natgillin/translations-raw huggingface dataset:
FRANKRIGS BEMÆRKNINGER
Mirroring these resources, the costs borne by the legacy structure were estimated to be: the costs of completing the OL3 project and the associated guarantees, the repayment of the banking debt of EUR 3,4 billion, potential guarantees to EDF for the contracts for nuclear plants whose components were to be audited, other guarantees linked to the sale of non-strategic assets and, if TVO were to win the ongoing arbitration dispute, an amount that could be as high as EUR [0-5 billion].
Frankrigs bemærkninger vedrører de fire vigtigste tvivlsspørgsmål, som Kommissionen giver udtryk for i sin åbningsafgørelse.
TVO therefore questioned the ability of the restructured Areva Group to cope with the risks associated with the OL3 project, in particular the costs of completing it, and set out the implications of its doubts for the restructuring aid assessment under the Guidelines, and more specifically the degree to which the aid contributed to an objective of common interest, the long-term return to viability of the Areva Group, and the one-time-last-time principle.
Indledningsvis forsøger de franske myndigheder at dokumentere, at den eneste foranstaltning, der kan udgøre statsstøtte, er kapitaltilførslen til Areva SA og Nouvel Areva.
First, as regards the objective of common interest, TVO endorsed the argument made by France highlighting the contribution made by the aid to achieving the objectives of the Euratom Treaty, set out in Article 2(d) thereof.
Derefter besvarer de franske myndigheder Kommissionens tvivlsspørgsmål om, hvorvidt de hypoteser, der ligger til grund for forretningsplanen, er realistiske, og om støttebeløbets og konkurrenceforanstaltningernes proportionalitet.
However, TVO stressed the need also to consider Article 2(b) and (c) of the Treaty.
Kun kapitaltilførslen kan udgøre statsstøtte
With respect to Article 2(c), the aid contributed to the completion of OL3, which was an important project for the development of the European energy sector and for security of supply in the Nordic countries.
De franske myndigheder hævder for det første, at muligheden for, at Areva-koncernen yder statsstøtte til tredjeparter ved at sælge sine datterselskaber til en for lav pris, i) ikke er relevant i forbindelse med denne procedure og ii) kun er teoretisk, idet Areva-koncernen er interesseret i at få størst muligt udbytte af afhændelserne.
With respect to Article 2(b), the nuclear safety objective implied, as laid down in Article 11 of the Convention on Nuclear Safety that ‘each Contracting Party shall take the appropriate steps to ensure that sufficient numbers of qualified staff with appropriate education, training and retraining are available for all safety-related activities in or for each nuclear installation, throughout its life’.
De hævder desuden, at Areva-koncernen ikke modtager støtte til afhændelserne af Nouvel Areva NP og Areva TA, som ganske vist omfatter statsmidler, men som sker til markedspris.
Given that TVO's expertise was mainly restricted to the operation of power plants, it was relying on the Consortium's expertise to ensure the safety of the OL3 project.
For så vidt angår Nouvel Areva NP, forklarer de franske myndigheder, at der er indført en særlig ledelsesform i EDF for at sikre, at EDF's interesser varetages.
However, a restructuring plan involving the ring-fencing of the OL3 project in a legacy structure risked giving rise to under-allocation of qualified staff from the Areva Group to the project, loss of back-office support from the Areva Group in France and Germany, loss of the Areva Group's technical infrastructure and potential problems with project sub-contractors.
Som led i denne ledelsesform er der specifikt i forbindelse med overtagelsen af Nouvel Areva NP nedsat en arbejdsgruppe, som består af uafhængige medlemmer, og som skal sikre, at denne operation er forenelig med EDF's sociale interesser, og afgive en uafhængig udtalelse til EDF's bestyrelse.
Second, as regards the return to long-term viability of the Areva Group, TVO questioned whether the capital injection into Areva SA was sufficient, whether the assumptions underlying the restructuring plan were realistic, and therefore whether the aid could ensure the long-term viability of Areva SA.
Staten er ikke repræsenteret i denne arbejdsgruppe.
Third, as regards the one-time-last-time principle, if the restructuring plan did not ensure that the Areva Group was able to meet its obligations in respect of the completion of the OL3 project, additional obligations in the form of damages associated with new delays could arise.
Det var på grundlag af arbejdet i denne gruppe, som især byggede på en værdiundersøgelse foretaget af banken Société Générale, at EDF traf sin endelige afgørelse om overtagelsen.
It would then be impossible to approve new State aid because of the one-time-last-time principle.
De franske myndigheder forklarede desuden, at de i sidste ende havde valgt modellen med stiftelse af et datterselskab, for så vidt angår EDF's erhvervelse af Areva-koncernens reaktorrelaterede aktiviteter.
In order to address these doubts and questions, TVO stressed that any restructuring plan had to comprise:
Denne nye fremgangsmåde for afhændelsen påvirker ifølge de franske myndigheder ikke parternes og deres bestyrelsers værdiansættelse under antagelse af anvendelsen af førnævnte afhændelsesmodel: 2,5 mia. EUR for en andel på 100 % af egenkapitalen.
operational measures to ensure that sufficient human, technical and financial resources remained available and were set aside to ensure the proper completion of the OL3 project within the deadlines agreed and in line with the performance level guaranteed in the initial construction contract, and to cover other potential costs until the end of the guarantee period and beyond;
Uafhængigt af de juridiske vilkår for afhændelsen forbliver den økonomiske virkelighed den samme for EDF, som påtager sig de aktiviteter, der hørte under Areva NP, uden dog at påtage sig den risiko, der er forbundet med OL3-projektet.
sufficient financial resources allocated to the entity in which the OL3 project was to be housed, and earmarked in full for this project specifically, in order to cover the residual costs of completion and the other obligations deriving from the various contracts concluded between the Areva Group and TVO.
EDF sikres også mod de risici, der er forbundet med komponentkontrakterne.
Together with two companies belonging to the Areva Group (Areva GmbH and Areva NP), Siemens is part of the Consortium sponsoring the OL3 project.
Der blev ganske vist ikke taget højde for disse risici i forbindelse med værdiansættelsen i januar 2016, men den immunitet, som parterne nåede til enighed om, gør, at de ikke ændrer sig væsentligt.
Although the Areva Group is carrying the biggest share of the project, the members of the Consortium are jointly and severally liable to their client, TVO, for the completion of the project.
Denne pris blev fastholdt i salgskontrakten, som blev undertegnet den 15. december 2016.
While the Siemens group expressed full support for the intervention by the French State on behalf of the Areva Group, it nevertheless had a number of reservations.
De franske myndigheder mener derfor, at den endelige værdiansættelse bygger på alment accepterede metoder anvendt med fornødent omhu.
First, Siemens questioned whether the aid was sufficient to cover the commitments and risks borne by Areva SA:
Areva-koncernen gennemfører en omstruktureringsplan, som genopretter koncernens langsigtede rentabilitet
Siemens estimated the Areva Group's exposure to the OL3 project at between EUR [0-5 billion] and EUR [0-5 billion] in a baseline scenario, while an adverse scenario, including (i) […] and (ii) […], could see it rise to EUR […].
De franske myndigheder præsenterer for det første en finansiel plan, som er blevet opdateret af Nouvel Areva.
Siemens also pointed to the additional liabilities, such as certain banking liabilities, borne by Areva SA to the tune of EUR 3,4 billion.
De franske myndigheder besvarer derefter de forskellige tvivlsspørgsmål, som Kommissionen har givet udtryk for, for så vidt angår planen for genoprettelse af rentabiliteten.
Siemens then wondered how the structure that was to house the OL3 project would have sufficient legal, human, financial and operational resources to carry the project to completion, if the activities and operational resources in construction were to be transferred to New Areva NP for sale to EDF.
Nouvel Arevas forretningsplan tager højde for konsekvenserne af de planlagte afhændelser
The almost inevitable outsourcing of part of the project to New Areva NP could […].
Det gør sig dog gældende for alle leverandører af nukleart brændsel, idet forsyningsaftalerne generelt løber over flere år, typisk 5-10 år afhængigt af brændselstypen (råuran, omdannet uran, beriget uran) og kundetypen.
Siemens also expressed concern that the Areva Group's restructuring plan designed to ring-fence OL3 in a specific structure might be blocked […] by TVO.
Til gengæld vil de forskellige afhændelser og især afhændelsen af Nouvel Areva NP på længere sigt svække Nouvel Arevas konkurrencedygtighed.
According to Siemens, these risks could be covered by additional mechanisms such as (i) additional financial resources from the French State, (ii) a State guarantee covering any additional liabilities arising from the OL3 project, or (iii) an undertaking from the French State to finance any additional capital shortfall linked to the project.
Areva-koncernen gennemfører i øvrigt en plan for ydeevne og konkurrencedygtighed, som vil afbøde de mere kortsigtede konsekvenser af afhændelsen af Nouvel Areva NP for koncernens strukturelle omkostninger.
Lastly, given that Siemens and the Areva Group bore joint liability within the Consortium, Siemens was worried that it would have to cover the financial costs that the Areva Group was unable to meet, which in its view, would be incompatible with the burden-sharing principle laid down in the Guidelines.
For så vidt angår den reducerede afsætning, skal planen netop sikre indtjening på dette område for at kompensere for den reducerede afsætning efter afhændelsen af Nouvel Areva NP.
Third party wishing to remain anonymous
I det finansielle worst case-scenarie forudsættes det dog, at målsætningerne i planen kun opfyldes med [50-100] %, og at man dermed vil opleve en negativ virkning.
A final third party, who wished to remain anonymous, alerted the Commission to the distortions of competition generated by the aid under scrutiny.
Analyse af følsomhed og strategi for risikobegrænsning
According to this third party, both New Areva and New Areva NP would end up stronger as a result of the restructuring, thanks to the State intervention.
De franske myndigheder og Areva-koncernen har identificeret de vigtigste risikofaktorer i Nouvel Arevas fremtid.
Undertakings in receipt of State support had a distinct competitive advantage in the nuclear industry, which was characterised by very intense competition and a demand for increasingly broad guarantees.
Det præciseres, at basisscenariet allerede er meget konservativt, og at det således er meget lidt sandsynligt, at alle hypoteser i worst case-scenariet forekommer samtidig.
Lastly, the anonymous third party took the view that the future cooperation between New Areva and New Areva NP would recreate important synergies that would distort competition.
Den første af disse faktorer er kursforholdet mellem euro og dollar.
COMMENTS BY FRANCE
Eksponeringerne analyseres hver måned, og inddækningerne aftales løbende med henblik på at dække en minimumsprocentdel af den kommende handel.
The comments by France are divided into four parts, corresponding to the main doubts raised by the Commission in the opening decision.
Visse aktiviteter, såsom minedrift, er i øvrigt til dels naturligt beskyttet mod denne risiko: 50 % af Nouvel Arevas minedrift foregår således i Canada, hvis valuta følger den amerikanske dollar.
First, the French authorities seek to demonstrate that the only measure which could constitute State aid is the capital injection into Areva SA and New Areva.
Den anden risiko vedrører […].
They then respond to the Commission's doubts concerning the robustness of the assumptions underlying the business plan, the proportionality of the aid and the proposed competition measures.
I worst case-scenariet beløber konsekvenserne for det samlede operationelle cashflow i perioden 2016-2025 sig til ca. [0-100 mio.]
Only the capital injection could constitute State aid
EUR.
The French authorities pointed out first that the possibility of the Areva Group granting State aid to third parties by selling its subsidiaries at too low a price (i) was not relevant in this procedure, and (ii) was entirely theoretical because it had an incentive to maximise the return on its divestments.
De franske myndigheder præciserer, at Areva-koncernen allerede er ved at gennemføre en række tiltag, som skal optimere og nedbringe omkostningerne, med henblik på at afbøde konsekvenserne af denne risiko: Der er tale om driftsforbedringer, der har til formål at […].
They also pointed out that the Areva Group was receiving no aid from the divestments of New Areva NP and Areva TA, which involved State resources but were being carried out at market price.
De finansielle planer for Nouvel Areva tager endelig højde for et antal risici […], hvis omfang afhænger af, om der er tale om basisscenariet eller worst case-scenariet.
The French authorities also explained that they had ultimately opted for a hive-down for EDF's acquisition of the Areva Group's reactors business.
Disse risici tegner sig for et beløb på op imod [1-2 mia.]
According to the French authorities, these new divestment arrangements had no impact on the valuation carried out by the parties and their advisers under the previous divestment plan: EUR 2,5 billion for 100 % of the capital.
EUR i worst case-scenariet for perioden 2016-2025, dvs. [0-1 mia.]
Irrespective of the legal arrangements for the divestment, the economic reality remained the same for EDF, which would take over Areva NP's historical activities without bearing the risks linked to the OL3 project.
EUR højere end i basisscenariet.
EDF would also be insulated against the risks linked to the components contracts.
Nouvel Areva vil kunne opnå finansiering på markederne i perioden 2015-2025
As regards Areva TA, the valuation process had been organised in two stages, in accordance with the most common market practices: (i) between January and May 2016, the Areva Group had provided the consortium of buyers with financial, operational, legal and tax information, and organised several working sessions with the Areva TA management team; (ii) the consortium had then had access to a data room and had been able to hold question and answer discussions with Areva TA management.
Som svar på Kommissionens tvivlsspørgsmål som beskrevet i betragtning 151 i åbningsafgørelsen præciserer de franske myndigheder, at Nouvel Areva i basisscenariet får dækket sit finansieringsbehov […].
In this context, the Areva Group and the buyer had been assisted by 12 legal, banking and due diligence advisers.
I worst case-scenariet får Nouvel Areva dog brug for finansiering for et beløb på […].
This valuation was based on the discounted cash flows method (‘DCF’) method, applied to a business plan based on assumptions agreed with the buyer.
De franske myndigheder forklarer imidlertid, at Nouvel Areva vil kunne dække behovet […], uden at det sætter genoprettelsen af virksomhedens rentabilitet over styr […].
The price had been set out in the contract of sale signed on 15 December 2016.
Areva SA råder over de midler, der er nødvendige for at dække virksomhedens finansieringsbehov i perioden 2016-2025
The French authorities considered therefore that the final valuation was based on commonly recognised methods, after the usual due diligence.
De franske myndigheder har forpligtet sig til at sikre, at Areva SA ikke varetager andre aktiviteter end dem, der er fastsat i den til Kommissionen anmeldte omstruktureringsplan.
The Areva Group is implementing a restructuring plan to restore its long-term viability
De mener derfor, at Areva SA råder over tilstrækkelige midler til at dække virksomhedens finansieringsbehov.
The French authorities first presented updated financial projections for New Areva.
Ud fra disse hypoteser sikrer Areva SA's forretningsplan overskydende likviditet for et beløb på [0-500 mio.]
They were based on assumptions deemed to be extremely conservative: (i) the price of uranium had been revised downwards, […], (ii) the projections for mining activities had been revised downwards, (iii) an additional risk had been taken into account as regards […], (iv) a strengthened cost reduction plan had been incorporated for enrichment and conversion, (v) the cost of implementing the hive-down had been stabilised at EUR [200-900 million] over the period 2016-2025.
EUR ved udgangen af perioden i basisscenariet og på [0-100 mio.]
The adverse scenario assumptions had also been revised downwards, following similar reasoning.
EUR i worst case-scenariet.
The French authorities then addressed the various doubts raised by the Commission concerning the plan for restoring viability.
Støtteforanstaltningen er proportionel og begrænset til det nødvendige minimum
New Areva's business plan takes into account the consequences of the proposed divestments
Princippet om rimelig fordeling er overholdt, for så vidt angår minoritetsaktionærerne
The French authorities argued that, given the length of nuclear industry cycles, the time horizon for the main losses of synergy extended beyond the Areva Group's financial projections (2016-2025).
For det første minder de franske myndigheder om, at der allerede er foretaget omfattende hensættelser til tab og nedskrivninger af aktiver, og at aktiekursen er historisk lav.
New Areva had a full order book for the next five to 10 years, which meant a degree of inertia in the development of its market shares.
Ansvaret for den tidligere forvaltning bæres således reelt af minoritetsaktionærerne i forhold til deres aktieandel.
This characteristic was nevertheless common to all nuclear material suppliers; supply contracts typically extended over a period of many years, usually five to 10 years depending on the type of material (unprocessed, converted or enriched uranium) and the nature of the customer.
For det andet forventer de franske myndigheder, at den franske markedstilsynsmyndighed (l'Autorité des Marchés Financiers, herefter »markedstilsynsmyndigheden«) vil pålægge staten til at indgive et offentligt tilbagekøbstilbud.
However, the various divestments planned, especially that of New Areva NP, would undermine New Areva's competitive position in the longer term.
Den pris, som aktionærerne tilbydes, vil blive undersøgt grundigt af markedstilsynsmyndigheden, som vil sikre sig, at der er anvendt en værdiansættelsesmetode med flere kriterier.
Furthermore, the Areva Group was implementing a Performance and Competitiveness Plan, which would cushion the shorter-term impact of the divestment of New Areva NP on its structural costs.
Areva-koncernen yder et tilstrækkeligt, reelt og faktisk egetbidrag
For example, the Plan aimed precisely at achieving gains in the diversification of purchases to compensate for the loss of purchase volume resulting from the divestment of New Areva NP.
For så vidt angår den eventuelle overskydende likviditet, jf. betragtning 172 i åbningsafgørelsen, mener de franske myndigheder, at den kendsgerning, at de likvide midler, der er mobiliseret til gennemførelse af omstruktureringsplanen, overstiger omstruktureringsudgifterne, ikke i sig selv betyder, at støttebeløbet ikke er begrænset til det nødvendige minimum.
However, the adverse financial projections assumed that the Plan's objectives would only be [50-100] % achieved, and that therefore a negative impact would be felt.
I henhold til rammebestemmelserne skal der være tale om et tilstrækkeligt stort egetbidrag, men rammebestemmelserne fastsætter ikke noget loft eller et matematisk forhold mellem statsstøttebeløbet og beløbet for omstruktureringsudgifterne.
Sensitivity analysis and risk reduction strategy
Med andre ord mener de franske myndigheder, at der skal foretages en klar sondring mellem de to særskilte juridiske kriterier, nemlig dels den nødvendige finansiering til de finansielle planer for genoprettelse af rentabiliteten og dels begrænsningen af statsstøtten til et minimum ved at kræve et betydeligt egetbidrag til omstruktureringsudgifterne.
The French authorities and the Areva Group had identified the key risk factors affecting the future of New Areva.
Denne fortolkning illustreres ved Kommissionens beslutningspraksis [19].
They pointed out that the baseline scenario was already very conservative, and it was therefore unlikely that all the adverse assumptions would occur at the same time.
Kommissionen har førhen accepteret, at egetbidraget overstiger omstruktureringsudgifterne, uden at denne overskydende likviditet betyder, at støtten ikke er begrænset til det nødvendige minimum.
The first of these factors was the euro/dollar exchange rate.
Endelig fremhæver de franske myndigheder, at det er nødvendigt, at Areva-koncernen råder over en likviditetsbuffer i tilfælde af, at worst case-scenariet bliver en realitet.
An analysis of exposures was carried out monthly and coverage was contracted as necessary to cover a minimum percentage of future payments.
For så vidt angår Kommissionens tvivl om, hvorvidt Areva-koncernens egetbidrag er reelt og faktisk, kommer de franske myndigheder med en række præciseringer og minder om, at Kommissionen i sin beslutningspraksis har accepteret, at fremtidige salg af aktiver henregnes under egetbidraget, såfremt de har været genstand for uafhængige ekspertværdiansættelser af aktivernes handelsværdi [20].
Furthermore, some activities, such as mining, benefited in part from natural protection against this risk: 50 % of New Areva's mining output would originate in Canada, whose currency was correlated to the dollar.
For så vidt angår afhændelsen af Nouvel Areva NP, minder de franske myndigheder om, at uafhængige værdiansættelser blev fremsendt til Kommissionen i forbindelse med anmeldelsen.
The second risk concerned […].
Frankrig understreger desuden, at der er dokumentation for, at afhændelsen af Nouvel Areva NP var reel og faktisk: for det første kontrakten vedrørende EDF's køb af Nouvel Areva NP's aktier, som blev undertegnet den 15. november 2016; for det andet den kendsgerning, at de suspensive betingelser, som afhændelsen er omfattet af, ikke gør den usikker.
The consequences in the adverse scenario were around EUR – [0-100 million] on accumulated operational cash flows for the period 2016-2025.
De franske myndigheder har således fuld tillid til ASN's konklusioner om berettigelsesprogrammet, for så vidt angår Flamanville 3-bassinet, idet alle de test, der indgik i programmet, er blevet gennemført, uden at der ifølge EDF og Areva-koncernen har været tale om nogen form for uoverensstemmelser.
The French authorities pointed out that the Areva Group was already taking a series of cost optimisation and reduction measures to limit the impact of this risk, in the form of operational improvements aimed at […].
[…] Forhandlingerne med TVO sår i øvrigt ikke nogen tvivl om afhændelsen af Nouvel Areva NP, men har udelukkende indflydelse på tidsplanen herfor.
These improvements were included in the Performance and Competitiveness Plan, which ran until 2018, […] could be sought beyond 2018 if the risk materialised.
For så vidt angår afhændelsen af Canberra, minder de franske myndigheder om, at den trådte i kraft den 1. juli 2016.
The third risk identified related to the consequences of a possible failure of […].
Afhændelsen af Areva TA er ved at blive afsluttet, som det fremgår af oplysningerne i denne afgørelses betragtning 103-105.
This was unlikely in the view of the French authorities, as […].
EUR.
The financial projections for New Areva lastly took into account a number of contingencies […], the extent of which differed according to whether the baseline or adverse scenario was considered.