natgillin/translations-raw huggingface dataset:
Rapporten viser således en klar mangel på objektivitet, både ved at anlægge højst tvivlsomme juridiske analyser (navnlig hvad angår betydningen af hensigtserklæringer og omfanget af ensidige tilsagn i civil- og handelsretten) og ved at inddrage juridiske tolkninger fra uvedkommende sammenhænge i den foreliggende sag (f.eks. ved at gøre principper for virksomhedsledelse eller international handelsret gældende på forholdet mellem en virksomhed og dens hovedaktionær)«.
Moreover, bondholders have no recourse in the event of non-payment upon maturity.
»Konklusionerne i den juridiske rapport om, at der skulle være tale om en »ubegrænset garanti« fra staten over for France Télécom er for øvrigt helt uden EU-retligt fundament«.
Secondly, it is not possible to compare the announcement, by the State, of the possibility of its making an upfront prepayment towards the strengthening of the Company's capital base with the guarantee given in Commission Decision 2001/89/EC (Crédit Foncier de France) because, inasmuch as the loan envisaged in the present case was hypothetical and strictly limited in duration and amount, it could not by itself resolve the Company's financial problems having regard to its debt repayment schedule.
I henhold til retspraksis i Air France-sagen kan de anfægtede udtalelser ikke tolkes som et klart og ubetinget tilsagn fra statens side.
Thirdly, the bond issues were determined solely by the market's perception of France Télécom's capacity to honour its commitments unaided by any state guarantee.
Henvisningen til virksomhedsledelsesprincipper er fuldstændig irrelevant i det foreliggende tilfælde.
The confidence shown by the market at the time of the said bond issues is thus due essentially to the change in the management team and the favourable reception accorded to the new strategy revealed when the Ambition 2005 plan was presented.
For så vidt angår forvaltningsret »udgør en almindelig udtalelse til en journalist — som økonomiministerens den 12. juli 2002 — ikke en »bebyrdende retsakt«, der kan medføre rettigheder og forpligtelser, eller for den sags skyld en garanti fra staten over for France Télécom«.
As to compliance with the prudent investor principle in relation to any shareholder loan, the French authorities stress that, when the decision to take part in a capital increase was taken and the conditions therefor were met, it was logical that the State should make an upfront prepayment.
»Det juridiske konsulentfirmas konklusioner er i klar modstrid med Kommissionens beslutningspraksis og EU's retspraksis i statsstøttesager, hvor der kun forudsættes at findes statsstøtte, hvis der kan påvises et klart, præcist og ubetinget tilsagn fra den pågældende stat, hvilket ministerens udtalelser af 12. juli 2002 på ingen måde kan betegnes som«. »Et statsligt tiltag skal således, uanset hvilken form det antager, være tilstrækkelig præcist og konkret, hvis Kommissionen f.eks. skal kunne fastslå, at en virksomhed har en fordel«.
The first discussions about the loan proposal date back to November 2002.
Hvad angår den økonomiske del af rapport, understreger de franske myndigheder, at rapporten konstaterer, at FT ikke var kriseramt, da de undersøgte begivenheder fandt sted (eftersom selskabet havde adgang til kapitalmarkederne og ikke havde rentabilitetsproblemer på længere sigt), og at statens deltagelse som aktionær i genopretningsplanen for selskabet var i overensstemmelse med det markedsøkonomiske investorprincip.
The French authorities also stress that the legitimacy of such a measure could not be challenged because, as is mentioned above, it was based on a credible, detailed plan the content of which was mostly known at the time of the announcement of the loan proposal on 4 December 2002.
VURDERING AF FORANSTALTNINGEN I HENHOLD TIL TRAKTATENS ARTIKEL 107, STK.
Moreover, the State had already received the undertaking, conditional on the presentation to the market of a credible plan, from the banking syndicate and it knew full well at the end of November that that condition would be met given the market's positive reaction to the appointment of the new management.
1
The French authorities stress in this connection that it is not pertinent to assess the amount involved in the present case but that, in accordance with the Alitalia judgment, it is necessary to examine the conformity of the conditions of financing the operation for a company of comparable size.
I henhold til artikel 107, stk. 1, i TEUF er statsstøtte eller støtte, som ydes ved hjælp af statsmidler under enhver tænkelig form, og som fordrejer eller truer med at fordreje konkurrencevilkårene ved at begunstige visse virksomheder eller visse produktioner, uforenelig med det indre marked i det omfang, den påvirker samhandelen mellem medlemsstaterne.
As to the remuneration of the potential loan, the French authorities stress that it was granted on normal market terms and that it was increased by a premium to reflect its subordinate nature.
I henhold til gængs retspraksis omfatter støttebegrebet ikke blot selve tilskuddene, men ligeledes indgreb, der under forskellige former letter de byrder, som belaster en virksomheds budget, og derved, uden at være tilskud i ordets egentlige forstand, er af samme art og har tilsvarende virkninger.
The proposal provided for a non-utilisation commission and the absence of security was in keeping with the practice of a prudent investor in the case of a short-term loan granted by a shareholder upfront of his subscription to a capital increase.
Heraf følger, at støttebegrebet er baseret på tanken om økonomisk fordel, men kun på dens virkninger, mens det formelle kriterium er uden betydning.
The repayment of the sum in shares was customary and was based on the cash value.
Det fremgår desuden af fast retspraksis, at offentlige myndigheders indgreb i en virksomheds kapital, uanset under hvilken form dette indgreb sker, kan udgøre statsstøtte som omhandlet i artikel 107, stk. 1, i TEUF, når alle betingelserne i denne artikel er opfyldt.
Thus, between the months of September and December 2002, the State engineered a change in management, the key feature of which was the change in France Télécom's CEO, and closely monitored the drafting of a rebalancing plan while at the same time ensuring the support of private investors with an eye to the launch of a possible capital increase.
Hvad angår betingelsen, hvorefter den pågældende foranstaltning skal give modtageren en fordel i henhold til artikel 107, stk. 1, i TEUF, anses foranstaltninger med statslige midler, uanset hvilken form de end måtte have, hvis de direkte eller indirekte kan favorisere visse virksomheder, eller foranstaltninger, der giver den virksomhed, de er rettet til, en økonomisk fordel, som den ikke ville have opnået under normale markedsvilkår, for statsstøtte.
According to the French authorities, these operational measures had a decisive financial impact, were very well received by the financial markets and led to the recovery in France Télécom's share price.
I det foreliggende tilfælde forekommer det hensigtsmæssigt indledningsvist at rejse spørgsmålet, om der er tale om en fordel for FT, finansieret ved hjælp af statsstøtte.
The French authorities stress that the State never indicated or suggested that it would give France Télécom its unconditional and unlimited support.
104 Dette kan bl.a. være tilfældet, hvis de på hinanden følgende indgreb, henset til bl.a. deres kronologi og formål samt virksomhedens situation på tidspunktet for indgrebene, er så tæt forbundne, at det er umuligt at adskille dem fra [… ] hinanden.
The French authorities point out that the State shareholder announced its intention to participate in the strengthening of the Company's capital base for the first time in September 2002 and that ‘this would take the form of a transaction followed by the market (reference to a timetable to be defined in the light of market conditions)’.
105 Heraf følger, at Retten begik en retlig fejl ved at vurdere, at det var nødvendigt at påvise en formindskelse af statsbudgettet eller en tilstrækkeligt konkret økonomisk risiko for byrder, som belastede dette budget, og som var tæt knyttet til og svarede til en specifik fordel som følge af enten meddelelsen af 4. december 2002 eller tilbuddet om et aktionærlån, eller udgjorde modydelsen herfor, ved at anvende et kriterium, der fra starten udelukkede, at disse statslige indgreb i kraft at deres indbyrdes forbundethed og deres virkninger kunne betragtes som ét indgreb.
Concerning the declaration of 2 October 2002, the French authorities argue that this confirmed that the presentation of a credible plan was a precondition for the State's participation.
106 Dernæst bemærkes, at det fremgår af Domstolens praksis, at statslige indgreb både kan stille de virksomheder, som den finder anvendelse på, i en bedre situation end andre og skabe en tilstrækkeligt konkret risiko for, at der i fremtiden vil opstå en ekstra byrde for staten, som kan belaste statsmidlerne […].
The French authorities maintain that ‘the only specific measures envisaged by the State in its capacity as majority shareholder in France Télécom are those set out in the information/notification dossier forwarded to the Commission and announced publicly on 5 December 2002, namely the participation alongside private shareholders in a EUR 15 billion capital increase in proportion to the share held by the State in France Télécom's capital and a possible shareholder loan remunerated at market rates upfront of the capital increase.
107 Domstolen har især haft anledning til at præcisere, at fordele, der er tillagt i form af en statsgaranti, kan indebære en ekstra byrde for staten […].
The indication by the State that it would play its role of prudent shareholder in no way constitutes a state guarantee.
108 Desuden har Domstolen allerede fastslået, at når den ændring af markedsbetingelserne, som i økonomisk henseende fremkalder en fordel, der indirekte tillægges bestemte virksomheder, er resultatet af mistede indtægter for det offentlige, kan end ikke det mellemled, som investorernes selvstændige beslutning udgør, medføre, at den forbindelse, der består mellem det nævnte indtægtstab og den fordel, som de berørte virksomheder opnår, ophæves […].
If the declarations made by the State between July and October 2002 had really been legally equivalent to, or even simply perceived by the market and the rating agencies as being, a promise to provide France Télécom with an “unlimited guarantee”, then there would not have been any downgrading of France Télécom's rating in July and the company's spreads and rating during that period would have reflected the state risk (AAA rating and very low spread).
109 Følgelig skal Kommissionen for at kunne fastslå forekomsten af statsstøtte føre bevis for en tilstrækkeligt direkte forbindelse mellem på den ene side den fordel, som støttemodtageren er tillagt, og på den anden side en formindskelse af statsbudgettet eller en tilstrækkeligt konkret økonomisk risiko for en belastning af dette budget […]
Lastly, any factoring in by the rating agencies of the State's presence as majority shareholder irrespective of any implicit or explicit guarantee or of any specific measure and irrespective of the company's specific financial situation at any given moment cannot in itself be considered State aid.
110 Det er derimod ikke nødvendigt, at en sådan formindskelse eller en sådan risiko svarer til eller er ækvivalent med den nævnte fordel, og heller ikke, at fordelen har en sådan formindskelse eller en sådan risiko som modydelse eller har samme karakter som den forpligtelse af statsmidler, som fordelen hidrører fra.«
Such an approach would be contrary to the principle of neutrality of Community law as recognised by Article 295 of the EC Treaty.’
Hvad angår fortolkningen og rækkevidden af beslutningen om at indlede den formelle undersøgelsesprocedure vedrørende de under sagen omhandlende foranstaltninger, bemærkes det i Boygues-sagen, at denne beslutningen om indledning udelukkende omhandler de anmeldte foranstaltninger, og derved ikke »spørgsmålet, om erklæringerne fra og med juli 2002 i sig selv udgør statsstøtte«.
Movements in France Télécom's share price
Denne foreliggende, endelige beslutning omfatter således ikke dette spørgsmål, eftersom den er afgrænset til beslutningen om indledning.
The French authorities argue that only the operational measures had an impact on France Télécom's share price.
Kommissionen henviser stadig indledningsvis til, at bedømmelsen af de faktiske og retlige omstændigheder, som Retten lagde til grund i dommen af 2. juli 2015, sammenholdt med Domstolens appeldom af 30. november 2016, for så vidt som de udgør det nødvendige grundlag for domskonklusionen, har retskraft.
Thus, the Company's share price rebounded on 2 October 2002 (up more than 10,4 % on the previous week) following the announcement of the appointment of the new CEO, and the share price's progress continued upwards with the announcement of the TOP plan and of the new executive board on 5 December 2002, which led to a rise of more than 25 % in two days.
Foranstaltningerne truffet af Frankrig mellem juli og oktober 2002 har haft en betydelig virkning på markedet
The declarations of principle made by the State between July and October 2002 were not the determining factor in this increase and as long as there were no operational measures the share price fluctuated, reflecting the market's uncertainty about the Company's situation.
Erklæringerne fra og med juli 2002 har muliggjort fastholdelsen af FT's kreditvurderingen i investeringskategorien såvel som fornyet tillid på finansmarkederne.
This perception led to a fall in the share price, which reached its lowest point on 30 September 2002 following a period of relative stability during the summer in the absence of any specific announcements or rumours.
Erklæringerne har gjort det muligt lettere og mindre bekosteligt for FT at få adgang til de nye lån, der var nødvendige for at refinansiere selskabets kortfristede gæld, som havde et omfang på 15 mia. EUR, og endelig bidraget til at stabilisere dets meget svage finansielle situation, som i juni og juli 2002 var tæt på at blive væsentligt forværret
During that period, the State's declarations as to its intention to play fully its role of shareholder did not stop the downward trend in France Télécom's share price.
Den franske regering opretholdt således denne tillid ved hjælp af en række tilkendegivelser.
Comments on the NERA report
Statens indgriben forhindrede reelt, at FT's rating blev yderligere forringet til »junk bond«, som det også fremgår af S&P pressemeddelelse af 12. juli 2002, hvori det angives, at tilsagnene fra staten var en afgørende faktor for, at FT ikke blev sat ned til en rating som »junk bond«.
The French authorities have presented the following comments on the legal part of the NERA report:
Hvad angår markedets reaktion, har bebudelsen den 12. juli 2002 forårsaget en usædvanlig og mærkbar stigning i værdien af FT's aktier og obligationer.
‘the legal report is based on an erroneous (not to say tendentious) interpretation of the facts. In particular, … the report manifestly twists — albeit clear — remarks made by the Minister for Economic Affairs in the course of an interview with a journalist published in July 2002.
Således steg FT-aktiekursen i forhold til en række indicier for hele den repræsentative del af telesektoren med mellem 37,8 % og 43,8 %.
The French authorities strongly contest that it is possible to propose interpretations as unfounded as these in order to draw legal conclusions and in particular to assert that there exists any guarantee granted by the State to France Télécom’.
For obligationskursens vedkommende lå den unormale stigning mellem 3,2 % og 9,7 %.
‘What is involved here is not even an official communiqué from the Government or from France Télécom, but merely a press article reproducing the text of an interview with the Minister for Economic Affairs in the wider context of the Government's priorities and therefore lacking any probative force’.
Denne reaktion viser, at staten efter markedets opfattelse med denne bebudelse forpligtede sig til at yde en mere omfattende støtte til FT.
‘The State as shareholder in France Télécom has not only always intended to behave like a prudent investor with regard to France Télécom but has also chosen to express clearly and publicly that this position would be the point of departure for all of its potential actions in this area …’.
For så vidt angår finansanalytikernes kommentarer nævner Deutsche Bank f.eks. i en rapport, som blev offentliggjort den 22. juli 2002, at markedet på baggrund af regeringens tilkendegivelser var overbevist om, at staten ville støtte FT, selv om markedsaktørerne ikke vidste hvordan og i hvilket omfang.
The Minister's July 2002 interview makes no mention of any decision being taken.‘… [W]hile remaining confident in the company's viability, the State was merely taking note of the market's doubts about France Télécom's situation and, in its capacity as majority shareholder, was trying to refine its analysis without being able, at that stage, to make an accurate diagnosis or take any decision’.
Bureauet S & P betragtede ligeledes regeringens tilkendegivelser som troværdige i en sådan grad, at det påvirkede selskabets rating.
‘Moreover, there was no reason to suppose a priori that the phrase “appropriate steps” referred specifically to financial measures’.
Den 12. juli nedsatte S & P således FT's rating til BBB-, men har dog opretholdt dens rating i den sikre investeringskategori med stabile udsigter .
‘The French authorities have also noted numerous inaccuracies in the reasoning set out in the legal report.
Det forhold, at statens støtte var troværdig nok til at holde FT's rating i den sikre investeringskategori, bekræftes også af FT selv.
The report is thus manifestly short on objectivity, adopting highly contestable legal analyses (for example regarding the characterisation of letters of intent and the scope of a unilateral commitment in civil and commercial law) and making an unjustified application to the facts at issue of certain irrelevant legal precepts (this is the case, for example, with the application of the theory of business management or of the rules of public international law in relations between a company and its majority shareholder)’.
Disse tilkendegivelser havde kraftig indvirkning på markedet.
‘The legal report's finding of the existence of an “unlimited guarantee”, granted by the State to France Télécom, is in any event totally baseless in Community law’.
En undersøgelse af de franske myndigheders bemærkninger og dokumentation samt de tilgængelige parlamentsdokumenter viser, at statens tilkendegivelser bidrog til at genetablere tilliden på finansmarkederne.
In accordance with the Compagnie nationale Air France judgment, the remarks in question cannot give rise to any firm and unconditional commitment on the part of the State.
Efter S & P ' s pressemeddelelse af 12. juli 2002 har ratingbureauerne således samstemmende understreget, at statens opbakning i tiden fra juli 2002 var en afgørende faktor for, at FT's rating blev bibeholdt i den sikre investeringskategori.
With regard to the comparison between the Minister's July declarations and a letter of intent, the French authorities stress that ‘(i) firstly, it is of the essence of the letter of intent that it is addressed to a beneficiary; (ii) secondly, and as an extension of the preceding observation, the effectiveness of the method is dependent on acceptance by the said beneficiary; and (iii), lastly, the scope of the commitment given (both as regards its object and as regards the force which its author wishes to give to it) depends exclusively on the terms employed’.
Fordi FT's rating fortsat var i den sikre investeringskategori, undgik FT yderligere finansieringsomkostninger på de midler selskabet allerede havde lånt, som følge af step-up-klausuler i visse obligationsemissioner og på senere lån.
‘Thus … the general — to say the least — character of the Minister's remarks … rules out without doubt any commitment in favour of France Télécom or its creditors, and a fortiori any obligation as to the result to be achieved (and hence any idea of guarantee) as well as any obligation as to the means’.
Og fordi ratingen blev i den sikre investeringskategori, fik FT mulighed for at rette op på sin finansielle situation ved en kapitaltilførsel.
‘The Minister's reply … only confirms that no decision — other than to act like a “prudent investor” — had as yet been taken by the State shareholder, which, while trusting in the operational quality of the company, was not at that time able to make a sufficiently accurate diagnosis or to take any decision’.
Allerede i september 2002 stillede bankerne således bl.a. som betingelse for at deltage i kapitaltilførslen, at »Den rating, Moody's og Standard & Poor's angiver for selskabets langfristede gæld, som minimum skal holde sig på det nuværende niveau. denne betingelse indsættes også i garanti- og investeringskontrakten«.
‘The courts have … never held that a guarantee commitment without a specific beneficiary or beneficiaries may thus be relied upon by any person who might have an interest therein.
Ikke desto mindre er de ikke uløseligt forbundet med foranstaltningerne fra december 2002
This is not surprising as it is in the nature of a guarantee or of a letter of intent that it is addressed to one or more beneficiaries.
Desuden har Retten i præmis 230 for denne dom anført »en række relevante elementer, der rent faktisk har haft indflydelse på den franske stats beslutning i 2002, nemlig, ud over genoprettelsen af finansmarkedernes tillid og bibeholdelsen af FT's rating, hovedsaglig, omstruktureringsforanstaltningerne og de korrigerende foranstaltninger, der blev truffet herfor, herunder ambitionsplanen 2005, der blev udarbejdet af sin nye ledelse mellem oktober og december 2002, og som omfattede gennemførelsen af en plan om forbedringen af selskabets driftsresultater, kendt som »TOP-planen««.
‘The legal consultant's conclusions clearly fly in the face of the Commission's decision-making practice and of Community case law in the field of State aid, which make the existence of aid conditional on proof of a firm, precise and unconditional commitment on the part of the State concerned — something which the Minister's remarks of 12 July 2002 could in no way be construed as being’.
Retten fandt fastslået, at »væsentlige elementer« for bedømmelsen udgør »forpligtelserne, som et bankkonsortium påtog sig i september 2002 om at stille sig som garant for kapitalforøgelsen hos FT over for de private investorer, afhændelsen af dennes aktiver uden strategisk betydning mellem juli og december 2002 for omkring 2,5 mia. EUR, indsættelsen i oktober 2002 af en ny virksomhedsledelse og sluttelig bilæggelsen af tvisten mellem FT og den tyske operatør, Mobilcom, i november 2002.
‘A state measure, in whatever form, must be sufficiently precise and concrete for the Commission to be able to determine the very existence of an advantage’.
Endvidere har alle disse omstændigheder ført til en betydelig forbedring af FT's driftsperspektiver og resultater i løbet af andet halvår af 2002«.
As regards the economic report, the French authorities argue that France Télécom was not a firm in difficulty at the time of the events in question (as it had access to the capital markets and no long-term viability problem) and that the participation by the State shareholder in the plan to rebalance the company's balance sheet was in keeping with the private investor criterion.
Retten har i præmis 143 for appelsagen af 30. november 2016 vurderet, at »en foregribelse i juli 2002 af det tidspunkt, hvor kriteriet om den fornuftige private investor skulle vurderes, nødvendigvis ville have ført til, at en række relevante faktorer, der fremkom mellem juli 2002 og december 2002, var blevet udelukket fra denne vurdering, således som Retten med føje fastslog i den appellerede doms præmis 230.«
ASSESSMENT OF THE MEASURE IN THE LIGHT OF ARTICLE 107(1) OF THE TREATY