natgillin/translations-raw huggingface dataset:
Afhændelserne […] finder til gengæld ikke sted før […].
These amounted to EUR [1-2 billion] in the adverse scenario over the period 2016-2025, i.e. EUR [0-1 billion] more than in the baseline scenario.
Areva-koncernen foreslår foranstaltninger til at begrænse konkurrencefordrejningen til et minimum
The French authorities indicated the corrective action that could be taken: additional commercial or productivity measures (e.g. optimising purchases and reducing the wage bill), or adjusting the investment plan […].
Ifølge de franske myndigheder udgør afhændelsen af Nouvel Areva NP en særlig vigtig kompensationsforanstaltning, fordi den udgør en fuldstændig tilbagetrækning fra Areva-koncernens side fra et stort antal markeder, hvorpå EDF-koncernen fremover vil konkurrere.
New Areva will be able to refinance itself on the markets over the period 2015-2025
Ved at afhænde Nouvel Areva NP giver Areva-koncernen afkald på en tredjedel af sine aktiver og omkring halvdelen af sin omsætning.
In response to the doubt raised by the Commission in recital 151 of the opening decision, the French authorities stated that, in the baseline scenario, New Areva's financing needs would materialise […].
Koncernen giver desuden afkald på alle fordelene ved den integrerede model, som den har udviklet i de seneste 15 år, og foretager dermed en meget betydelig strategisk omlægning.
It was expected that New Areva would have re-established sufficiently good financial ratios by that time that recourse to the bond markets would be possible without calling into question the investment grade rating of the undertaking.
Areva-koncernen giver afkald på et positivt cashflow genereret af Nouvel Areva NP i den pågældende periode.
In contrast, in the adverse scenario, New Areva would need […] of financing.
For at underbygge dette ræsonnement kommer de franske myndigheder nærmere ind på de forskellige punkter, som Kommissionen fremhæver i sin åbningsafgørelse.
However, the French authorities explained that New Areva would be able to bridge the gap […], without jeopardising the company's return to viability […].
Kvantificering af kompensationsforanstaltningerne
Areva SA will have the resources to cover its financial needs over the period 2016-2025
De franske myndigheder minder om, at »foranstaltninger til begrænsning af konkurrencefordrejninger bør være rettet mod såvel moral hazard som mulige fordrejninger på de markeder, hvor støttemodtageren opererer«, idet der tages højde for »det pågældende markeds kendetegn« [21].
The French authorities had undertaken to ensure that Areva SA carried out no activities other than those specifically provided for in the restructuring plan notified to the Commission.
I denne sag er enhver moral hazard ifølge de franske myndigheder udelukket, fordi tabene hidtil er blevet båret af de eksisterende aktionærer i Areva-koncernen, først og fremmest staten, i form af hensættelser og nedskrivninger af aktiver.
On that basis, they considered that Areva SA would have sufficient resources to cover its financial needs.
For så vidt angår de pågældende markeders kendetegn, gælder det i øvrigt, at statsstøtten i højere grad bevarer en effektiv konkurrence, end den begrænser den, eftersom størstedelen af de markeder, hvorpå Nouvel Areva vil være aktiv, har en oligopolpræget struktur, der forværres, når en erhvervsdrivende forlader markedet.
The French authorities confirmed their assumptions for the costs of completing the OL3 project over the period 2017-2025.
Ifølge de franske myndigheder viser en sammenligning af markederne i det kontrafaktiske scenarie, hvor der ikke ydes støtte, klart, at kun bevarelsen af Areva-koncernen ville gøre det muligt at opretholde en reel konkurrence på markederne.
These projections resulted in negative cash flow of EUR [0-2 billion] over the period in question.
Afhændelsen af Nouvel Areva NP udgør således en fuldt ud tilstrækkelig kompensationsforanstaltning, da den på kort sigt påfører Areva-koncernen tab af synergieffekter og på mellemlang sigt fratager koncernen særlig rentable udviklingsmuligheder, som er beskrevet nedenfor i punkt 4.4.2.
On the basis of these assumptions, Areva SA's business plan showed surplus liquidity of EUR [0-500 million] at the end of the period in the baseline scenario and EUR [0-100 million] in the adverse scenario.
Afhændelsen af Nouvel Areva NP skader alle Nouvel Arevas aktiviteter varigt
The aid measure is proportionate and limited to the minimum necessary
Front end-aktiviteter
The principle of fair burden-sharing is respected with regard to minority shareholders
Den integrerede Areva-koncern rådede over en integreret afsætnings- og markedsføringsstyrke, som markedsførte naturligt uran samt ydelser inden for omdannelse, berigelse, design og produktion af brændselselementer og enhver mulig kombination af disse varer og tjenesteydelser.
First, the French authorities pointed out that substantial provisions for losses and asset write-downs had already been set aside, and that the share price was historically low.
Sammenkædningen af afsætningen af brændselsceller med front end-aktiviteter gav Areva-koncernen en betydelig IT- og handelsfordel.
The responsibility for past management was therefore largely borne by the minority shareholders, in proportion to their stake.
Elselskaber råder generelt kun over én køber i forbindelse med levering af brændselselementer.
Second, they anticipated that the State would be obliged by the Financial Markets Authority (‘AMF’) to make a public buy-back offer.
Da brændselselementer kun i beskedent omfang er indbyrdes udskiftelige, er leverandøren af elementerne en nødvendig samarbejdspartner for et elselskab, hvilket ikke er tilfældet for front end-leverandører, hvis varer og tjenesteydelser er generiske.
The price offered to shareholders would be closely monitored by the AMF, which would ensure that a multi-criteria valuation method was followed.
Som eksempel nævner de franske myndigheder et elselskab […].
The Areva Group's own contribution is sufficient, real and actual
Udskillelsen af Nouvel Areva NP's aktiviteter gør det vanskeligt at optimere logistikken: Nouvel Areva skal fremover arbejde sammen med både Nouvel Areva NP's producenter af brændselselementer og med alle de andre amerikanske og europæiske producenter og får derved en logistisk ulempe, der f.eks. øger leveringsomkostningerne og begrænser muligheden for en jævn produktion af beriget uran.
In other words, the French authorities considered that a clear distinction should be drawn between the two distinct legal criteria.
Areva-koncernen kunne desuden forhandle mere fordelagtige betingelser for koncernens uran, eftersom sådanne forhandlinger generelt udmunder i underhåndsaftaler uden en offentlig udbudsprocedure.
As regards the doubts raised by the Commission concerning the real and actual nature of the Areva Group's own contribution, the French authorities provided a number of clarifications and reiterated that the Commission had, in its previous decisions, accepted that future sales of assets were accounted for as an own contribution provided they were subject to an independent assessment of the market value of the asset [20].
Endelig gør denne type kontrakter det muligt at etablere et forretningsforhold, navnlig på de vanskeligt tilgængelige markeder som Kina.
As regards the divestment of New Areva NP, the French authorities pointed out that independent valuations had been carried out and sent to the Commission with the notification.
Denne konkurrencefordel kom til udtryk i Areva-koncernens kontrakter vedrørende reaktorerne i OL3, Taishan 1 og 2, […].
France also stressed the aspects which made it possible to establish the real and actual nature of the divestment of New Areva NP: first, the contract for EDF's purchase of New Areva NP shares signed on 15 November 2016; second, the fact that the conditions precedent attached to the sale did not call the sale into question.
For så vidt angår Taishan 1 og 2, gælder det f.eks. […].
The French authorities were thus confident about the ASN's findings concerning the demonstration programme for the Flamanville 3 vessel, since all the related tests had been conducted without revealing any non-compliance in the view of EDF and the Areva Group.
Sådanne betingelser ville man ikke have kunnet forhandle sig frem til uden fordelene ved en integreret koncern: Til sammenligning har Areva-koncernen kun kunnet opnå aftaler om, at […].
In addition, […] the negotiations with TVO did not call into question the divestment of New Areva NP but affected only the timetable.
Alle Nouvel Areva NP's fremtidige salg af reaktorer giver således i lige så høj grad anledning til, at Nouvel Areva mister muligheder for at sælge front end-produkter under optimale vilkår.
As regards the divestment of Canberra, the French authorities noted that it had actually been implemented since 1 July 2016.
Ifølge de franske myndigheder vil Nouvel Areva NP have gode muligheder for at vinde projekterne […].
The divestment of Areva TA was being finalised, as was apparent from the information already summarised in recitals 103 to 105 of this Decision.
Nouvel Areva NP kan ligeledes gøre krav på projekterne […].
As regards the subsidiary Elta, a unilateral purchase promise had been received from the ECA Group on 4 August 2016, and the sale had been notarised on 1 December 2016 at a price of EUR [0-10 million].
På grund af den lange cyklus på det nukleare område vil tabene af synergieffekter dog først vise sig efter udløbet af den periode, som Areva-koncernen har indgivet finansielle planer for.
It was intended that the Areva Group's stake in its subsidiary Adwen would be fully divested; a EUR 60 million floor price having been secured by the Gamesa group.
De mistede synergieffekter viser sig især i begyndelsen af en reaktors livscyklus, men også i resten af dens levetid.
The divestment was scheduled to be carried out at the beginning of January 2017.
Visse elselskaber foretrækker da også at tage imod et fælles tilbud, der omfatter køb af uran, omdannelse, berigelse og montering, især for reaktorer, der allerede planlægges afviklet (i slutningen af deres levetid).
However, the divestments […] would not occur before […].
Endelig gør decentraliseringen det vanskeligt at udvikle en integreret sektor for genvinding af uran til oparbejdning, da denne sektor kræver en høj grad af logistisk koordinering mellem leverandøren af brændselselementerne (Nouvel Areva NP) og leverandøren af oparbejdningsaktiviteterne (Nouvel Areva).
Lastly, as regards the involvement of third-party investors in New Areva's capital injection, the French authorities pointed out that they had received expressions of interest from […] Japanese groups JNFL and MHI […].
Alle disse mistede synergieffekter giver Nouvel Areva en ulempe i forhold til konkurrenterne.
The state of play in the negotiations was as follows.
Hvis Areva-koncernen var forblevet integreret, ville den have været i den perfekte position til at drage nytte af det forventede opsving på markedet, navnlig på grund af det moderniserede udstyr, koncernen råder over.
The MHI and JNFL groups had each submitted a firm offer […] for 5 % of New Areva's capital, valued at EUR 250 million.
Der åbner sig f.eks. et betydeligt marked inden for tilbud til elselskaber om forvaltning af deres reaktorer i slutningen af deres levetid.
The Areva Group proposes measures to minimise the distortions of competition
På grund af de forventede tab af synergieffekter agter de franske myndigheder og Areva-koncernen imidlertid at […].
According to the French authorities, the divestment of New Areva NP was a particularly significant compensatory measure because it would mean that the Areva Group simply withdrew from a large number of markets in which the EDF Group would then be the leading competitor.
Omvendt vil Nouvel Arevas konkurrenter kunne udnytte de muligheder, der opstår som følge af opsplitningen af Areva-koncernen, navnlig for levering af brændsel til nye reaktorer.
By divesting New Areva NP, the Areva Group was giving up one third of its assets and around half of its turnover.
Nouvel Areva vil skulle konkurrere mod integrerede konkurrenter, som Rosatom, eller konkurrenter, der arbejder hen imod vertikal integration, som KHNP, Toshiba/Westinghouse eller CNNC.
It was also giving up all of the advantages stemming from the integrated model it had developed over the last 15 years and was thus making a major strategic shift.
Back end-aktiviteter
In addition, the Areva Group was giving up the positive cash flows that New Areva NP would generate over the period.
Afhændelsen af Nouvel Areva NP vedrører […] Nouvel Arevas aktiviteter inden for genvinding og behandling af brugt brændsel.
In support of this reasoning, the French authorities referred in detail to the various points raised by the Commission in the opening decision.
Salget af MOX-brændsel afhænger af tilstedeværelsen på markedet af letvandsreaktorer, som kan drives med MOX-brændselselementer.
Quantification of the compensatory measures
Antallet af sådanne anlæg afhænger af den indsats, som Nouvel Areva NP gør for at projektere og anvende denne teknologi fremover.
The French authorities pointed out that ‘measures to limit distortions of competition should address both moral hazard concerns and possible distortions in the markets where the beneficiary operates’, taking into account ‘the characteristics of the market concerned’ [21].
Et elselskabs beslutning om at drive en reaktor med MOX-brændsel afhænger af det pågældende selskabs kapacitet til at sikre reaktorens ydeevne og de dermed forbundne udgifter.
In the case in question, any risk of moral hazard could be excluded in their view since the past losses had been borne by the existing shareholders of the Areva Group, in particular the State, through provisions and asset write-downs.
Disse to faktorer afhænger til gengæld af kvaliteten af samarbejdet mellem udvikleren af reaktoren, udvikleren af elementerne og leverandøren af MOX-brændsel.
Furthermore, in the light of the characteristics of the relevant markets, the State aid preserved, more than it restricted, effective competition as most of the markets in which New Areva would operate had an oligopolistic structure, which would be exacerbated by the disappearance of an operator.
Hidtil har dette samarbejde kunnet lade sig gøre på grund af Areva-koncernens evne til fra centralt hold at sikre balance mellem disse enheders forskellige interesser.
According to the French authorities, a comparison of the markets in the counterfactual scenario without aid clearly showed that only the continued presence of the Areva Group allowed effective competition in the market to be maintained.
Nouvel Areva NP […] har således kunnet øge antallet af reaktorer, der bruger MOX-brændsel, idet […].
Thus, the divestment of New Areva NP was more than sufficient as a compensatory measure, particularly as it imposed short-term losses of synergy on the Areva Group, and in the medium-term deprived it of the particularly profitable development prospects described below in Section 4.4.2.
Hidtil har tilhørsforholdet til samme koncern gjort det muligt at indgå aftaler internt i koncernen […] og sikre balance mellem de to aktiviteters forskellige interesser.
The divestment of New Areva NP penalises all of New Areva's activities over the long term
Det vil ikke være tilfældet fremover, og der må således forventes omfattende tab af synergieffekter på lang sigt.
Front-end operations
Områderne for afvikling og logistik vil også opleve tab af synergieffekter.
The integrated Areva Group had an integrated marketing and sales force for natural uranium, conversion services, enrichment, and design and manufacture of fuel assemblies, and any possible combination of these products and services.
Afviklingsaktiviteterne hænger i høj grad sammen med aktiviteterne inden for konstruktion af reaktorerne og vedligeholdelse af den installerede base.
Integrating the sale of fuel assemblies with front-end services gave the Areva Group a significant information and trading advantage.
For så vidt angår de logistiske aktiviteter, er der i dag tale om et kundeforhold til Areva NP i dobbelt forstand: transport af kontaminerede vedligeholdelsesværktøjer og transport af brændselselementer.
Electricity generators usually had a single buyer for the supply of fuel assemblies.
Disse ydelser internt i koncernen risikerer enten at blive internaliseret af Nouvel Areva NP eller at blive udbudt fremover.
Because of the low substitutability of fuel assemblies, a supplier of assemblies was a key partner for an electricity generator, which was not the case of a front-end supplier, whose products and services were fungible.
Markederne for afvikling og logistik er to dynamiske markeder, hvorpå Areva-koncernen […].
The French authorities gave the example of an electricity generator […] to which the Areva Group had been able to expand its sales to include front-end products and services as part of an invitation to tender for fuel assemblies.
Det globale strategiske og industrielle partnerskab mellem Nouvel Areva og EDF giver ikke mulighed for at genoprette de synergieffekter, der på nuværende tidspunkt er forbundet med Areva NP's integration i Areva-koncernen
Today, [5-10] out of every 10 customers were customers of both Areva NC and Areva NP.
De franske myndigheder har indsendt aftaleprotokollen af 28. juli 2016 mellem EDF og Areva-koncernen til Kommissionen.
Furthermore, the unbundling of New Areva NP's activities would make logistical optimisation more difficult.
Bilag 7 til denne protokol vedrører indgåelse af et globalt strategisk og industrielt partnerskab.
In future New Areva would have to work with New Areva NP's fuel assembly manufacturers in the same way as with all the other American and European manufacturers and would therefore miss out on logistical improvements, e.g. delivery costs would increase and its ability to fine-tune its production of enriched uranium would be reduced.
Ifølge de franske myndigheder vil dette partnerskab ikke kunne genoprette de mistede synergieffekter […].
The French authorities also explained that any supplier of front-end products and services supported by a supplier of fuel assemblies and reactors had an undeniable competitive advantage for tenders at the beginning of the cycle.
[…] de franske myndigheder understreger, at Nouvel Areva NP og Nouvel Areva er på vej ind i et kunde/leverandør-forhold.
A buyer of a new plant would generally require the contractor to supply the first reactor core as well as possible reloads.
Dermed vil et strategisk partnerskab ikke kunne sikre samme grad af balance og synergieffekter som førhen internt i koncernen.
By being integrated with Areva NP, the Areva Group had automatic access to this for its front-end operations.
Som reaktion på Kommissionens indvendinger vedrørende dette punkt har de franske myndigheder dog givet tilsagn om, at Nouvel Areva NP under EDF's og Nouvel Arevas kontrol — i omstruktureringsperioden — ikke indgår i noget strategisk partnerskab eller andre rammeaftaler om et forretningssamarbejde, der skal give Nouvel Areva en fordel i de situationer, hvor Nouvel Areva NP ønsker at give en kunde et tilbud i fællesskab med en leverandør af nukleart brændsel på de markeder, der er defineret i betragtning 344 og 347 — levering af brændselselementer og opførelse af nye reaktorer.
The Areva Group was also able to negotiate better terms and conditions for its uranium, since such negotiations were generally conducted privately, without an open procedure.
Dette tilsagn forhindrer ikke Nouvel Areva og Nouvel Areva NP i at udarbejde fælles tilbud, såfremt Nouvel Areva er blevet udvalgt på grundlag af kommercielle og tekniske kriterier.
Finally, this type of contract allowed a commercial relationship to be established, including in markets which are difficult to access, such as China.
De franske myndigheder giver tilsagn om, at Areva-koncernen træffer de adfærdsmæssige foranstaltninger, der er beskrevet i punkt 84 i rammebestemmelserne
This competitive advantage was reflected in the contracts negotiated by the Areva Group for the reactors in OL3 and Taishan 1 and 2 […].
De franske myndigheder minder om betydningen af partnerskaber på det nukleare område, men forpligter sig til at sikre, at Areva-koncernen (Areva SA og Nouvel Areva) og de virksomheder, der er under koncernens kontrol, i omstruktureringsperioden afholder sig fra — direkte eller indirekte — at erhverve aktieandele i virksomheder, som ikke allerede er under koncernens kontrol, bortset fra de projekter, der er afgørende for genoprettelsen af Areva-koncernens rentabilitet.
In the case of Taishan 1 and 2, for example, […].
Denne forpligtelse gælder ikke erhvervelser af aktieandele foretaget af Nouvel Areva og de virksomheder, som selskabet kontrollerer direkte eller indirekte, med henblik på finansiel forvaltning i) af de afviklingsfonde, som Areva-koncernen er juridisk eller lovgivningsmæssigt forpligtet til at forvalte, ii) af pensionsfonde for Areva-koncernens personale og iii) af investeringer af likvide midler.
Such terms and conditions could not have been negotiated without the benefits of integration: by comparison, the Areva Group could only enter into contracts […].
De franske myndigheder har desuden forpligtet sig til at sikre, at Areva-koncernen (Areva SA og Nouvel Areva) afholder sig fra at præsentere den støtte, som koncernen modtager, som en konkurrencefordel, når den markedsfører sine varer og tjenesteydelser.
All future sales of reactors by New Areva NP thus represented missed opportunities for New Areva to sell front-end material under the best possible terms and conditions.
De franske myndigheders kommentarer til bemærkningerne fra de interesserede tredjeparter
According to the French authorities, New Areva NP would be well placed to win the projects […].
Bemærkninger fra TVO og Siemens
New Areva NP could also aspire to the projects […].
De franske myndigheder vurderer, at Areva SA vil være i stand til at dække hele sit foreløbige finansieringsbehov.
On account of the length of nuclear cycles, however, these lost synergies would not be felt until after the end of the period for which the Areva Group had provided financial projections.
Dels er det ikke korrekt, at Areva-koncernens gennemførelse af den fastlagte omstruktureringsplan forhindrer en fornuftig afslutning af OL3-projektet.
The lost synergies were particularly evident in the early life of a reactor, but they were also felt throughout its lifetime.
Det er afgørende for alle de enheder, der deltager i omstruktureringen, at dette projekt lykkes: Det gælder naturligvis Areva SA, men også Nouvel Areva (med hensyn til levering af brændsel) og Nouvel Areva NP (med hensyn til denne første europæiske trykvandsreaktors demonstrationsværdi).
Some electricity generators preferred to use a single tender combining purchase of uranium and conversion, enrichment and assembly services, including for reactors whose closure was already planned (end of life).
Areva SA råder således over alle de nødvendige operationelle midler, der ikke udskilles og omgående overføres til Nouvel Areva NP, til at færdiggøre projektet, og al den tvivl, som TVO giver udtryk for desangående, er ubegrundet.
Lastly, the end of integration would make it more difficult to develop an integrated chain for the recycling of reprocessed uranium, as this required a high level of logistical coordination between the supplier of fuel assemblies (New Areva NP) and the supplier of reprocessing services (New Areva).
De franske myndigheder fremhæver navnlig tilstedeværelsen af […] et specifikt samarbejde mellem Areva NP og Nouvel Areva NP, som gør det muligt for Areva NP at anvende Nouvel Areva NP, hvis det bliver nødvendigt […].
All these lost synergies would penalise New Areva and benefit its competitors.
Dels har de franske myndigheder vurderet Areva SA's behov korrekt og konservativt.
By remaining integrated, the Areva Group would have been ideally placed to take advantage of the expected market recovery, in particular because of its upgraded equipment.