natgillin/translations-raw huggingface dataset:
Til at fastslå denne værdi skal der anvendes en model til beregning af en virksomheds værdi på langt sigt, nemlig dividendemodellen, på engelsk dividend discount model »DDM« [38].
This would indicate that the increase in the undertaking's value as an investment for the state as shareholder was not taken into account in deciding on the investment claimed.
Resultaterne af DDM-analysen af en investering på 5,88 mia. FRF på basis af de dividender, der forventes ifølge EDF's forventede resultatopgørelse 1997-2000 (forrentning af kapitaltilførsler og supplerende forrentning i tabel 1) præsenteres i tabel 6 med angivelse af den interne forrentning (IF) af pengestrømmene og en nettonutidsværdi (NNV) for målrentabiliteten på 12 %, 6,35 % og 5,58 % [39].
In any event, examination of four factors that potentially create value for the shareholder does not justify a conclusion of foreseeable growth on the basis of the data available in 1997, in particular EDF's forecast operating account 1997-2000 and the financial scenario forecasts used by the supervising authorities (recital 92, Table 1, recital 96).
Disse resultater er beregnet for et referencescenarie baseret på aktuel analysepraksis (tabel 6.1) med tre mindre plausible følsomhedsanalyser, som løsner referencescenariets hypoteser og dermed simulerer en større rentabilitet for aktionæren end referencescenariet (tabel 6.2, 6.3 og 6.4).
In terms of EDF's total revenue, the state as shareholder could expect to receive a very small increase of 0,64 %.
Tabel 6
This virtual stagnation can be explained by the objective set by the state to contribute ‘to the competitiveness of French industry and the purchasing power of domestic consumers’, which resulted in an average reduction of […] % in EDF's tariffs over four years (recitals 89, 95-96), which represents an annual decrease of […] %.
Skøn over rentabiliteten (NNV) af en investering på 5,88 mia. FRF ved hjælp af DDM-modellen på basis af EDF's forventede resultatopgørelse 1997-2000 (tabel 1) (mia. FRF)
EDF conducted its business mainly in France since, for the period from 1997 to 2000, it was envisaged that more than 89 % of EDF's revenues would come from the French market.
Centralt scenarie (Forventet vækst i dividenderne ultimo perioden 1999-2000)
Therefore, the majority of its revenue depended on the choices the state made in setting electricity tariffs.
Tabellen læses som følger:
A prudent private investor would not have failed to note that the setting of public policy objectives contrary to its interests as shareholder was prejudicial to its proprietorial interests.
For de forventede pengestrømme mellem 1.1.1997 og 31.12.2000 er NNV med en aktualiseringssats på 12 % – 3,43 mia. FRF (…), og IF er – 13 %.
No prudent private investor would have agreed to lower earnings from its investment to foster the competitiveness of French undertakings.
Investeringer
The item in the projected income statement 1997-2000 showing the income from EDF's core business was also set to decrease by 29 % during the period, from FRF 9,3 billion in 1997 to FRF 6,6 billion in 2000.
Dividende
Operating expenses were, for their part, set to increase by 2,2 %, mainly owing to the increase in day-to-day operating expenditure, since financial charges, depreciation and interest, excluding return on capital, were set to decrease.
DDM-værdi
Adding depreciation and financial charges to the income from the core business, the outlook for the period 1997-2000 was also negative, because this aggregate was set to decrease from FRF 62,6 billion to FRF 53,9 billion, i.e. by 13,9 %.
NNV på 12 %
However, it is the trend in income from everyday operations before depreciation and interest that determines the future capacity of the undertaking to generate value and a positive cash flow.
NNV på 6,35 %
In addition to the projected deterioration, in pursuit of economic policy or regulatory objectives, the state had set EDF the objective of allocating any earnings from efficiency and productivity gains to further reducing tariffs, which was to take priority over a better return for the shareholder (recital 95).
NNV på 5,58 %
It follows that EDF's ongoing activities, weighed down by the state's economic policy objectives, would not have offered the prospect of satisfactory future earnings.
Følsomhed 1 (ɗ dividender = 4,51 % i årlig sats 1997/2000)
As the Commission pointed out in the extension decision, a prudent private investor would have taken account of the uncertainty about the amount and evolution of the pension financing charges facing EDF in 1997 under the specific scheme for the electricity and gas industries.
Følsomhed 2 (Centralt scenarie + tilføjelse af 11 % kvasiegenkapital)
In the case of EDF in 1997, the cost of pensions and, a fortiori, the related off-balance-sheet commitments represented an encumbrance in anticipation of additional drains on the undertaking's already poor net result.
Følsomhed 3 (Følsomhed 1 + tilføjelse af 11 % kvasiegenkapital)
Whereas EDF's pension bill amounted to FRF 12,2 billion in 1997, assuming no change in legislation, the pension bill for the entire scheme (including GDF and non-nationalised undertakings) was expected to grow significantly in the following years to reach FRF 20 billion in 2010 and FRF 25 billion in 2020 [34].
Det fremgår af skønnene i tabel 6, at hvis beløbet på 5,88 mia. FRF i påstået investering havde give ret til at disponere over en forholdsmæssig andel af dividenden og værdien af EDF, havde transaktionen vist en meget negativ nettonutidsværdi (– 3,43 mia. FRF).
By applying an allocation key of 78,4 % for EDF, reflecting the weight of its wage bill in the industrial sector covered by the scheme, EDF's share would have been FRF 15,7 billion in 2010 and FRF 19,6 billion in 2020, without taking account of any provision made for future commitments, assuming no change in legislation [35].
Disse konklusioner ændrer sig ikke kvalitativt ved anvendelse — for at teste følsomheden — af andre hypoteser, der, om end de er mindre plausible, yderligere fremmer den påståede investering (tabel 6.2-6.4) [40].
The expected increase in pension costs was therefore bigger than net earnings, after remuneration of the state and tax, foreseen for the period 1997-2000, as illustrated in Table 1.
Disse tendenser, der i 1997 var forudsigelige og forventede, understøtter atter konklusionerne og udvidelsen heraf til perioden efter 2000, som en fornuftig privat investor kunne forvente i 1997 ud fra de oplysninger, som de franske myndigheder har fremsendt.
Therefore, any appraisal by a prudent private investor in a market economy in 1997 with, like the French state, a thorough knowledge of the situation of the undertaking, would have led the investor to accentuate the future liabilities of the undertaking and to downplay accordingly the profitability prospects of the investment.
Selv under antagelse af, at den fornuftige private investor havde håbet på en kapitalgevinst oven i EDF's regelmæssige rentabilitet, hvilket intet tyder på i de oplysninger og dokumenter, som de franske myndigheder har fremsendt, og som det oven i købet ville have været for risikabelt at håbe på i betragtning af EDF's status i 1997, er det udelukket, at denne investor havde foretaget den påståede investering.
In addition, the prudent private investor could expect a considerable reduction in EDF's debt, which was set to fall from FRF […] to FRF […] over four years (recitals 91 and 95).
Under disse omstændigheder viser anvendelsen af testen af det markedsøkonomiske investorprincip, at selv om skattefritagelsen på 5,88 mia. FRF i realiteten havde været en investeringsbeslutning truffet af staten som aktionær, ville denne transaktion ikke være blevet gennemført af en fornuftig privat investor, der havde de oplysninger til sin rådighed, som de franske myndigheder har fremført.
However, it has been shown that between 1992 and 1996 EDF kept its Aaa credit rating by the credit rating agency Moody's with a debt ratio of 480 %.
Selv da og uden at tage højde for en indløsning af hovedstolen, som EDF ikke var forpligtet til med beløbet for skattefritagelsen eller det tilsvarende beløb i kapitaltilførsel i 1997, ville foranstaltningen have givet EDF en økonomisk fordel ved at nedbringe virksomhedens finansieringsomkostninger.
The French authorities also refer rather vaguely to the generation of resources of FRF 70 billion by EDF for the period 1997 to 2000 (recital 84).
Fordelen er selektiv, idet den manglende betaling af selskabsskat af en del af de regnskabsmæssige henlæggelser udgør en undtagelse i forhold til den normale skattemæssige behandling af en sådan transaktion, og denne undtagelse i det foreliggende tilfælde blev anvendt alene på EDF.
A debt-to-equity ratio of 163 % instead of the 148 % foreseen as a result of the tax exemption would not have been detrimental to the interests of the shareholder.
Støttebegrebet dækker ikke kun positive ydelser som tilskud, men ligeledes ethvert indgreb fra de offentlige myndigheders side, der lemper de byrder, der normalt belaster en virksomheds budget, og hvis virkninger kan sidestilles med støtte [41].
Indebtedness enabled EDF to finance its growth and its results without additional funds from the shareholder, using the leverage effect of the debt to increase the rate of return on the funds already invested by the state.
Ifølge Domstolens faste retspraksis [42] sidestilles statens manglende opkrævning af skyldig skat med forbrug af statsmidler.
However, priority was given to debt reduction, even though EDF's credit rating was excellent before the envisaged debt reduction (recital 71).
Denne manglende opkrævning af den samlede skyldige selskabsskat for regnskabsåret 1997 udspringer direkte af skattemæssige bestemmelser, der er vedtaget af de franske myndigheder til gennemførelse af en statslig akt, nemlig lov nr. 97-1026 af 10. november 1997.
Moreover, the excellent credit rating before 1996, reflecting EDF's capacity to repay its creditors, is not incompatible with poor remuneration of the shareholder.
KONKURRENCEFORDREJNING OG INDVIRKNING PÅ SAMHANDELEN MELLEM MEDLEMSSTATERNE
On the contrary, the less drawn down by its shareholder, the better the credit rating of the debt instruments that EDF issued.
Siden sin oprettelse i 1946 og frem til direktiv 96/92/EF trådte i kraft, har EDF nydt godt af en monopolsituation på det franske marked med eneret på transport, distribution samt import og eksport af elektricitet.
Within the time-frame put forward in the projections submitted by the French authorities, the foreseeable reduction in the leveraging effect and, in any event, the low impact of the amount of tax on the debt ratio would have led a prudent private investor in a market economy either to reduce the profitability prospects of its investment or to not consider that the equity investment equivalent to the amount of tax was justified by the need to improve the debt situation of EDF in 1997.
Imidlertid var EDF allerede i konkurrence med producenter fra andre medlemsstater før ikrafttrædelsen af direktiv 96/92/EF.
Finally, a prudent private investor would likely have based its investment decision on an assessment of the undertaking's capacity to provide it with stable and adequate remuneration.
Desuden var der fri konkurrence på de tilhørende markeder, som ikke var omfattet af enerettigheder, og hvortil EDF allerede havde diversificeret sine aktiviteter ud over sine enerettigheder, både geografisk og sektormæssigt.
In this regard, the remuneration for the state as shareholder for the period 1997-2000 described by the French authorities was well below the 6,35 % paid on French bonds during the same period.
Der var således tale om påvirkning af konkurrencen og samhandelen længe inden liberaliseringen i henhold til direktiv 96/92/EF.
In addition, this remuneration could in practice be reduced to take account of the tax paid to the state as revenue collector (recitals 103 and 106).
Medlemsstaternes samhandel med elektricitet var omfattende og stigende, og EDF var en aktiv deltager.
The remuneration of the shareholder was also considerably reduced at the very time the state was making the alleged investment.
Denne samhandel blev styrket med vedtagelsen af Rådets direktiv 90/547/EØF [43] og fandt sted på grundlag af handelsaftaler mellem de forskellige operatører på medlemsstaternes højspændingsnet.
Any shareholder would have taken into account negatively the sudden and very significant reduction in the return on contributions of capital.
I 1985 eksporterede EDF allerede 19 TWh til andre medlemsstater.
This return was to decrease from an actual average of 9,32 % over the period 1991-1996 to 4,64 % for the period 1997-2000, which is a reduction of more than half.
Før direktiv 96/92/EF trådte i kraft i februar 1999, havde nogle medlemsstater allerede ensidigt indført foranstaltninger med henblik på at åbne deres elmarkeder.
In terms of equity capital, the rate of return fell from an average of 14,1 % at the end of 1996 to 2,94 % in the same period (recitals 92 and 102, Tables 1 and 3).
I sin årsberetning for 1997 anførte EDF, at virksomheden befandt sig »blandt de førende internationale operatører inden for elsektoren med investeringer på over 13 mia. FRF uden for Frankrig, en produktionspark, hvis installerede effekt udgør tæt på 11 % af den franske park og mere end 8 mio. kunder«.
Admittedly, a prudent private investor may accept a reduction in its current return in the expectation that the growth of the undertaking will result either in better future earnings or in an increase in the undertaking's value which is likely to generate a value-added on the sale of its asset reflecting an ownership right over the undertaking.
I årsberetningen understregedes det ligeledes, at EDF i 1997 havde »mangedoblet og styrket sine investeringer i Europa gennem en udbygning af sin tilstedeværelse i Østrig og Polen« og »eksporteret mere end 70 TWh til Europa«.
In that regard, first, the current rate of return that could be expected in 1997 would not have been sufficient to offset the sharp reduction in the past rate of return.
Denne eksport blev leveret i konkurrence med alternative leverandører på de berørte markeder.
Secondly, analysis of the four factors with the potential to create value for the shareholder identified in recitals 164 to 173 does not support the conclusion that growth in the value of the company was foreseeable by the shareholder from the data available in the documents forwarded by the French authorities.
I henhold til serviceaftalen 1997-2000, som staten og EDF underskrev den 8. april 1997, skulle EDF bruge omkring 12-13 mia. FRF på internationale investeringer, hvor regionerne i Europa var blandt hovedprioriteterne.
Moreover, the available evidence does not support the conclusion that a prudent private investor acting in the place of the French state in 1997 could have counted on a capital appreciation to offset the low current rate of return paid to the state, in the light of the information available.
Mellem 2000 og 2002 havde EDF købt en tredjedel af kapitalen i den tyske virksomhed EnBW, øget produktions- og distributionskapaciteten i sit britiske datterselskab London Electricity, overtaget den direkte kontrol med den italienske virksomhed Fenice og indgået et partnerskab med Fiat om køb af Montedison (som nu er blevet til Edison).
The French authorities did not carry out any assessment of the value of EDF before and after reclassification of the provisions in 1997.
I 1997 samlede SDS, et datterselskab 100 % ejet af EDF, sine aktiviteter vedrørende levering af tjenesteydelser til privatkunder, virksomheder og lokale myndigheder.
Moreover, in 1997, EDF had, for more than fifty years, been a public industrial and commercial establishment and not a public limited company.
SDS drev virksomhed inden for affaldsbehandling, gadebelysning og andre tjenesteydelser vedrørende energi og ydede et bidrag til omsætningen svarende til 685 mio. EUR i 1998 mod 650 mio. EUR i 1997.
Under Article 16 of Act No 46-628, its capital belonged to the French nation and could not be alienated (recital 18).
I 2000 etablerede EDF et partnerskab med Veolia Environment gennem selskabet Dalkia, som er førende i Europa inden for energitjenesteydelser til virksomheder og lokale myndigheder.
Furthermore, it should be pointed out that, even after the restructuring of EDF's balance sheet under Act No 97-1026, in 1997 EDF's total net debt of FRF 118 billion far exceeded the value of its equity capital, which stood at FRF 79,8 billion (recital 101, Table 2).
Selskabet tilbyder konstruktions- og anlægstjenesteydelser samt vedligeholdelse på energiområdet, forvalter varmeanlæg og tekniske tjenester vedrørende driften af bygninger og varetager driften af varmenet, kraftvarmenet samt produktionsenheder til energi og industrielle væsker.
None of the documents shedding light on the alleged investment decision of the French authorities records a plan for a possible privatisation of EDF through the sale of all or part of the capital held by the state.
EDF har ligeledes udviklet sine aktiviteter på markedet for vedvarende energikilder.
This would have required the prior adoption of the status of public limited company and the abandonment of the status of publicly owned industrial and commercial establishment.
I 1997 samlede holdingselskabet CHART, et datterselskab 100 % ejet af EDF, sine aktiviteter på området for vedvarende energikilder som jordvarme og vindenergi.
On the contrary, the only reference to the status of EDF contained in those documents was the reaffirmation by the state of its intention to maintain the specific status of EDF ‘which should remain a stable point of reference for future developments’ within the internal market for electricity (recital 95).
Endelig har EDF som producent og distributør af elektricitet været og er stadig i konkurrence med leverandører af andre erstatningsenergikilder som kul, olie og gas, både på det nationale og på de internationale markeder.
These facts must therefore remain the reference framework for analysis of the alleged decision.
I Frankrig har EDF f.eks. haft succes med en kampagne, der skal tilskynde til øget brug af elektricitet til opvarmning.
Accordingly, it would not have been reasonable or wise for an investor to expect a capital gain which depended on the action by the legislature contrary to both the provisions of law adopted by the French authorities in 1946 and applied unfailingly and the express intention of the state, affirmed by the Minister responsible for state holdings at the material time in 1997, to maintain the specific legal status of EDF in a liberalised internal market for energy at EU level.
EDF har således øget sin markedsandel i forhold til sine konkurrenter, som leverer erstatningsenergikilder som olie eller gas.
The assumptions underpinning EDF's conclusions as to the return on investment that a prudent private investor would have expected, based on the initial and future value of EDF's shares in 1997 (recitals 69 and 70), do not take account of the status of EDF in 1997, and are contradicted by the evidence submitted by the French authorities referring thereto.
Inden for stålsektoren konkurrerer elektriske ovne med gas- eller oliefyrede ovne.
As the French authorities emphasise, as a public industrial and commercial establishment, in 1997 EDF had no share capital, unlike, for example, a public limited company whose capital is owned by the shareholders (see recital 19), who may sell their shares at any time.
Det følger heraf, at en foranstaltning som den omhandlede kan fordreje den konkurrence, der foregik med de alternative leverandører, f.eks. Gaz de France.
Thus, in 1997 the reference investor would have had in particular to determine a number of factors or make assumptions that were necessarily open to question; namely:
EDF optog således en vigtig plads i elektricitetshandelen mellem medlemsstaterne i 1997, mens elektricitetsmarkedet i Frankrig i dag er helt åbent med masser af europæiske leverandører til stede.
the amount at which the state would set the share capital of a future public limited company, and in particular the inclusion or otherwise of quasi-own assets, which determines the company's capacity to provide a stable dividend;
Det lader således til, at EDF allerede i 1997 var veletableret på visse markeder i andre medlemsstater, og at støtten som følge af EDF's manglende betaling af selskabsskat på en del af de skattefrie regnskabsmæssige henlæggelser til udskiftning af RAG nødvendigvis måtte påvirke samhandelen mellem medlemsstaterne.
the number of shares into which this capital would be divided, bearing in mind that a greater or lesser number partially determines their attractiveness in the market;
Ovenstående overvejelser blev fremlagt i udvidelsesafgørelsen.
the form of any share flotation and the amount to be raised, which determines the potential level of dilution of its holding;
Hverken Frankrig eller EDF bestred i deres bemærkninger, at støtten kunne påvirke samhandelen mellem medlemsstaterne.
finally (iv) when the operation would be implemented, which, owing to the poor recovery prospects offered by EDF's projected income until 2000 (recital 167), could be envisaged only in the distant future.
For så vidt som de fire kriterier i artikel 107, stk. 1, i TEUF er opfyldt, udgør EDF's manglende betaling af selskabsskat af en del af de skattefrie regnskabsmæssige henlæggelser til udskiftning af højspændingsforsyningsnettet statsstøtte.
There is nothing in the information submitted by the French authorities for the period preceding the alleged investment to suggest that these unknowns could have been cleared up in 1997.
Herefter skal støttens forenelighed med det indre marked undersøges.
Accordingly, any increase in the value of the right held by the state in the capital of EDF resulting from the contested capital contribution, assuming the increase was established — which is manifestly not the case — would have involved a prudent investor speculating about at least four key factors over which, unlike the legislator and the regulator, it had no influence or, in any event, no valid information available in 1997.
VURDERING AF STØTTENS FORENELIGHED MED DET INDRE MARKED
A prudent private investor would not have ignored the virtual absence of liquidity of its investment.
I artikel 107, stk. 1, i TEUF hedder det, at støtte, der opfylder de deri definerede kriterier, i princippet er uforenelig med det indre marked.
It follows that a prudent private investor would have taken that fact into account when deciding whether or not to invest.
Ifølge fast retspraksis tilkommer det medlemsstaten at fremføre enhver type grund til og dokumentation for, at en statsstøtte er forenelig med det indre marked [44].
This lack of liquidity is likely to reduce the benefit of any increase in the value of the company.
I det foreliggende tilfælde har Den Franske Republik hverken gjort nogen grund gældende eller fremlagt nogen dokumentation i den henseende.
Furthermore, as mentioned in recital 144, the test of the prudent private investor in a market economy must be based primarily on the information and evidence submitted by the Member State in a situation where the decision has already been taken, since it is the Member State that is arguing that these are the elements that the Member State has taken into account, and not others which are more hypothetical or even contradictory in relation to those submitted.
Undtagelserne i artikel 107, stk. 2, i TEUF kan ikke finde anvendelse i denne sag på grund af støttens art, idet den ikke har til formål at forfølge de mål, der nævnes i dette stykke.
However, the Court of Justice requires the application of the principle of the prudent private investor in a market economy to be based on assessments foreseeable at the time the decision was taken (paragraph 105 of the judgment of 5 June 2012).
Den omhandlede støtte opfylder heller ikke betingelserne for undtagelserne i artikel 107, stk. 3, litra a) og c), i TEUF om støtte til udviklingen af bestemte områder, da der oven i købet er tale om driftsstøtte.
Thus, the French authorities claimed in 1997 that the status of EDF, which did not allow the creation and disposal of EDF shares, would be maintained as a stable point of reference, including in the liberalised European market (recital 95).