natgillin/translations-raw huggingface dataset:
Koncernen har de nødvendige kompetencer til drift, under de bedst mulige sikkerhedsmæssige forhold, af en række »væsentlige anlæg, som er nødvendige for kerneenergiens udvikling i Fællesskabet« i henhold til artikel 2.
This was calculated on the basis of Gordon Shapiro's method by retaining a normalised cash flow considered representative of the cash flow generation capacity of the activity.
Det drejer sig f.eks. om anlæg som Comurhex II, la Hague og Melox.
An assumed perpetuity growth rate of zero was chosen for all business lines.
Endelig er Areva-koncernen en væsentlig europæisk aktør i produktionen af nukleart brændsel til forskningsreaktorer og mål for bestråling med henblik på produktion af radioisotoper til medicinske formål.
Sensitivity analyses were carried out on these enterprise values by varying parameters such as the WACC or EBITDA margin.
Koncernens udtræden ville således have omgående konsekvenser for den nukleare sikkerhed, energiuafhængigheden, mangfoldigheden og energiforsyningssikkerheden i EU.
The net debt of each business line was then subtracted from these enterprise values in order to arrive at the value of the capital.
Rammebestemmelserne fastsætter også de betingelser, under hvilke omstruktureringsstøtte bidrager til et mål af fælles interesse.
The sum of these various amounts per business line gives the total value of the capital of New Areva NP.
Det er tilfældet, hvis støtten har til formål at undgå sociale problemer eller rette op på markedssvigt, som ville opstå som følge af virksomhedens udtræden af markedet og ophøret af dens aktiviteter.
Société Générale considered that an EBITDA multiple of […] could be inferred from this valuation.
Blandt de markedssvigt, der fremgår af rammebestemmelsernes punkt 44, finder følgende anvendelse i denne sag — afhængigt af de relevante markeder: i) risiko for afbrydelse af en vigtig tjeneste, der er vanskelig at genetablere, og som vanskeligt ville kunne overtages af en eventuel konkurrent, ii) de negative virkninger, hvis en virksomhed med en vigtig systemisk rolle for en bestemt region eller sektor udtræder af markedet, og iii) uopretteligt tab af vigtig teknisk viden eller ekspertise.
This EBITDA multiple seems reasonable since it is below the average and median EBITDA multiples observed for comparable transactions — Société Générale having selected a sample of 19 transactions representing the various activities of New Areva NP.
Den måde, hvorpå støtten bidrager til at forhindre disse risici eller skadelige konsekvenser, undersøges nedenfor i betragtning 223-226.
The value of the various parameters used for the DCF method, as well as the implicit EBITDA multiple, are further corroborated by comparison with the averages and medians taken from the study of comparable undertakings referred to in recital 198.
Kommissionen bør i øvrigt undersøge andre scenarier end en fuldstændig udtræden af markedet, f.eks. fortsættelse af visse aktiviteter efter afvikling uden statsstøtte.
In the light of the above, the Commission confirms the finding in the opening decision that the valuation carried out by EDF and its advisers is based on the available objective, verifiable and reliable data, which reflect the economic situation at the time the transaction was decided.
Kommissionen bør sikre, at mål af fælles interesse ikke kan nås på samme måde i disse kontrafaktiske scenarier uden støtte.
This finding was not challenged by any third party during the investigation.
En sådan analyse foretages i denne afgørelses punkt 5.2.4.
The new developments since then, such as recourse to a hive-down or the discovery of risks relating to components contracts, are not likely to affect the result since EDF was careful to fully insulate itself against such risks, in the manner described in recital 30.
For så vidt angår de konsekvenser, som Areva-koncernens udtræden af de pågældende markeder ville have, konstaterer Kommissionen følgende.
On the basis of this valuation of EUR 2,5 billion for 100 % of the capital, Société Générale showed that EDF could expect an internal rate of return (‘IRR’) from the investment of [0-20] % in the central scenario.
For så vidt angår minedrift, gælder det, at fordi Areva-koncernen er den største europæiske erhvervsdrivende i sektoren, ville dens udtræden af markedet betyde, at Europas forsyning af uran overvejende ville afhænge af aktører uden for EU, herunder russiske (Rosatom) og kasakhiske (KAP) operatører, der har en markedsandel på omkring [30-50] % [30].
This scenario postulates an exit (for the calculation of the terminal value) in […], and an exit multiple equivalent to the entry multiple, i.e. […] x the EBITDA.
Ingen europæiske eller endog vestlige (f.eks. det canadiske selskab Cameco) aktører ser ud til at kunne øge deres minekapacitet i et omfang, der er i overensstemmelse med målet om at sikre mangfoldighed og forsyningssikkerhed i EU.
This IRR must be compared with the cost of capital weighted according to the different sectors of New Areva NP.
Areva-koncernens udtræden ville også på sigt kunne indebære prisstigninger for uran som følge af koncentrationen på markedet.
In the case in question, Société Générale's calculations, which are based on the objective criteria listed in recital 198, provide the following indications for each business line: [0-10] % for fuel, [0-10] % for the installed base, [0-20] % for major projects, [0-10] % for production.
Areva-koncernen spiller således en vigtig systemisk rolle for den europæiske forsyning af uran.
These estimates seem reliable in that they are based on a commonly agreed methodology and sources, similar to those which the Commission itself has used in other cases, supported by the General Court where appropriate [27].
For det første ville en sådan udtræden sætte EU's energiuafhængighed over styr, eftersom omdannelse af uran er en uundværlig del af den nukleare kæde.
In the light of these objective aspects, the Commission concludes that the divestment of New Areva NP is being carried out under normal market conditions without conferring any economic advantage on the buyer (EDF) or the seller (the Areva Group), and therefore rules out the presence of State aid.
Endelig ville den begrænse konkurrencen på dette marked, der allerede er meget koncentreret, hvilket ville kunne medføre højere udgifter for europæiske elselskaber og dermed i sidste ende for de europæiske forbrugere.
Divestment of Areva TA
Areva-koncernen spiller således en vigtig systemisk rolle for de europæiske aktiviteter inden for brændselscyklussen, og koncernens udtræden af markedet ville indebære en risiko for afbrydelse af en vigtig tjeneste.
The French authorities have clarified the arrangements for divesting Areva TA and provided evidence to justify the price of EUR [0-2 billion] for 100 % of the capital.
For så vidt angår berigelsesaktiviteterne, er Areva-koncernen og Urenco-konsortiet de to eneste europæiske aktører.
This evidence was summarised in a study by the financial consultancy firm […] dated 6 December 2016.
Den eneste anden aktør, der reelt er til stede på det europæiske marked, er det russiske selskab Tenex (Rosatom-koncernen).
In the context of its due diligence, the buying consortium has developed its own business plan for Areva TA based on the seller's perspective, adapting the underlying assumptions of the plan to the best of its knowledge.
Hvis Areva-koncernen trådte ud af markedet, ville det påvirke strukturen på markedet, som i givet fald ville være kendetegnet ved et europæisk oligopol, hvilket sandsynligvis ville føre til prisstigninger.
The Commission has reviewed the projections and assumptions used for this valuation and considers that it fulfils the quality requirements of a prudent investor.
Areva-koncernen spiller således igen, i forbindelse med sine berigelsesaktiviteter, en vigtig systemisk rolle.
It is based on available objective, verifiable and reliable data which reflect the economic situation at the time the transaction was decided.
For så vidt angår genvinding og behandling af brugt brændsel, er Areva-koncernen i dag den eneste aktør i industriel målestok inden for teknologien for genvinding af brugt brændsel og omdannelse heraf til MOX-brændsel til letvandsreaktorer.
In the light of this, the Commission considers that the divestment of Areva TA is being carried out under normal market conditions without any economic advantage being conferred on the buyer or the seller (the Areva Group), and therefore rules out the presence of State aid.
Ved hjælp af disse processer leverer Areva-koncernen således genvundet brændsel, som tegner sig for [0-25] % af den franske elproduktion.
Compatibility of the aid with the internal market
Frankrig har i øvrigt valgt at give Areva-koncernen ansvaret for den industrielle genvinding.
The French State's subscription to the injections of capital into Areva SA and New Areva constitutes State aid within the meaning of Article 107(1) TFEU that France is planning to grant to an undertaking, the Areva Group, which is active in the areas covered by the Euratom Treaty.
Koncernen er således en vigtig aktør i politikken for håndtering af brugt brændsel i Frankrig og i EU generelt.
The Euratom Treaty established the European Atomic Energy Community, specifying the necessary instruments and allocating responsibilities with a view to achieving objectives that include nuclear safety, energy independence and the diversity and security of energy supplies [28].
Areva-koncernens udtræden af markedet ville derfor i høj grad være til hinder for et velfungerende marked i EU, idet det ville give anledning til et uopretteligt tab af teknisk viden og vigtig knowhow og til afbrydelse af en vigtig tjeneste, som vanskeligt ville kunne overtages af en eventuel konkurrent.
As the Commission has acknowledged in previous decisions [29], the promotion of a successful nuclear energy sector is a fundamental objective of the Euratom Treaty, and therefore also of the European Union.
Kommissionen konkluderer, at den af de franske myndigheder anmeldte omstruktureringsstøtte, ved at forhindre Areva-koncernens udtræden og ophøret af dennes aktiviteter inden for brændselscyklussen, gør muligt at afhjælpe markedssvigt, der ville opstå som følge af et sådant ophør.
As set out in the preamble to the Euratom Treaty, the Commission, as an institution of the European Atomic Energy Community, is required to create the ‘conditions necessary for the development of a powerful nuclear industry which will provide extensive energy resources’.
Plan for genoprettelse af koncernens rentabilitet på lang sigt
This obligation must be borne in mind when the Commission exercises its discretionary powers to authorise State aid under Article 107(3)(c) and Article 108(2) TFEU.
For at omstruktureringsstøtten bidrager effektivt til førnævnte mål af fælles interesse, skal det dokumenteres, at den planlagte omstrukturering kan genoprette virksomhedens langsigtede rentabilitet.
The TFEU sets out the conditions under which aid can be declared compatible with the internal market.
Kommissionen udtrykte imidlertid i åbningsafgørelsen tvivl om, hvorvidt visse af hypoteserne i planen for genoprettelsen af Areva-koncernens langsigtede rentabilitet var realistiske.
Under Article 107(3)(c) TFEU, the Commission can authorise State aid if it is granted to promote the development of certain economic sectors and does not adversely affect trading conditions to an extent contrary to the common interest.
Ved vurderingen af genoprettelsen af Areva-koncernens rentabilitet kan de to virksomheders forretningsplaner således analyseres særskilt.
Given the nature of the measure in question, the Commission will establish whether it is compatible with the provisions on restructuring aid set out in the Guidelines, mindful of the doubts expressed in the opening decision as well as the comments from France and interested third parties.
Nouvel Arevas forretningsplan
Eligibility of the Areva Group for restructuring aid
De franske myndigheder har indsendt Nouvel Arevas forretningsplan i et basisscenarie og et worst case-scenarie til Kommissionen.
At the end of 2014, which was when the restructuring of the Areva Group began, the Group had negative equity totalling EUR – 244 million.
De finansielle beregninger for disse scenarier fremgår af tabel 1 og tabel 2 nedenfor.
New losses have been recorded since then, meaning that the Areva Group's equity situation deteriorated further in 2015.
Tabel 1
Areva Group's total equity stood at EUR – 2,3 billion on 31 December 2015.
Finansiel plan for Nouvel Areva (basisscenarie)
Given the presence of negative equity, the criterion set out in point 20(a) of the Guidelines is fulfilled.
mio. EUR
The Areva Group must therefore be considered an undertaking in difficulty, making it eligible for restructuring aid.
16-25
Contribution to a well-defined objective of common interest
Omsætning
The Euratom Treaty sets out the following objectives of common interest: nuclear safety, energy independence and the diversity and security of energy supplies.
% vækst
Under Article 2(d) of the Euratom Treaty, the Euratom Community must ensure that all users in the Community receive a regular and equitable supply of ores and nuclear fuels.
Bruttofortjeneste
By preventing the Areva Group's demise, the aid under consideration contributes to the achievement of these different objectives.
I % af omsætning
The aid enables the Areva Group, a key player in Europe's nuclear industry, to survive.
F&U
The Areva Group is the leading European operator in the uranium mining market and the only European operator active in the uranium conversion, fuel recycling and MOX production markets.
Komm. udgifter og markedsføring
It has the expertise required to operate, in optimal safety and security conditions, a number of ‘basic installations necessary for the development of nuclear energy’ within the meaning of Article 2; this includes sites and facilities such as Comurhex II, La Hague and Melox.
Administrationsomkostninger
Lastly, the Areva Group is a key European operator in terms of the production of nuclear fuel for materials testing reactors and of target materials to be irradiated to produce radioisotopes for medical use.
Andre udgifter og indtægter fra aktiviteter
Its demise would therefore have immediate consequences in terms of nuclear safety, energy independence, and the diversity and security of Europe's energy supplies.
Ikkeoperationelle omkostninger i alt
The Guidelines also set out the conditions under which restructuring aid contributes to an objective of common interest.
Afskrivninger og var. i hensættelser
This is the case if the aid aims to prevent social hardship or address market failures that would be created if the undertaking left the market and its activities no longer existed.
Var. i driftskapitalbehov
Of the market failures listed in point 44 of the Guidelines, those that apply to the case in question are, depending on the specific markets, (i) the risk of disruption to an important service which is hard to replicate and where it would be difficult for any competitor simply to step in, (ii) the negative consequences of an undertaking with an important systemic role in a particular sector leaving the market, and (iii) the irremediable loss of important technical knowledge or expertise.
Driftsinvesteringer
The way in which the aid makes it possible to prevent these risks or negative consequences is examined below, in recitals 223 to 226.
Salg af driftsaktiver
Furthermore, the Commission must also consider other scenarios not involving a complete market exit, such as the continuation of certain activities after liquidation without State aid.
Resultat af afhændelse
The Commission must be satisfied that the objectives of common interest would not be achieved in the same way in these counterfactual scenarios that do not involve aid.
Operationelt cashflow
This assessment is covered in part 5.2.4 of this Decision.
Tabel 2
As regards the consequences of the Areva Group exiting its markets, the Commission notes the following.
Finansiel plan for Nouvel Areva (worst case-scenarie)
As regards the mining business, given that the Areva Group is the main European operator in the sector, its exit from the market would result in Europe's uranium being principally supplied by non-European operators, including the Russian (Rosatom) and Kazakh (KAP) operators, which account for around [30-50] % of the market [30].
Selv med disse konservative hypoteser er der enighed på markedet [31] om en genopretning af markedet på mellemlang sigt og en gradvis stigning i priserne på nukleart brændsel, hvilket vil bidrage til genoprettelsen af Areva-koncernens rentabilitet.
In this regard, the Areva Group has an essential systemic role in terms of Europe's uranium supply.
I betragtning 150 i åbningsafgørelsen bemærkede Kommissionen, at det worst case-scenarie, som de franske myndigheder præsenterede, indeholdt en følsomhedsanalyse, som gjorde det muligt at rangordne og foregribe risiciene for virksomhedens aktiviteter.
As regards the conversion business, the Areva Group is the last European operator active in this market.
Kommissionen konstaterer, at de franske myndigheder har udbedret denne mangel i de bemærkninger, de fremsendte i forbindelse med den tilbundsgående undersøgelse.
Its exit from the market would have serious negative consequences.
Der er således beregnet følsomheder i forbindelse med forskellige hypoteser, hvilket har gjort det muligt at identificere de største risici, som aktiviteten er forbundet med: kursforhold mellem euro og dollar, driftsforhold […], manglende gennemførelse […], manglende opfyldelse af målsætningerne i planen for ydeevne og konkurrencedygtighed.
Firstly, it would jeopardise the European Union's energy independence, given that the conversion of uranium is an indispensable link in the nuclear energy production chain.
Disse risici kommer tydeligt til udtryk i worst case-scenariet.
Secondly, it would reduce competition in that market, which is already highly concentrated, and this could give rise to additional costs for European electricity generators, and consequently for European consumers.
I perioden 2016-2025 er det samlede EBITDA [0-30] % lavere og det operationelle cashflow [0-30] % lavere end i basisscenariet.
In this regard, the Areva Group has an important systemic role in terms of the European fuel-cycle business and, if it exited the market, there would be a risk of disruption to an important service.
Worst case-scenariet ser således ganske rigtigt ud til at være justeret i nedadgående retning på grund af disse risici.
As regards the enrichment business, the Areva Group is one of only two European operators, alongside the consortium Urenco.
De franske myndigheder har desuden præsenteret en strategi for begrænsning af disse primære risici, som det fremgår af betragtning 111-114.
The only other operator actually present on the European market is the Russian operator Tenex (Rosatom group).
For så vidt angår den risiko, der er forbundet med kursforholdet mellem euro og dollar, lader det til, at Areva-koncernen anvender en stram politik for risikodækning.
The loss of the Areva Group's activities would affect the structure of the market, which would then become an oligopoly at European level, and this would probably lead to higher prices.
Eksponeringerne analyseres hver måned, og inddækningerne aftales løbende med henblik på at dække en minimumsprocentdel af den kommende handel.
Thus, in terms of its enrichment business, the Areva Group once again has an important systemic role.
Visse aktiviteter, som er afgørende for genoprettelsen af Areva-koncernens rentabilitet, såsom minedrift, er i øvrigt til dels naturligt beskyttet mod denne risiko: [20-70] % af Nouvel Arevas minedrift foregår således i Canada, som fører en fastkurspolitik over for den amerikanske dollar.
As regards the reprocessing and recycling of spent fuel, the Areva Group is now the world's only industrial-scale operator of the technology for the recycling of spent fuel and its conversion into MOX for light-water reactors.
Kombinationen af disse to faktorer — naturlig beskyttelse af visse nøgleaktiviteter og proaktiv risikodækning for resten af aktiviteterne — giver Kommissionen anledning til at konstatere, at der er anvendt en troværdig strategi for nedbringelse af risici.
As a result of these processes, the Areva Group provides recycled fuel that accounts for [0-25] % of the electricity produced in France.
For så vidt angår driftsforholdene i forbindelse med aktiviteterne inden for […], har Areva-koncernen allerede indført en strategi for begrænsning af risici, der består i at opnå driftsrelaterede forbedringer, som vil gøre det muligt at kompensere for ekstraomkostningerne […].
Furthermore, France has decided to entrust the industrial responsibility for recycling to the Areva Group.
Disse forbedringer indgår i planen for ydeevne og konkurrencedygtighed, der løber frem til 2018, og nye kilder til optimering kan findes efter 2018, hvis risikoen bliver til virkelighed.
This responsibility is therefore an essential element of spent-fuel management policy in France and the wider European Union.
Kommissionen vurderer, at Areva-koncernens tilgang er fornuftig, eftersom den har til formål at opretholde koncernens aktivers rentabilitet […] ved at udnytte de tilgængelige muligheder.
In these circumstances, Areva Group's exit from the market could seriously undermine the smooth functioning of the market in the European Union by bringing about the irremediable loss of important technical knowledge and essential expertise and causing disruption to an essential service that no competitor would currently be able to provide in its place.
For så vidt angår den risiko, der er forbundet med […], er det sikkert, at […] vil have negative konsekvenser for Nouvel Arevas aktiviteter fremover.
The Commission concludes that the restructuring aid notified by the French authorities, by preventing the demise of the Areva Group and its fuel-cycle business, addresses market failures that would be created by such an eventuality.
De franske myndigheder hævder dog, at det er usandsynligt, at denne risiko bliver en realitet, […].
Restructuring plan and return to long-term viability
Dette emne var f.eks. […].
In order for the restructuring aid to contribute effectively to the achievement of the objectives of common interest described above, it must be demonstrated that the planned restructuring will restore the undertaking's long-term viability.
Endelig hævder de franske myndigheder — for så vidt angår den manglende opfyldelse af målsætningerne i planen for ydeevne og konkurrencedygtighed — at Nouvel Areva kunne udvide anvendelsesområdet for og varigheden af planen, f.eks. med hensyn til nedbringelse af omkostningerne ved indkøb eller lønudgifterne.
The analysis of the Areva Group's return to viability must be applied to the restructured Areva Group, which in the future will comprise two entities: (i) New Areva and (ii) Areva SA.
Kommissionen mener, at det ville være fornuftigt at forsøge at finde frem til yderligere konkurrencefremmende tiltag, hvis alle mål i den foregående plan ikke nås.
These two entities will have separate activities and separate accounts.
På grundlag af de oplysninger, som Kommissionen har fået stillet til rådighed, mener Kommissionen således, at Areva-koncernen anvender en tilfredsstillende strategi for begrænsning af de største risici for koncernens aktiviteter.
To assess Areva Group's return to viability, each entity's business plan can therefore be analysed separately and in turn.
Denne tvivl kan således tilbagevises, og det kan konstateres, at planen for omstrukturering af Nouvel Areva, hvis forenelighed blev draget i tvivl i åbningsafgørelsen, er i overensstemmelse med punkt 50 i rammebestemmelserne.
New Areva's business plan
Kommissionen var også i tvivl om, hvorvidt Nouvel Areva kunne finde den finansiering, der er nødvendig for genoprettelsen af selskabets levedygtighed på lang sigt, i worst case-scenariet.
The French authorities sent New Areva's business plan, comprising a baseline scenario and an adverse scenario, to the Commission.
De franske myndigheder har indsendt de fornødne uddybende forklaringer.
The financial projections associated with these scenarios are reproduced in Tables 1 and 2 below.