shareholders in comparable companies.
De mener ikke, at Domstolen kræver, at medlemsstaten fremlægger en reel forretningsplan i tilknytning til den anfægtede foranstaltning.
The estimates of the amounts that EDF would have to pay to the state from 1997 to 2000 had therefore been examined by the latter before the contract was concluded.
I den henseende minder de for det første om, at EDF i 1997 var en offentlig erhvervsvirksomhed under statens ansvar, som derfor havde et solidt kendskab til virksomheden og dens virksomhedsstrategi og finansielle perspektiver.
Moreover, in its comments of July 2013, EDF had anticipated a study commissioned from Oxera, which had not yet been finalised when EDF made its submission.
De vurderer derfor, at de oplysninger og evalueringer, som staten rådede over, før den traf den anfægtede foranstaltning, og som viser investeringens rentabilitet, bør tages i betragtning.
EDF had claimed that the Oxera study would compare the internal rate of return expected on the investment by the state in 1997 with that required by the capital markets for a similar investment and would show that a private investor would have made the investment under the conditions set in the contract for services for 1997-2000.
Kommissionen skal foretage en overordnet analyse af bl.a. denne dokumentation samt ethvert andet relevant bevis.
On 18 October 2013, EDF had sent to the Commission the study by Oxera, which was dated 15 October 2013 [12], without further comment.
Før da havde ressortmyndighederne i et brev af 12. juli 1996 meddelt EDF, at denne aftale skulle indeholde et ambitiøst mål om forrentning til staten.
The return was calculated by taking into account the value, at the start and end of the period, of the sale of the rights in EDF held by the state.
Staten undersøgte denne forrentning som en udsigt til udbytte, som den, hvad angår den supplerende forrentning, kvantificerede til 3,5 mia. FRF med mulighed for at nå op på 6 mia. FRF i løbet af perioden, hvilket bekræftes af brevet af 22. april 1997 fra EDF's ressortmyndigheder.
EDF took the view that, apart from the weakness in own funds, its economic fundamentals were healthy in 1997, as analysts had commented at the time, without expressing any concerns about its financial viability or its commercial prospects at the time the state made its investment.
Denne vurdering byggede på de økonomiske og finansielle perspektiver, som EDF havde meddelt finansministeriet den 19. februar 1997, og på serviceaftalens hypoteser.
EDF's credit rating was excellent (Aaa for Moody's between 1992 and 1997, AAA for Standard & Poor's in 1996-1997) and remained so despite it having been necessary to lower it by one or two notches to take account of the state guarantee available to EDF as a public industrial and commercial establishment.
Ordførerens rapport fra september 1997 til senatet om lov nr. 97-1026 indeholdt også analyser fra ministeriet om den forventede forrentning til staten som aktionær i 1998, nemlig 2,6 mia. FRF, hvoraf 1,5 mia. FRF var fast rente og 1,1 mia. FRF var supplerende forrentning.
Several contemporaneous documents showed that the level of remuneration of the French state by EDF was comparable to the rate of return from dividends from companies listed on the French stock exchange (CAC 40) (4,5 % to 5 % on capital) and from undertakings active in the energy sector in Europe (estimated at 4,7 % and 5,27 % for 1996 and 1997 respectively).
Staten havde derfor beregnet de fremtidige forrentningsudsigter, før den traf beslutning om den omhandlede foranstaltning, i lighed med enhver aktionær, der ønsker at deltage i kapitalforhøjelsen af sin virksomhed.
Moreover, this demonstrated that EDF could have obtained the same amount of capital on the capital market, so the measure, because of its effects, had not been of such a nature as to distort competition.
For det tredje mener de franske myndigheder, at konverteringen af henlæggelserne af koncessionsafgifter og mere generelt omstruktureringen af EDF's balance og styrkelsen af egenkapitalen afbødede svagheden i virksomhedens finansielle struktur.
In particular, EDF took the view that a private investor holding the entire share capital in a subsidiary would have been able to make, under comparable conditions, a similar investment in that subsidiary by converting any type of claim held against the subsidiary into capital.
Hvis denne svaghed havde bestået, ville EDF sandsynligvis have måttet imødese en forhøjelse af renten på sin gæld og være kommet i vanskeligheder i forholdet til sine forretningsforbindelser på grund af en negativ opfattelse af modpartsrisikoen.
This analysis was supported by a legal opinion issued at the request of EDF.
Denne bekymring hos staten som aktionær udspringer af begrundelsen for artikel 4 i lovforslaget, som blev til lov nr. 97-1026, og af den kompetente ministers tale, da han fremlagde lovforslaget for senatet den 2. oktober 1997.
In seeking to rectify a financial structure that was distorted by the weakness of its own capital compared with the financial indebtedness, the state would also have allowed the undertaking to compete with other leading operators in the sector in the EU.
Det følger heraf ifølge de franske myndigheder, at det markedsøkonomiske investorprincip var anvendeligt, eftersom staten handlede i egenskab af aktionær, da den foretog den skattefrie konvertering af henlæggelserne af koncessionsafgifter til kapitaltilførsel til EDF.
The same shareholder would not, therefore, have left untouched a significant imbalance in the balance sheet of its subsidiary with sound economic fundamentals, while it had an easy method of correcting the imbalance by converting a claim into capital.
Desuden mener de franske myndigheder, at rentabiliteten af investeringen i EDF i 1997 skulle ses i et langsigtet perspektiv med hensyn til de fremtidige betalinger til staten og udsigten til virksomhedens værdistigning.
In the view of EDF, it was therefore reasonable to think that a private investor in a situation as close as possible to that of the state, i.e. the sole shareholder in the company, operating to a long-term time horizon, in a highly capital-intensive market on the verge of being opened up to competition, would have made the same investment.
Men foruden det positive nettoresultat efter skat og afregning til staten (1,4 mia. FRF oven i de 2,5 mia. FRF i 1998 i forrentning til staten) blev der genereret betydelige midler i perioden 1997-2000, henved 70 mia. FRF, som bestemt i serviceaftalen.
COMMENTS BY FRANCE ON THE DECISION TO EXTEND THE FORMAL INVESTIGATION PROCEDURE
Som EDF i sit brev af 19. februar 1997 understreger, havde staten fastsat et mål om vækst på dette beløb i virksomhedens nettonutidsværdi som følge af gældsreduktionen, opbygningen af aktiver og udviklingsinvesteringer, der gav forventninger om en stigning i værdien af EDF's kapital.
The French authorities considered, first, that the state had acted as a prudent investor in a market economy when it reclassified, free of corporation tax, the grantor rights as capital contributions to EDF.
Endelig havde staten i risikovurderingen af investeringen som aktionær taget hensyn til de særlige træk ved EDF's fremherskende aktivitet, som primært foregik i Frankrig, på basis af et princip om lovbestemt prissætning til dækning af virksomhedens omkostninger.
They took the view that, contrary to the presentation in the decision to open the investigation procedure of 16 October 2002 and in the decision to extend the procedure of 2 May 2013, the measure that the Commission should analyse was a single measure to recapitalise EDF through the adoption of Article 4 of Act No 9-1026 and not the measure to grant a tax exemption on the reclassification of the grantor rights as a capital contribution, which was separable under the said Act.
Disse karakteristika mindskede risikoen ved investeringen og derfor kravet om rentabilitet.
They relied on the information presented in a number of documents dating from 1996 and 1997 annexed to their comments, which they believed supported and corroborated that argument.
Et notat fra EDF af 27. juli 1996 sendt til senatet den 15. september 1997 viste i øvrigt, at forrentningen til aktionærerne i udenlandske virksomheder varierede betydeligt alt efter det institutionelle og lovgivningsmæssige klima i sektoren i det enkelte land.
These documents are referred to in recitals 87 to 108.
Det følger heraf ifølge de franske myndigheder, at staten handlede som en fornuftig privat markedsøkonomisk investor, da den foretog konverteringen af henlæggelserne af koncessionsafgifter til kapitaltilførsel til EDF uden at opkræve selskabsskat.
As far as the French authorities were concerned, other documents submitted by EDF backed up their comments.
Denne konklusion bekræftes i øvrigt af EDF's bemærkninger, herunder de undersøgelser og analyser, som virksomheden støtter sig til, jf. betragtning 62-73.
In the alternative, the French authorities pointed out that they disputed the amount of aid and reiterated their comments of 20 November 2003 to the effect that the rate of the relevant tax to be applied should be the 1996 rate and not the 1997 rate, as set out in recital 47.
Især hvad angår Oxeras økonomiske undersøgelse, som EDF har fremsendt, mener de franske myndigheder, at Kommissionen skal foretage den samme analyse for at fastslå, hvorvidt statens rekapitalisering af EDF i 1997 har karakter af en fornuftig investering.
On the applicability of the principle of the private investor in a market economy
De dokumenter, som Frankrig har fremsendt til støtte for sine bemærkninger
The French authorities disputed that France had granted the tax exemption at issue in its capacity as a public authority, which made the principle of the prudent private investor in a market economy inapplicable.
Uanset det, som Frankrig dokumenterer i sine bemærkninger, skal der foretages en systematisk analyse af de primære beviser indeholdt i disse dokumenter.
Accordingly, they took the view that the submission of the information and evaluations available to the state before it took the contested measure, which demonstrated the profitability of the investment, was admissible.
Dokumenterne angår dels forberedelsen eller gennemførelsen af serviceaftalen mellem staten og EDF for perioden 1997-2000, dels drøftelsen af lovforslaget, som blev til lov nr. 97-1026.
The Commission had to carry out an overall analysis, including in particular this information and any other relevant information.
Det drejer sig om dokumenter fra 1996-1997, som derfor er samtidige med den påståede investeringsbeslutning.
Second, given the nature and purpose of Article 4 of Act No 97-1026, the French authorities took the view that the state had acted in its capacity as shareholder by granting a tax exemption on the reclassification of the grantor rights.
Nærmere betegnet er disse dokumenter serviceaftalen for 1997-2000 [13], breve fra virksomhedens ressortministre [14], breve fra virksomheden til ministeriets eller senatets forvaltninger [15] samt dokumenter og to rapporter fra Assemblée nationale og senatet som forberedelse til drøftelsen af lovforslaget [16].
Thus, this Act had been preceded by the signature on 8 April 1997 of the contract for services between the state and EDF for the period 1997-2000, the performance of which involved the adoption of legislative measures to restructure EDF's balance sheet.
Indholdet af dokumenterne er yderligere beskrevet i det følgende.
Previously, in a letter dated 12 July 1996, the supervisory authorities had informed EDF that the contract should set it an ambitious target for the remuneration of the state.
For det første krævede ministrene, at »virksomhedens produktivitetsstigninger skal tillade den at forfølge sin politik om lavere priser, der kan bidrage til fransk erhvervsliv konkurrenceevne og den hjemlige forbrugers øgede købekraft«.
Title III of the contract provided for a remuneration of the state comprising two elements:
EDF skulle også samtidig fortsætte indsatsen for at reducere sin gæld og fastsætte et ambitiøst mål om forrentning til staten ved hjælp af en mekanisme, der indeholdt et incitament for EDF til at forbedre sine resultater.
a remuneration on the capital contributions at a fixed rate of 3 %; and (ii) an additional remuneration equal to 40 % of EDF's net income, whereby the combined amount of the two elements could not, however, exceed 6 % of the amount of the capital contributions.
Forventet resultatopgørelse for EDF 1997-2000 (mia. FRF i løbende priser)
If this weakness had persisted, EDF would probably have had to face an increase in the interest rate on its debt and a difficulty with its commercial partners because of a negative perception of the counterparty risk.
Udgifter
the strengthening of own funds had given EDF a balance-sheet structure that better reflected its economic reality, while enabling more relevant comparisons with its European competitors;
heraf brændsel og indkøb af energi
the second report, moreover, had stressed the positive effect for EDF of greater credibility among the financial community and with its potential partners.
heraf driftsudgifter
The French authorities took the view that strengthening the financial structure of an enterprise was a concern of a prudent private investor in a market economy in a comparable situation.
Resultat af den primære virksomhed
According to the French authorities, the outcome was that the prudent private investor in a market economy test was indeed applicable since the state had acted as shareholder in reclassifying, free of tax, the provisions for grantor rights as capital contributions to EDF.
Resultat før afregning til staten
First of all, the French authorities pointed out that the contract for services between the state and EDF had provided for a remuneration of the state resulting from two elements:
Forrentning af kapitaltilførslerne
a fixed rate of 3 % on its capital contributions; and (ii) additional remuneration of 40 % of EDF's net income, which demonstrated that the state had information on the expected yield on the invested capital.
Supplerende forrentning
As attested, moreover, by the report by the member of the National Assembly referred to above, given the existence of a fixed rate on the capital contributions, the reclassification of the grantor rights as capital had had the effect of increasing in absolute terms the value of the remuneration of the state, because of the broadening of the capital base.
Selskabsskat
Next, the French authorities considered that the profitability of the investment in EDF in 1997 should be looked at from a long-term perspective, having regard to the future payments to the state and to the increase in the value of the enterprise.
Nettoresultat
Substantial generation of resources between 1997 and 2000, of almost FRF 70 billion, as forecast by the contract for services, had to be added to the positive net results after taxation and remuneration of the state (FRF 1,4 billion in addition to FRF 2,5 billion remuneration of the state in 1998).
Som præciseret i notatet fra EDF var forrentningen til staten fradragsberettiget.
As underlined by the letter from EDF dated 19 February 1997, the state had indeed set a target for the increase in the asset value of the enterprise of this amount, resulting from debt reduction, asset formation and investments in development, providing prospects for growth in the capital value of EDF.
Dette udgør en undtagelse fra princippet om, at selskabsskat opkræves på baggrund af virksomhedens resultat efter afskrivninger og renter, hvilket nedbringer nettoresultatet og dermed det beløb, der måtte være afsat til udbetaling af udbytte.
Lastly, in assessing the risks of the investment, the state as shareholder had taken into account the characteristics of EDF's main activity, which was conducted principally in France, on the basis of a principle of regulated tariffs which would have to cover the company's costs.
Denne ad hoc-undtagelse forøgede potentielt det afkast, som staten som aktionær skulle have udbetalt, men formindskede tilsvarende det skatteprovenu, som staten som skatteudskrivningsmyndighed skulle modtage.
These characteristics reduced the risk associated with the investment and, consequently, the profitability requirement.