natgillin/translations-raw huggingface dataset:
Den er da heller ikke betinget af investeringer eller skabelse af arbejdspladser som krævet i retningslinjerne for statsstøtte med regionalt sigte [45].
Adopting assumptions which contradict the assertion of the French authorities amounts to placing the test in a situation which is not as close as possible to that of the Member State, contrary to what the case-law requires (recital 126).
I artikel 107, stk. 3, litra c), i TEUF bestemmes ligeledes en undtagelse for støtte til fremme af udviklingen af visse erhvervsgrene, når den ikke ændrer samhandelsvilkårene på en måde, der strider mod den fælles interesse.
However, even assuming for the purposes of the analysis that a prudent private investor could have taken into account a future increase in the value of its investment at an uncertain date in addition to the regular returns offered, in deciding on the alleged investment the investor would have borne in mind the capacity of the undertaking to generate dividends over the long term, thereby following the time horizon of the French state, which had been controlling EDF since 1946.
I den foreliggende sag falder den undersøgte støtte ikke inden for rammerne af denne undtagelse.
In estimating the value of its ownership interest in EDF, the prudent private investor would have disregarded the book value of the undertaking's net assets, even if it was counting on the debt reduction and generation of resources underlined by the French authorities (recital 84).
Denne undtagelse fra gældende skatteret, som kun gavner en enkelt virksomhed, kan ikke anses for at fremme udviklingen af en erhvervsgren.
The value of the assets, the amounts of investment or debt reduction do not necessarily coincide with the real economic value with a view to fixing a transaction price.
Dens eneste formål er således at hjælpe en virksomhed ved at reducere dens driftsudgifter.
One should therefore not focus on the fact that full repayment of EDF's debts in 1997 would have required amounts far exceeding the equity capital of EDF (recital 177).
Dermed er kriterierne for forenelighed med det indre marked i artikel 107, stk. 2 og 3, i TEUF ikke opfyldt.
Among the various methods used in finance to estimate the opportunity cost or the rate of return required of an ownership interest transferable against consideration in the capital of an undertaking, the most common is that of the capital asset pricing model (CAPM) [36].
Hvad angår kompensation for omkostninger til offentlig tjeneste, har de franske myndigheder i øvrigt ikke påberåbt sig anvendelsen af artikel 106, stk. 2, i TEUF i forbindelse med skattefordelen, men de har understreget, at EDF leverer offentlige tjenesteydelsesopgaver.
As shown in Table 5, application of the CAPM model to an investment in the capital of EDF in 1997 gives a target value for the required rate of return of approximately 12 %, and as high as 13,4 %, for a liquid asset such as an EDF share.
De franske myndigheder har imidlertid ikke fremlagt nogen vurdering af EDF's udgifter som følge af disse opgaver.
However, this target value must be seen as a minimum.
Kommissionen kan således ikke fastslå, hvorvidt den pågældende skattefordel kompenserer for den eventuelle meromkostning ved leveringen af de offentlige tjenesteydelsesopgaver, som virksomheden er pålagt.
It presupposes not only that an ownership right in EDF such as a share is possible and transferable but also that there is a liquid market, whereas the state held 100 % of the capital and EDF could not issue shares.
Selv om den manglende skattebetaling skulle betragtes som kompensation for levering af en tjenesteydelse af almindelig økonomisk interesse, er det under alle omstændigheder ikke fastslået, at en sådan kompensation var blevet defineret på forhånd ifølge gennemsigtige og objektive kriterier og beregnet ud fra en effektivt drevet virksomheds omkostninger.
A premium of between 0,5 and 1,5 % [37] must be added to the required rate of return on a liquid asset to reflect the great uncertainty resulting from the factors examined in recitals 179 and 180 as regards the liquidity of the EDF securities that a prudent private investor could entertain in 1997.
I den foreliggende sag er det således ikke muligt at undersøge, hvorvidt betingelserne i Altmark-dommen [46], som giver mulighed for at holde sig ude af anvendelsesområdet for artikel 107, stk. 1, i TEUF, er overholdt, eller at undersøge kriterierne for anvendelse af artikel 106, stk. 2, i TEUF, som de franske myndigheder i øvrigt ikke påberåber sig.
In any event, the validity of the order of magnitude of 12 %, excluding a liquidity premium, is close to, although lower than, the current rate of return on equity capital of 14 % used by EDF to remunerate the French state between 1991 and 1996 (recital 102, Table 3).
På grundlag af ovenstående betragtninger forekommer det, at den undersøgte støtte udgør driftsstøtte, hvilket indebærer en styrkelse af EDF's konkurrencesituation i forhold til konkurrenterne.
The actual rate of return obtained is normally the starting point for the expected rate of return in the future.
På disse betingelser er den uforenelig med det indre marked.
The validity of this order of magnitude of 12 % is also corroborated by the use of other parameters based on figures available at the time, including those used in the study carried out for EDF referred to in recital 70, which gives a target value in a range of between 11,9 % and 13,5 %, with an average of 12,7 %.
Desuden finder Kommissionen i modsætning til de franske myndigheder ikke, at forældelsesbestemmelsen finder anvendelse på det foreliggende tilfælde.
Since the results of the analysis do not change when a liquidity premium is added to the target rate of return of around 12 %, or when the 14 % actual rate of return in the recent past is applied from 1997, it is not necessary to take this premium and the actual rate of return into account.
KONKLUSION
Table 5
Kommissionen fastslår, at Frankrig ulovligt har iværksat den omhandlede støtte i strid med artikel 108, stk. 3, i TEUF.
Target rate of return required for an investment in EDF shares in 1997:
Kommissionen mener, at fritagelsen for betaling af en selskabsskat på 5882849762 FRF i forbindelse med omposteringen til kapitaltilførsel i henhold til lov nr. 97-1026 af regnskabsmæssige henlæggelser svarende til allerede gennemførte udskiftningsarbejder i højspændingsforsyningsnettet for 14119065335 FRF udgør en ulovlig støtte, der er uforenelig med det indre marked.
calculation values
I medfør af artikel 108, stk. 2, i TEUF har Kommissionen, så snart den fastslår, at en støtte er uforenelig med det indre marked, beføjelse til at pålægge den berørte medlemsstat at afskaffe eller ændre den pågældende støtte.
Parameter
I artikel 14 i Rådets forordning (EF) nr. 659/1999 bestemmes: »I negative beslutninger om ulovlig støtte bestemmer Kommissionen, at den pågældende medlemsstat skal træffe alle nødvendige foranstaltninger til at kræve støtten tilbagebetalt fra støttemodtageren, i det følgende benævnt »beslutning om tilbagebetaling«.
Value
Kommissionen kræver ikke tilbagebetaling af støtten, hvis det vil være i modstrid med et generelt princip i fællesskabslovgivningen«.
Source
I denne forbindelse mener Domstolen, at målet er nået, når støttemodtagerne har tilbagebetalt den ulovligt ydede støtte og dermed har mistet den fordel, der var opnået på markedet i forhold til konkurrenterne.
Annual average in 1997 of the daily rate of the 30-year and 10-year French bellwether bond, source Bank of France:
Således genoprettes situationen, som den var før udbetalingen af støtten [48].
Reference rate treasury bills and fungible government bonds, http://www.banque-france.fr/economie-et-statistiques/changes-et-taux)
I den foreliggende sag er tilbagesøgning af den således konstaterede ulovlige støtte ikke i modstrid med et generelt princip i EU-retten.
Beta of EDF (leveraged)
Hverken Frankrig eller interesserede tredjeparter har fremsat argumenter i den henseende.
Beta of EDF — Vernimmen et al. op cit., graph p. 427.
I forbindelse med denne tilbagesøgning skal de franske myndigheder i øvrigt til støttebeløbet føje løbende tilbagesøgningsrente fra den dato, den omhandlede støtte blev stillet til rådighed for virksomheden, nemlig forfaldsdatoen for betaling af selskabsskat af regnskabsåret 1997, og indtil den faktiske tilbagebetaling er sket [49], i overensstemmelse med kapitel V i Kommissionens forordning (EF) nr. 794/2004 [50].
Oxera Study, Table 3.8, Beta of EU companies in the sector.
De franske myndigheder skal tilbagesøge ovennævnte beløb inden for en frist på fire måneder at regne fra datoen for nærværende afgørelses meddelelse.
Capital structure of EDF after 1997 restructuring
Ifølge fast retspraksis kan en medlemsstat, der støder på uforudsete eller uforudsigelige problemer eller opdager virkninger, som Kommissionen kan have overset, fremlægge disse problemer for Kommissionen sammen med forslag til passende ændringer, så Kommissionen kan overveje dem.
B of EDF (deleveraged)
I så fald skal Kommissionen og den berørte medlemsstat samarbejde i god tro med henblik på at finde en løsning under fuld iagttagelse af bestemmelserne [51] i TEUF.
and 2.
Fritagelsen fra betaling af selskabsskat, som blev ydet til Electricité de France for et beløb af 5882849762 franske francs, og som vedrørte omposteringen som kapital af henlæggelser svarende til modværdien af de af RAG omfattede koncessionerede aktiver, udgør statsstøtte efter artikel 107, stk. 1, i TEUF.
Vernimmen op cit. p. 423, citing Mehra Prescott 2/2003 T.2 FR 1973-98.
Den i stk. 1 nævnte støtte, som Den Franske Republik ulovligt har iværksat, er uforenelig med det indre marked.
Forward risk premium in France on average 1988-1996 (this premium was 10,1 % in 1996).
Artikel 2
‘An examination of Equity Risk Premium Forecasts in the G-6 Countries’, Khorana, Moyer & Pattel, I/B/E/S Working Paper, August 1997, p 25.
Den Franske Republik har pligt til at tilbagesøge modværdien i euro af den i artikel 1 omhandlede støtte hos støttemodtageren.
Target return range
Den støtte, der skal tilbagebetales, pålægges renter fra det tidspunkt, hvor den blev udbetalt til støttemodtageren, og indtil den er tilbagebetalt.
Commission calculation
Beløbet beregnes med renters rente i overensstemmelse med kapitel V i forordning (EF) nr. 794/2004.
Median return
Artikel 3
In making its investment decision in 1997, a prudent private investor in a situation as close as possible to that of the French authorities would have used the regular estimates of EDF's future earnings validated by the competent authorities and used as a financial scenario, as contained in the EDF's projected income statement 1997-2000 (recitals 90-92, Table 1, recital 97).
Tilbagesøgningen af den i artikel 1 omhandlede støtte iværksættes omgående og effektivt.
The tax exemption represented 11 % of the FRF 53,3 billion of EDF's capital and capital contributions in 1997, after the restructuring of the balance sheet.
Den Franske Republik sikrer, at denne beslutning efterkommes senest fire måneder efter meddelelsestidspunktet.
It can therefore be assumed that the investment conferred a right to receive 11 % of the dividends (remuneration of the capital contributions as estimated in Tables 1 and 4) and of the value of EDF.
Artikel 4
In order to determine this value, a model for calculating the long-term value of an undertaking should be applied, i.e. the dividend discount model (DDM) [38].
Senest to måneder efter meddelelsen af denne beslutning sender Den Franske Republik Kommissionen følgende:
The results of the DDM analysis of an investment of FRF 5,88 billion based on the dividends foreseen in EDF's projected income statement 1997-2000 (remuneration for capital contributions and additional remuneration in Table 1) are presented in Table 6, noting the internal rate of return (IRR) of financial flows and the net present value (NPV) for the target rates of return of 12 %, 6,35 % and 5,58 % [39].
det samlede beløb (hovedstol og renter), som støttemodtageren skal tilbagebetale
These results are calculated for a baseline scenario based on standard analysis practice (Table 6.1), with three less plausible sensitivity analyses which loosen the assumptions of the baseline scenario and thus simulate a higher rate of return for the shareholder than the reference scenario (Tables 6.2, 6.3 and 6.4).
dokumentation for, at støttemodtageren har fået påbud om at tilbagebetale støtten.
Table 6
Den Franske Republik holder Kommissionen underrettet om udviklingen i de foranstaltninger, der på nationalt plan træffes for at efterkomme denne beslutning, indtil den støtte, der er tildelt i henhold til den i artikel 1 omhandlede støtteordning, er fuldt tilbagebetalt.
Estimate of the return (NPV) on an investment of FRF 5,88 billion using the MDD model based on the projected income statement of EDF 1997-2000 (Table 1) (billion FRF)
Artikel 5
Baseline scenario (Growth of dividends foreseen for end of period 1999-2000)
Denne afgørelse er rettet til Den Franske Republik.
The table reads as follows:
Udfærdiget i Bruxelles, den 22. juli 2015.
For financial flows between 1.1.1997 and 31.12.2000, the NPV with a discount rate of 12 % is FRF – 3,43 billion (…) and the IRR is – 3 %
På Kommissionens vegne
Investment
Med virkning fra 1. december 2009 er EF-traktatens artikel 87 og 88 blevet til henholdsvis artikel 107 og 108 i traktaten om Den Europæiske Unions funktionsmåde (»TEUF«).
DDM value
De to sæt bestemmelser er i det væsentlige identiske.
NPV at 12 %
Med TEUF er der også indført visse terminologiske ændringer, f.eks. er »Fællesskab« erstattet med »Union«, »fællesmarkedet« med »det indre marked« og »Retten i Første Instans« med »Retten«.
NPV at 5,58 %
Det er TEUF-terminologien, der anvendes i denne afgørelse.
IRR
EFT C 280 af 16.11.2002, s. 8.
Sensitivity 1 (ɗ dividends = 4,51 % annual rate 1997/2000)
EUT L 49 af 22.2.2005, s. 9.
Sensitivity 2 (Base scenario + additional 11 % quasi-equity capital)
Rettens dom af 15. december 2009 i sag T-156/04, EDF mod Kommissionen, Sml. 2009 II, s. 4503.
Sensitivity 3 (Sensitivity 1 + additional 11 % quasi-equity capital)
Dom i sag C-124/10 P, Kommissionen mod EDF, EU:C:2012:318.
The estimates from Table 6 show that, if the amount of FRF 5,88 billion allegedly invested had conferred entitlement to a proportional percentage of the dividends and the value of EDF, the operation would have produced a large negative net present value (FRF – 3,43 billion).
EUT C 186 af 28.6.2013, s. 73.
In order for the investment to be financially advantageous for a private market economy investor, on the most widely used assumption (Table 6.1), it would have been necessary for the prudent private investor to be satisfied by a rate of return well below an opportunity cost of capital of 12 % for an investment in liquid EDF shares, and indeed also below the rate paid on French Government bonds with maturities of 30 years (6,35 %) and 10 years (5,58 %) in 1997.
De franske myndigheders svar af 23. december 2013, punkt 71 og 72.
Clearly, a prudent private investor would not have made the investment in those circumstances.
Særrapport om EDF's koncessioner nr. 1993 af 10. oktober 1994.
These conclusions do not change qualitatively if, as sensitivity test, other assumptions are used which, although less plausible, value the alleged investment more (Tables 6.2 to 6.4) [40].
Europa-Parlamentets og Rådets direktiv 96/92/EF af 19. december 1996 om fælles regler for det indre marked for elektricitet (EFT L 27 af 30.1.1997, s. 20).
In any event, the rate of return provided is below 12 %, and indeed also even lower than the return on French Government 30-year and 10-year bonds in 1997.
Rådets forordning (EF) nr. 659/1999 af 22. marts 1999 om fastlæggelse af regler for anvendelsen af artikel 108 i traktaten om Den Europæiske Unions funktionsmåde (EFT L 83 af 27.3.1999, s. 1).
Finally, examination of other variables available in EDF's projected operating results, such as the revenue estimates, core business income or the net income (recitals 166 to 168) would not have allowed the prudent private investor to expect a complete trend reversal leading to a better return or the creation of value for the state as shareholder down the line.
Dom i sag C-124/10 P, Kommissionen mod EDF, EU:C:2012:318, præmis 84.
These developments, which were foreseeable and foreseen in 1997, further corroborate the conclusions and their extension to the period after 2000, as foreseeable by a prudent private investor in 1997 on the basis of the information supplied by the French authorities.
»Does the 1997 recapitalisation of EDF by the French State meet the private investor test?
Even supposing that the prudent private investor would have expected a capital gain in addition to a regular return from EDF, which nothing in the information and data sent by the French authorities indicates, and which moreover would be too risky to expect having regard to the status of EDF in 1997, it can be ruled out that it would have made the alleged investment.
(Opfylder den franske stats rekapitalisering af EDF i 1997 det markedsøkonomiske investorprincip?«).
Accordingly, the application of the test of the prudent private investor in a market economy shows that, even if the tax exemption of FRF 5,88 billion was in fact an investment decision on the part of the state as shareholder, the operation would not have been carried out by a prudent private investor in possession of the information put forward by the French authorities.
Endelig rapport af 15. oktober 2013.
In this connection, the comments by EDF reproduced in recital 71, according to which the tax exemption had no detrimental effect on competition and did not provide an advantage since EDF could in any event have found equivalent financing on the capital markets, are contradicted by the facts.
Serviceaftale mellem staten og EDF for 1997-2000, underskrevet den 8. april 1997.
It is common ground that EDF could not have issued shares on the markets to obtain this amount.
Brev af 12. juli 1996 fra økonomi- og finansministeren og industri-, post- og telekommunikationsministeren til EDF's bestyrelsesformand, brev af 22. april 1997 fra økonomi- og finansministeren, den delegerede budgetminister og industri-, post- og telekommunikationsministeren til EDF's bestyrelsesformand.
Even if EDF would probably have been able to find a lender, the corresponding loan or bond issue would have had to be remunerated, in all likelihood, at a higher rate than the rate that the French state anticipated for capital contributions to EDF for the period 1997-2000 and higher than the refinancing cost equivalent to the government bonds in 1997.
Oplysning, som er omfattet af tavshedspligt.
If EDF could have had an equivalent amount in principal, the financing costs would have been greater than that of the alleged investment.
Aftalen henviser til direktiv 96/92/EF.
Even then, without taking into account a repayment of principal, which EDF was not required to make, in the amount of the tax exemption or the equivalent amount in capital contributions in 1997, the measure would have provided an economic advantage to EDF by reducing its financing costs.
Dette direktiv rummede i lighed med det efterfølgende direktiv ingen regler om selskabsstatus for det indre markeds producenter, transportører eller distributører af elektricitet.
Even if the principle of the prudent private investor in a market economy were applicable, in the light of the documents provided by the French authorities shedding light, according to them, on the profit expectations and risks attached to the alleged investment in the form of a tax exemption, application of the test of the private investor in a market economy leads to the conclusion that a prudent private investor would not have invested an amount equal to the tax due in the EDF capital increase in 1997.
Ændringerne vedrørende overførsel er strengt taget ikke en del af virkningerne af artikel 4, men blot en logisk konsekvens.
The non-payment by EDF of FRF 5,88 billion in corporation tax does not appear to be a productive investment by the state as shareholder in application of the principle of the prudent private investor in a market economy.
Rentabiliteten for staten som aktionær forklares ved det beskedne kapitalgrundlag på 36 mia. FRF (nævneren i gældsgraden) og størrelsen af de regnskabsmæssige henlæggelser.
It appears rather to be an ad hoc derogating tax exemption that provided an economic advantage to EDF equal to the amount of tax not paid.
Efter bogføringen af disse og indtil 1996 blev EDF's årlige nettoresultat negativt.
Such an advantage necessarily strengthens the position of EDF vis-à-vis its competitors, since the amount of equity capital determines, among other factors, the external financing capacity and conditions of an undertaking while, moreover, the resources saved in this way could be used for other purposes such as, for example, investment in France or in other Member States where competitors conducted their business in 1997.
Den negative overførsel på resultatopgørelsen gav sig udslag i et indhug i egenkapitalen på balancen på 24,2 mia. FRF (jf. tabel 2, kolonnen »Ultimo 1996«, som viser, hvordan EDF's egenkapital blev udhulet af en negativ overførsel på 20,2 mia. FRF før ændringen, der blev indført ved artikel 4 i lov nr. 97-1026).
The economic advantage therefore distorts competition within the meaning of Article 107(1) of the TFEU.
Eftersom der ikke blev opkrævet skat af de negative resultater, opstod den meget positive rentabilitet for staten som aktionær på bekostning af staten som skatteudskrivningsmyndighed.
The advantage is selective, since the non-payment of corporation tax on some of the accounting provisions constitutes an exception to the tax treatment normally applicable to such an operation and, in the present case, this exception was applied only to EDF.
Dom i sag C-124/10 P, Kommissionen mod EDF, EU:C:2012:318, præmis 82.
STATE RESOURCES
Dom i sag C-124/10 P, Kommissionen mod EDF, EU:C:2012:318, præmis 83.
The concept of aid embraces not only positive benefits, such as subsidies, but also interventions by the public authorities which mitigate the charges that are normally included in the budget of an undertaking and which have the same effect as subsidies [41].
Dom i sag C-124/10 P, Kommissionen mod EDF, EU:C:2012:318, præmis 104.
The EU Courts have consistently held [42] that the non-collection by the state of a tax which should normally have been collected is equivalent to the consumption of state resources.
Dom i sag C-124/10 P, Kommissionen mod EDF, EU:C:2012:318, præmis 86.
The non-collection of the full amount of corporation tax due in respect of the 1997 financial year derived directly from a measure adopted by the state, namely Act No 97-1026 of 10 November 1997.
Dom i sag C-124/10 P, Kommissionen mod EDF, EU:C:2012:318, præmis 95.
DISTORTION OF COMPETITION AND EFFECT ON TRADE BETWEEN MEMBER STATES
Oxera-undersøgelsen, punkt 3.3, 3.24-3.25.
From its creation in 1946 to the entry into force of Directive 96/92/EC, EDF enjoyed a monopoly position in the French market with exclusive rights for the transmission, distribution, and import and export of electricity.
Oxera-undersøgelsen, tabel A2.2.
However, EDF competed with other producers in other Member States already ahead of the entry into force of Directive 96/92/EC.
Oxera-undersøgelsen, punkt 3.3
Moreover, free competition existed in related markets not subject to exclusive rights where EDF had already diversified its activities beyond its exclusive rights in both geographic and sectoral terms.
Oxera-undersøgelsen, punkt 3.3, 3.15, tabel 3.2, tabel 3.8 for beta-koefficienten og bilag 5.
Effects on competition did therefore exist well before the liberalisation provided for by Directive 96/92/EC.
Oxera-undersøgelsen, punkt 3.5, 3.13, 3.20 til 3.23.
Electricity was the subject of significant, growing trade between Member States in which EDF was actively engaged.
Årligt gennemsnit for den daglige toneangivende rente på 30-årige og 10-årige franske statsobligationer, kilde Banque de France:
These exchanges, reinforced by the adoption of Council Directive 90/547/EEC [43], were taking place on the basis of commercial agreements between the various operators of the high-voltage electricity networks in the Member States.