natgillin/translations-raw huggingface dataset:
LDCom lægger også vægt på, at statens troværdighed er fundamentalt anderledes fra den, der gør sig gældende for andre virksomheder, der befinder sig i en tilsvarende situation og ikke kan sikre sig markedets tillid.
AFORS Télécom argues that France Télécom's financial failings since 2000 could not have happened in the presence of a prudent investor.
Når statens støtte således indgik i overvejelserne efter statens direkte kontakt til ratingbureauerne, fremgår det klart, at statens støtte til FT havde en tillidsskabende effekt.
The State's support has had the effect of preventing any further downgrading of France Télécom's credit rating by the rating agencies, which has made it possible to speed up France Télécom's return to the market and the refinancing of its debt under less onerous financial conditions.
Bemærkninger fra Tiscalinet
Hence, it is the credibility of the French State that determined the conditions of France Télécom's return to the financial markets.
Samtidig valgte staten at modtage sit udbytte for 2002 i aktier i stedet for i kontanter, hvilket også var en måde for staten at vise markedet, at FT havde opbakning fra staten, mens en fornuftig investor ville have valgt at få udbyttet udbetalt kontant.
Cégétel maintains that there are two separate measures: the announcement by the French authorities of the granting of a shareholder loan to France Télécom, and the participation by the State in the recapitalisation of France Télécom.
Tiscalinet understreger også, at alle de lovgivningstiltag, der havde til formål at udvide ERAP's vedtægter, så institutionen kunne eje aktier i FT, udstedelsen af en statsgaranti til fordel for ERAP, så institutionen kunne investere i FT og endelig teksten om de nærmere vilkår for statens besiddelse af aktiekapital i FT bestyrker opfattelsen af, at der var tale om en uigenkaldelig statsgaranti, som markedsaktørerne, og nærmere betegnet obligationskøberne, tog hensyn til, da de tegnede sig ved FT's forskellige finansieringsrunder efter denne dato.
As regards the first measure, Cégétel remarks that the situation of a company with a private reference shareholder and that of a company with a public majority shareholder are not comparable.
Disse forhold styrker formodningen om, at staten gjorde sig til »sidste låneinstans« for FT, hvilket en fornuftig investor ikke ville have gjort.
Cégétel explained that a similar announcement made by a private shareholder would have been received with the greatest circumspection by the rating agencies.
Bemærkninger fra ECTA
Cégétel concludes from this that the mere fact of being backed by the State confers a considerable advantage vis-à-vis investors and prevented any further downgrading of France Télécom's credit rating by the rating agencies despite the fact that the operator appeared to be in an insoluble situation.
Efter European Telecoms Association (ECTA) mening, udgør de ministerielle tilkendegivelser fra juli og oktober 2002 samt kreditbevillingen på 9 mia. EUR og statens forhåndstilsagn om deltagelse i den senere kapitalforøgelse statsstøtte.
Cégétel maintains that the French State granted aid to France Télécom even before an agreement for the granting of a EUR 9 billion credit line was signed as the announcement of support was sufficient to render this emergency financing unnecessary.
Den støtte, der er ydet til FT, har gjort det muligt for selskabet at beholde sin rolle som integreret operatør, samt at øge sin andel i Orange.
Lenders were thus certain that France Télécom could never default on its payments inasmuch as the State would always be ready to grant it the funds it needed to honour its commitments, and this enabled France Télécom to obtain financing directly on the market.
ECTA er af den opfattelse, at et selskab i FT's situation burde have reageret helt anderledes, som det skete hos FT's konkurrenter på markedet for globale teletjenester, f.eks. British Telecom og KPN, der var nødt til at afhænde strategiske aktiver for at nedbringe deres gæld.
France Télécom has therefore received advantages which it would not have secured under normal market conditions.
Bemærkninger fra FT
The recourse to the bond market enabled it to avoid having to resort exclusively to financial institutions in order to cope with its liquidity crisis and suffering all the constraints linked to that type of financing.
FT har fremlagt sine bemærkninger i form af tre rapporter: i) rapport af Ehlermann af 12. januar 2004, »Meddelelse til France Télécom«: ii) rapport af Galmot af 6. januar 2004, »Støtter EF-Domstolens retspraksis, at statens finansieringsforanstaltninger til fordel for France Télécom, som Kommissionen har indledt proceduren i traktatens artikel 88, stk. 2, overfor, medførte en »overførsel af statsmidler« til selskabet?«; og iii) rapport fra HSBC, »Udtalelse fra HSBC af 6. januar 2004«.
Cégétel maintains that the terms of grant of the credit line by the French authorities are not in keeping with those that a prudent investor holding such investments would require.
I den første rapport analyseres de franske myndigheders adfærd på baggrund af de gældende regler for statsstøtte i almindelighed og det markedsøkonomiske investorprincip i særdeleshed.
Comments from LDCOM
Rapporten søger i øvrigt at påvise, at FT ikke var en kriseramt virksomhed i rammebestemmelsernes forstand på det tidspunkt, hvor staten besluttede sig for at deltage i kapitaltilførslen og bebudede, at den havde til hensigt at yde et aktionærlån.
LDCOM identifies a dual mechanism of aid in support of France Télécom, backed by support for staff mobility, the provision of an unlimited guarantee and the granting of a EUR 9 billion credit line.
Rapporten understreger, at det er ganske almindeligt og gængs praksis, at hovedaktionæren yder et lån for at fremskynde sin deltagelse i en kapitaltilførsel.
Concerning the provision of the unlimited guarantee, LDCOM bases its considerations on the content of the declarations by the French authorities which have appeared since July 2002, which seek to reassure the financial markets about France Télécom's situation.
Den anden rapport fokuserer på det spørgsmål, om bebudelsen af et aktionærlån i form af en kredit i sig selv kan indebære en forpligtelse af statsmidler.
These declarations contributed directly to the improvement in France Télécom's credit rating in the markets and helped the Company to face up to the liquidity wall with which it was confronted.
Ifølge rapporten er der ikke tale om overførsel af statsmidler, fordi der i sidste ende hverken blev gjort brug af kreditbevillingen eller ydet en garanti, idet det ville have krævet godkendelse via finansloven.
According to LDCOM, under French law, an oral declaration may, under certain conditions, constitute a legal act giving rise to a right on the part of its addressee.
Der er for øvrigt heller ikke tale om overførsel af statsmidler, fordi mundtlige tilkendegivelser fra en offentlig myndighed ifølge fransk ret ikke kan have virkninger på de offentlige finanser og bevirke nogen form for overførsel af statsmidler, og der er i det foreliggende tilfælde kun tale om rene ministerielle tilkendegivelser uden negativ indvirkning på de offentlige finanser.
LDCOM states that the announcement of the making available of a EUR 9 billion credit line constitutes aid; both from the point of view of its amount and of that of its modalities or its very objective, the State's support is not covered by the prudent investor criterion.
Den tredje rapport koncentrerer sig om den økonomiske fornuft i statens adfærd mellem den 4. september 2002 (hvor resultaterne for første halvår blev offentliggjort) og den 15. april 2003 (hvor kapitalforøgelsen blev gennemført).
Thus, no prudent investor would, in September 2002 (when the State announced that it would be supporting France Télécom financially), have advanced EUR 9 billion under such economic circumstances without basing itself on a restructuring plan.
Rapporten tager afsæt i en analyse af FT's situation i september 2002 og skelner mellem FT's driftsresultater (sund forretningsførelse med mulighed for bedring af driftslikviditeten) og operatørens gæld.
In LDCOM's opinion, the State's position that a prudent majority investor would not have called into question France Télécom's functional integrity does not stand up to an analysis of the conduct of such an investor under the market conditions prevailing in June-July 2002.
Rapporten konkluderer i den forbindelse, at tidsforskellen mellem koncernens indtjening af likviditeten og forfaldstidspunkterne på den kortfristede finansieringsgæld (2003-2005) ville skade selskabets refinansieringsmuligheder, men ikke dets solvens.
Thus, investors who invest an extremely large proportion of their assets in a company threatened with collapse will be the first to demand a radical and immediate review of its strategy, involving, if necessary, a huge sell-off of strategic assets.
HSBC beskriver også selskabets likviditetsproblemer på kort sigt, som blev forværret af markedets manglende tillid til koncernen.
LDCOM also stresses that the State cannot go back on its declarations without harming its own financial credibility.
HSBC præciserer, at en rationel tilgang til en sådan situation foreskrev, at der hurtigst muligt blev iværksat en plan med sigte på at forbedre driftsresultaterne, en kapitalforøgelse, en gældsomlægning og en målrettet politik for afhændelse af aktiver.
In its intervention on the market, the State plays a role of borrower and a role of majority shareholder in a number of companies.
HSBC præciserer, at ambitionsplanen 2005 i det foreliggende tilfælde er en komplet, rationel og konsekvent plan, fordi den bl.a. åbner mulighed for en likviditetsforøgelse på 15 mia. EUR via driftsforbedringer og afhændelse af aktiver uden for de centrale forretningsområder.
This dual role leads to a dual credit rating by the rating agencies, in its capacity as borrower and in its capacity as shareholder through the ratings given to public undertakings.
HSBC lægger vægt på, at en kapitalforøgelse til støtte for en virksomhed, der iværksætter en driftsomlægningsplan, er en naturlig løsning for at skabe balance i regnskabet.
This twofold intervention possibility calls for particular vigilance as any deficiency established in either of these two roles is likely to have consequences for its other role and for its rating.
HSBC understreger, at den mundtlige støtte fra hovedaktionærens side også er gængs, fornuftig praksis, og at det er ganske almindeligt, at storaktionærer offentliggør deres beslutninger før de øvrige aktionærer.
LDCOM further stresses the fact that the credibility of the State is fundamentally different from that of other enterprises in a similar situation which cannot reassure the market.
HSBC understreger også, at aktionærlånet i det foreliggende tilfælde var en urisikabel, rentabel og gængs transaktion — forud for en kapitalforøgelse — for at beskytte hovedaktionærens formueinteresser, mens det på grund af fristreglerne ikke var muligt at gennemføre kapitaltilførslen i december.
The taking into account of the support given by the State following its entering into direct contact with the rating agencies highlights the credibility of the State's support for France Télécom.
HSBC præciserer også, at lånet skulle ydes på almindeligt gældende markedsvilkår.
Comments from Tiscalinet
HSBC-rapporten nævner også FT-aktiens børskursudvikling, idet det understreges, at aktien var steget i juli 2002 som følge af nationaliseringsrygter, hvorefter den faldt i september, fordi der, efter at det blev almindeligt kendt på markedet, at der måske ville blive gennemført en kapitaltilførsel på 15 mia. EUR, ikke var klarhed over de nærmere detaljer.
Tiscalinet adds that the declarations made by the State as from 2 July 2002 signal to the market that any compulsory administration of France Télécom is ruled out.
Rapporten understreger også, at FT's finansielle prognoser gav udsigt til et yderst tilfredsstillende afkast for staten: med tilbagediskontering af fremtidig indtjening til nytidsværdi (discounted cash flow) giver kapitaltilførslen et årligt afkast på 25 %, hvor gennemsnittet i telesektoren er 9,9 %.
At the same time, the State's option for its 2002 dividends to be paid in shares and not in cash is another signal by the State to the market that it supports France Télécom even though a prudent investor would have opted for payment of the dividends in cash.
Som reaktion på NERA's rapport, har FT anført, at forudsætningerne for at kunne holde staten ansvarlig for løftebrud ikke er opfyldt i dette tilfælde.
Tiscalinet also stresses that the set of legislative measures aimed at extending ERAP's company objects so as to enable it to hold France Télécom shares, the provision of a state guarantee to ERAP to enable it to invest in France Télécom and the instrument dealing with the method by which the State would hold France Télécom's capital strengthen the analysis of the irrevocable character of the state guarantee on which market operators, and in particular bond holders, relied when subscribing to the successive calls made by France Télécom.
Ifølge FT stillede staten ikke kreditbevillingen til rådighed for FT via ERAP.
These factors bear out that the State is acting as a ‘last resort’ vis-à-vis France Télécom, which a prudent investor would not have done.
Tilkendegivelser er ifølge fransk lov ikke juridisk bindende for staten, hverken over for FT eller tredjeparter.
Comments from ECTA
Men staten kan ikke forpligte sig uden en retsskabende handling under overholdelse af kompetencereglerne og budgetproceduren.
The European Telecoms Association (ECTA) is of the opinion that the ministerial declarations of July and October 2002, the granting of a EUR 9 billion credit line and the advance commitment by the State to take part in the future capital increase constitute State aid.
FT understreger, at tilkendegivelserne blev formuleret i en bestemt kontekst, som skal tages med i betragtning for at vurdere deres reelle betydning.
The aid granted to France Télécom enabled it to continue as an integrated operator while increasing its stake in Orange.
En analyse af tilkendegivelserne på baggrund af begivenhederne fra ultimo juni til december 2002 viser således, at tilkendegivelserne ikke kunne udgøre et løfte, men viser derimod ikke, at de foranstaltninger, staten påtænkte, var finansielle foranstaltninger.
ECTA is of the opinion that a company in France Télécom's situation ought to have acted altogether differently, as did France Télécom's competitors in the global telecommunications services market, such as British Telecom and KPN, which had to dispose of strategic assets to reduce their debt.
Der var f.eks. intern uenighed i regeringen på dette tidspunkt, og økonomi- og finansministeren udtrykte ikke regeringens holdning.
Comments from France Télécom
En gennemgang af de foreliggende forhold viser, at der ikke forelå nogen sådan hensigt fra de ansvarliges side, da disse ikke havde noget klart billede af, hvordan problemerne skulle løses, og at operatørerne aldrig gav udtryk for, at de mente, at staten havde forpligtet sig til at løse dem på den ene eller den anden måde.
France Télécom has presented its comments in the form of three reports: (i) a report drawn up by Mr Ehlermann dated 12 January 2004 entitled ‘Opinion for the attention of France Télécom’; (ii) a report drawn up by Mr Galmot dated 6 January 2004 entitled ‘Does the case law of the Court of Justice of the Communities allow the conclusion to be drawn that the “financial measures introduced by the State in support of France Télécom”, regarding which the Commission has initiated the procedure provided for in Article 88(2) of the Treaty, have effected a “transfer of state resources” for the benefit of that company?’; and (iii) a report by HSBC entitled: ‘HSBC Opinion of 6 January 2004’.
FT konkluderer, at konsulentfirmaets konklusioner er misvisende af følgende årsager:
The first report analyses the French authorities' conduct in the light of the rules applicable to State aid in general and of the prudent investor test in particular.
Analysen af værdiskabelsen og rentabilitetsforventningerne peger i retning af, at staten foretager en yderst fornuftig investering ved at bidrage til kapitaltilførslen, og at den ikke løber nogen videre risiko ved at give adgang til et aktionærlån, hvis det bliver nødvendigt«.
The second report focuses on whether the mere announcement of the making available of a shareholder loan in the form of a credit line can as such constitute a commitment of state resources.
FRANKRIGS BEMÆRKNINGER
According to the report, there is no transfer of state resources because, in the end, there was no opening of a credit line or provision of a guarantee, which would have required authorisation by a finance act.
De franske myndigheder mindede indledningsvis om, at de fra første færd havde handlet i overensstemmelse med det markedsøkonomiske investorprincip.
There is likewise no transfer of state resources because, under French law, no oral declaration by a public authority is capable of having any effect whatever on the public finances and of carrying out the slightest transfer of state resources.
Således drog staten allerede konsekvenserne efter offentliggørelsen af FT's resultater for første halvår af 2002, hvoraf det fremgik, at selskabet var finansielt uligevægtigt og manglede egenkapital på trods af gode driftsresultater, ved at udpege en ny bestyrelsesformand for selskabet og samle et bankkonsortium, som allerede i september 2002 forpligtede sig til at garantere for en kapitalforøgelse, når tiden var moden hertil.
And in the present case, all that is involved is mere ministerial declarations having no negative impact on the public finances.
Samtidig anmodede staten den nye ledelse om en tilbundsgående gennemgang af selskabet.
The third report focuses on the economic rationale behind the State's conduct between 4 September 2002 (the announcement of the first six months' results) and 15 April 2003 (the carrying out of the capital increase).
På grundlag af ambitionsplanen 2005, som hovedaktionæren blev holdt løbende orienteret om, og bankkonsortiets tilsagn bebudede staten den 4. december 2002, at den havde besluttet at medvirke til at styrke selskabets egenkapital med 9 mia. EUR, og at den muligvis via ERAP ville fremskynde sin deltagelse ved at yde FT et aktionærlån på almindelige markedsvilkår.
The report is based on an analysis of France Télécom's situation in September 2002 and draws a distinction between, on the one hand, France Télécom's operational performance (healthy activities with a potential for improving the operational cash flow) and, on the other, the amount of the operator's debt.
I betragtning af finansieringsbetingelserne for lånet fra de franske myndigheder og Kommissionens tilkendegivelse af mistanke om statsstøtte i forbindelse med denne foranstaltning foretrak FT at henvende sig direkte til obligationsmarkedet.
The report concludes on this point that the time lag between the generation of the group's cash flow and the heavy short-term financial commitments (2003-2005) poses a problem of refinancing but not of solvency.
FT's finansielle situation
HSBC also describes the background to the short-term liquidity crisis, worsened as it was by a crisis of confidence on the part of the market vis-à-vis the group.
De franske myndigheder mener ikke, at FT var en kriseramt virksomhed i rammebestemmelsernes forstand, da der blev truffet beslutning om at investere.
It states that, in a situation such as that, reason demanded that urgent steps be taken and required the introduction of a plan to improve the operational results, an increase in capital, a rescheduling of debt and a targeted policy of disposing of assets.
Selskabets omsætning var således støt stigende (en stigning på 10 % fra første halvår 2001 til første halvår 2002), og selskabets bruttoavance ved selvfinansiering voksede hurtigere end omsætningen.
It argues that, in the present case, the Ambition 2005 plan is a complete and rational coherent plan as it permits among other things the generation of a EUR 15 billion cash flow via an operational improvement and a disposal of assets that does not involve any amputation of core businesses.
De franske myndigheder satte ind over for selskabets finansielle uligevægt den 30. juni 2002, og præciserede, at underskuddet først og fremmest skyldtes ekstraordinære hensættelser og nedskrivninger på aktiver købt forud for de helt uforudsigelige markedsændringer.
It stresses that a capital increase in support of a company introducing an operational recovery plan is a natural way of rebalancing the accounts.
De pointerer også, at FT's driftsomkostninger ikke steg så hurtigt som omsætningen, hvilket viser, at rentabiliteten var for opadgående.
It points out that the oral support of a majority shareholder is also usual and rational and that it is normal practice for reference shareholders to announce their decision before other shareholders do.
Endvidere var driftsresultatet og selskabets cash flow ligeledes stigende (cash flowet steg 15 % i forhold til første halvår 2001).
It also points out that in this case the shareholder loan was a low-risk, profitable and normal transaction — pending a capital increase — aimed at safeguarding the majority shareholder's financial interests at a time (the month of December) when it was not possible to recapitalise the company for reasons of scheduling.
De franske myndigheder påpeger, at de gode udsigter for FT's drift blev endnu bedre med TOP-planen.
It adds that the loan was to be made on market conditions.
Disse resultater blev bekræftet ved offentliggørelsen af regnskabet for 2002, som viste, at selskabets nye ledelse havde startet en »god cirkel«.
The HSBC report mentions also the trend in the price of France Télécom shares on the stock exchange, pointing out that the shares had risen in July 2002 as a result of rumours of nationalisation, only to fall again in September because, although the market had got wind of a possible EUR 15 billion capital increase, the practical arrangements were not as yet clear.
Hvad angår kriteriet vedrørende egenkapitaludvikling i rammebestemmelsernes punkt 5, litra a), pointerer de franske myndigheder, at den relevante indikator i denne forbindelse i henhold til den franske handelslovs paragraf L225-248 er aktiekapitalen i FT SA, som til stadighed har været positiv og aldrig er blevet formindsket til det halve.
It points out that France Télécom's financial projections presage, for the State, a highly satisfactory return: according to the DCF — discounted cash flow — method, the recapitalisation involves an annual rate of return of 25 %, whereas the average rate on the telecommunications market is 9,9 %.
De franske myndigheder understreger, at FT således ikke var i den situation, som rammebestemmelserne omhandler, hvor egenkapitalen bliver mindre end aktiekapitalen.
In response to the dispatch of the NERA report, France Télécom notes that the conditions required for the State's responsibility to be incurred for non-compliance with its promise are not met in the present case.
FT var heller ikke i betalingsstandsning, det var blot konstateret, at likviditetssituationen i første halvår af 2003 kunne blive stram, hvis det forventede markedsopsving ikke kom.
In no way does the mere act of making a promise, even to pay certain sums of money, suffice in itself to commit public finances, to ‘immobilise state resources’, without a legal instrument.
De franske myndigheder tilføjer, at FT så kunne have forventet at have 6,9 mia. EUR til rådighed pr. 31. december 2002 og kunne have klaret sig frem til 2003 uden at benytte sig af finansieringsmarkedet.
It concludes on this point that there is nothing in French case law to show that there has been a ‘transfer of state resources’ in the present case due to the conditional promise of a shareholder loan.
De franske myndigheder præciserer, at selskabet så ville have kunnet optage op til 4 mia. EUR i lån hos bankkonsortiet på mindre byrdefulde vilkår end på obligationsmarkedet.
According to France Télécom, the State has not placed any credit line at France Télécom's disposal through ERAP.