natgillin/translations-raw huggingface dataset:
Efter tilførslen begyndte FT's rating således at bedres, S & P gik op til BBB med stabil prognose den 14. maj 2003 (fra A-3 til A-2 for kortfristet gæld), og Fitch hævede FT's rating fra BBB- til BBB den 8. august 2003.
The French authorities pointed out that the terms for launching the December bond issues were more favourable for France Télécom than those granted by the State, as the main shareholder, for making funds available for a potential loan.
BEMÆRKNINGER FRA TREDJEPARTER
The French authorities explained that, on comparable terms (floating rate swap), the euro tranche of the bond issue corresponded to Euribor + 290 bp, or around 100 bp below that of the shareholder loan, whereas the bond was due to mature long after the loan.
Kommissionen har modtaget bemærkninger fra Cable and Wireless, Cégétel, AFORS Télécom, LDCOM, Tiscali, WorldCom France, Bouygues SA og Bouygues Télécom (herefter »BT«) samt Telecom Italia.
In order to proceed with the shareholder loan, the French authorities planned to use a vehicle, the Entreprise de Recherches et d'Activités Pétrolières (ERAP), a French public industrial and commercial entity, which would be responsible for holding the State participation in France Télécom and reflected the State's intention to identify clearly the financial outlay being granted by isolating it in a dedicated structure.
Flere interesserede parter (A, B og C) har ønsket at holde deres identitet hemmelig.
The French authorities said that ERAP would initially borrow from the State to subscribe to the capital increase, before turning to the bond markets.
Bemærkninger fra Telecom Italia og WorldCom
The presentation of the Ambition 2005 plan was accompanied by a press release of the Minister for Economic Affairs and Finance, dated 5 December 2002, in which the Government confirmed its support for the plan, its commitment to take part in the operation to strengthen the Company's capital base and the making available of a shareholder loan in the form of a EUR 9 billion credit line.
Telecom Italia og WorldCom understreger, at enhver støtte til fordel for FT sandsynligvis påvirker konkurrencen i telesektoren, navnlig på det franske marked.
France Télécom's share price continued its upward progress 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.
Derfor er det vigtigt, at de franske myndigheders foranstaltninger ledsages af andre foranstaltninger, som modvirker de førstes indvirkning på konkurrencen.
A few days after the presentation of the Ambition 2005 plan, France Télécom launched two successive bond issues on 11 and 12 December 2002 for a total amount of EUR 2,9 billion.
Bemærkninger fra A, B og C
The first bond issue was for a total amount of EUR 2,5 billion over seven years, at a fixed rate of 7 %, or Euribor + 290 bp.
Ifølge A, B og C udgør de foranstaltninger, der undersøges, en form for statsstøtte.
The second bond issue was placed on the pound sterling (GBP) market for an amount of GBP 250 million at a fixed rate of 8 % over 15 years, or LIBOR + 330 bp.
C fremfører, at i henhold til Fællesskabets rammebestemmelser for statsstøtte til redning og omstrukturering af kriseramte virksomheder (herefter »rammebestemmelserne«), formodes der at være tale om statsstøtte, når der ydes offentlige midler til en kriseramt virksomhed.
Other issues were made on 15 January 2003 for a total amount of EUR 5,5 billion.
B og C understreger også, at samtidighedsprincippet ikke er opfyldt, da de franske myndigheder bevilgede kreditten og bebudede deres deltagelse i kapitaltilførslen før ambitionsplanen 2005 blev offentliggjort og investorerne havde givet klart tilsagn.
On 10 February 2003, that part of the EUR 15 billion syndicated loan which had matured, namely approximately EUR 5 billion over three years at the rate Euribor + 125 bp, was renewed.
Bemærkninger fra Bouygues og Bouygues Télécom (BT)
On 17 December 2002, S&P indicated that, since July 2002, the Government's support had been a key factor in maintaining France Télécom's investment-grade status and that its announcement concerning the shareholder loan and the commitment to subscribe, in proportion to its shareholding, to a EUR 15 billion recapitalisation operation had confirmed that support .
Det var ifølge BT således kun den franske stat, der kunne genoprette tilliden fra markedet og sætte skub i en »god cirkel«, som har givet FT mulighed for at opfylde sine forpligtelser på kort sigt og iværksætte en omfattende kapitalkonsolidering under gunstige økonomiske vilkår.
France Télécom never signed this contract.
Ifølge BT er tilkendegivelserne fra økonomi- og finansministeren i perioden 12. juli til 4. december 2002 statsgarantier, som indebærer tilsagn om statsmidler; ligeledes indvirker aktionærlånet og styrkelsen af egenkapitalen på statens midler.
France Télécom ended the 2002 financial year with a loss of approximately EUR 21 billion and a net financial debt of almost EUR 68 billion.
Disse foranstaltninger udgør statsstøtte.
On 4 March 2003, the operation to strengthen the Company's capital base by EUR 15 billion as envisaged by the Ambition 2005 plan was launched.
De indrømmer fordele for France Télécom, som selskabet ikke havde fået under normale markedsvilkår, og som ikke er i overensstemmelse med princippet om den fornuftige markedsøkonomiske investor.
The operation was broadly successful and was terminated on 11 April.
For så vidt angår økonomi- og finansministerens tilkendegivelser udgør den gentagne støtte fra staten — via en række offentlige meddelelser fra 12. juli 2002 til 4. december 2002, og forskellige foranstaltninger såsom kreditbevillingen på 9 mia. EUR til selskabet og statens uigenkaldelige tilsagn om at indskyde en andel af den nødvendige kapitaltilførsel i FT svarende til statens eksisterende aktieandel — et uomgængeligt løfte fra statens side om med alle midler at afhjælpe enhver vanskelighed, som selskabet måtte få med at opfylde sine finansielle forpligtelser.
The capital increase largely met the structural needs of France Télécom's financing.
BT understreger i den forbindelse, at dette løfte udgør en regulær statsgaranti, som har juridisk bindende virkninger for statens midler.
Thus, following the operation, France Télécom's credit rating began to improve: on 14 May 2003 S&P raised its rating to BBB, outlook stable (from A-3 to A-2 for its short-term rating) and on 8 August 2003 Fitch raised its rating from BBB- to BBB.
BT har som led i udarbejdelsen af sine bemærkninger indkaldt en ekspert, som præciserer, at forvaltningsdomstolens faste retspraksis tilsiger, at vurderingen af, om der foreligger tilsagn fra en offentlig myndighed, ikke afhænger af tilsagnenes form, men af deres specifikke karakteristika.
COMMENTS FROM THIRD PARTIES
BT's ekspert bemærker, at denne retspraksis netop gør sig gældende over for erklæringer: forvaltningsdomstolen vurderer således, at løfter, selv om de ikke ledsages af bestemte retsakter, udgør tilsagn, fordi de tilkendegiver administrationsmyndighedens hensigter.
The Commission has received comments from Cable and Wireless, Cégétel, AFORS Télécom, LDCOM, Tiscali, WorldCom France, Bouygues SA and Bouygues Télécom, and Telecom Italia.
Det er således nok, at administrationens adfærd bevirker en overbevisning om, at den har tænkt sig at handle på en bestemt måde, til at der foreligger et statsligt tilsagn.
Several interested parties (A, B and C) wished to keep their identity confidential.
Økonomi- og finansministerens tilkendegivelser opfylder alle kriterier for at kunne karakteriseres som statslige tilsagn.
Comments from Telecom Italia and WorldCom
De er klare og præcise, omfatter ikke nogen forbehold, og fremstår som statslige tilsagn over for FT samt selskabets kreditorer og medarbejdere.
Telecom Italia and WorldCom stress that any aid granted to France Télécom is likely to affect competition in the telecommunications markets, and in the French market in particular.
For så vidt angår aktionærlånet og styrkelsen af egenkapitalen fastholder BT, at både kreditbevilling på 9 mia. EUR til FT, statens uigenkaldelige tilsagn om at deltage i en fremtidig kapitaltilførsel i samme procentvise omfang som statens eksisterende aktieandel i FT og senere selve kapitaltilførslen var statsgarantier, der blev ført ud i livet finansieret af statsmidler.
It is therefore essential that the aid granted by the French authorities should be accompanied by compensatory measures aimed at reducing its impact on competition.
De undersøgte foranstaltninger blev således finansieret med midler, som stammede fra staten, også selv om kreditbevillingen i sidste ende ikke blev udnyttet.
Comments from A, B and C
Hvad angår fordelskriteriet påpeger BT, at garantiens incitamentsvirkning tidsmæssigt følger efter ratingbureauernes nedsættelse af FT's rating, og at den havde til formål at øge tilliden til selskabet på markedet.
According to A, B and C, the measures at issue constitute State aid.
Garantien bevirkede, at FT igen fik adgang til finansieringsmarkederne.
C argues that, in accordance with the Guidelines on State aid for rescuing and restructuring firms in difficulty (‘the Guidelines’), where public funding is provided to a firm which is in financial difficulties there is a presumption that State aid is involved.
Angående det markedsøkonomiske investorprincip fremfører BT, at støtteforanstaltningerne ikke overholder princippet.
A, B and C state that the announcement of and terms governing the making available by the French State to France Télécom of the EUR 9 billion credit line and the participation by the French State in the recapitalisation of France Télécom involve aid elements.
BT minder om, at statens tilkendegivelser udgør et juridisk bindende, klart og ubetinget tilsagn, som en almindelig investor aldrig ville have afgivet uden mindste forbehold.
The prudent investor test is not satisfied as regards the arrangements for providing the credit line, inter alia, because of the interest rate proposed and the amount of the commitment fee.
Der var således tale om en ubegrænset garanti til en dybt forgældet virksomhed, som på kort sigt var yderst usolid.
B and C also point out that the principle of concomitance has not been complied with insofar as the French authorities granted the credit line and announced their participation in the recapitalisation prior to the announcement of the Ambition 2005 plan and prior to the firm commitment of the investors.
BT fremfører, at ingen privat investor i betragtning af den langvarige krise i verdensøkonomien, navnlig i den omskiftelige telesektor, og størrelsen af det pågældende beløb ville have planlagt en kapitaltilførsel af dette omfang uden modbetingelser, og at kun en stat med en kreditværdighed som Frankrigs kunne have påtaget sig denne usikkerhed.
Comments from Bouygues and Bouygues Télécom
BT bemærker også, at en kapitaltilførsel, der udelukkende finansieres via gældsætning og helt uden nogen egenkapital, ville være blevet opfattet som belastende for enhver privat investor, mens en stat kun kan straffes af vælgerne, hvis disse har andre målsætninger.
Bouygues Telecom points out that the support of the State is the cornerstone of France Télécom's recapitalisation plan, which led to the Company's recovery.
En privat investors långivere og aktionærer ville have forlangt sikkerhed for investeringen i form af en forretningsplan med præcise angivelser, bl.a. for afhændelse af aktiver.
Thus, according to Bouygues Telecom, only the French State could restore the markets' confidence and create a virtuous circle enabling it to meet its short-term commitments and launch a huge recapitalisation operation under favourable economic conditions.
BT konkluderer, at en fornuftig investor med finansieringsmuligheder på linje med den franske stats, som stillede en sådan garanti, under ingen omstændigheder ville nyde den store tillid på markederne, og at det tydeligvis var fordi der var tale om statsfinansiering, at tilliden til selskabet blev genoprettet.
According to Bouygues Telecom, the statements made by the Minister for Economic Affairs and Finance during the period from 12 July to 4 December 2002 constitute a state guarantee committing the State's resources; likewise, the shareholder loan and the operation to strengthen the Company's capital base commit state resources.
BT hævder også, at samtidighedsprincippet ikke blev overholdt.
These measures constitute State aid.
Da regeringen bebudede sin deltagelse i kapitaltilførslen, var det efter BT's mening hverken sikkert, at der ville komme private investorer til, eller i hvilket omfang de ville investere, selv ikke hvis man sætter datoen for investeringsbeslutningen til den 5. december.
They confer advantages on France Télécom which it would not have obtained under normal market conditions and do not satisfy the test of a prudent private investor operating under normal market conditions.
Når private investorer først finder det tillokkende at investere efter at myndighederne har besluttet at yde støtte, er det ikke længere relevant, at disse investorer investerer samtidig.
As regards the statements by the Minister for Economic Affairs and Finance, the repeated support of the State, expressed in a series of announcements from 12 July 2002 to 4 December 2002 and supplemented by a series of measures including the opening of the EUR 9 billion credit line and the irrevocable commitment by the State to participate in a capital increase in proportion to its shareholding in France Télécom, amounts to a commitment on its part, from which it cannot withdraw, to make good by all available means any failure by the Company to meet its financial commitments.
Sådanne investeringer er en følge af den støtte, staten har ydet, og ikke af en privat investors egen beslutning.
Bouygues Telecom stresses here that this commitment constitutes a veritable state guarantee producing legal effects committing the State's resources.
Derfor kan det faktum, at et bankkonsortium forpligtede sig til at garantere for transaktionen, ikke i dette tilfælde tages som belæg for, at samtidighedsprincippet blev overholdt.
In preparing its comments, Bouygues Telecom called on the services of an expert who stated that it followed from a long line of judgments by the French administrative courts that the existence of a commitment entered into by an administrative authority must be assessed in the light, not of the commitment's form, but of its intrinsic characteristics.
De franske myndigheders beslutning om at investere var klar og ubetinget, mens dette ikke gælder de private investorer, som først bidrog efter gentagne forsikringer fra staten om, at den ville deltage i transaktionen og tilmed træffe alle nødvendige foranstaltninger for at sikre FT mod enhver form for finansieringsproblemer.
The expert remarked that that case law was expressly applied in the specific case of declarations: the administrative courts thus considered that, even where they were not accompanied by any specific legal act, the promises constituted commitments as they were the embodiment of the administrative authority's will.
Bemærkninger fra Cable & Wireless
For there to be a commitment on the part of the State, it was sufficient for the authority to have behaved in such a way as to convince others that it would act in a certain manner.
Cable & Wireless mener, at de foranstaltninger, der undersøges, udgør statsstøtte.
The declarations by the Minister for Economic Affairs and Finance satisfied all the criteria for being characterised as a commitment by the State.
Det forhold, at de franske myndigheders bebudelse af aktionærlånet genskabte tilliden til selskabet på markedet, var i sig selv nok til, at FT fik en fordel.
Those declarations were firm and precise and made without reservations, and could thus be construed as constituting commitments by the State vis-à-vis France Télécom, its creditors or its employees.
Hvis en fornuftig privat investor ikke ville have valgt at gennemføre en kapitaltilførsel i et selskab som FT, der forud for vedtagelsen af ambitionsplanen 2005 var tydeligt ineffektivt, fik selskabet en fordel, som den ikke ville have fået under normale markedsvilkår.
With regard to the shareholder loan and the operation to strengthen the Company's capital base, Bouygues Telecom maintains that, firstly, the opening of a EUR 9 billion credit line for the benefit of France Télécom and, secondly, the irrevocable commitment by the State to participate in any future capital increase in proportion to its shareholding in the Company followed by the recapitalisation operation as such, are the implementation of the state guarantee and are financed by state resources.
Bemærkninger fra AFORS Télécom
As a result, the measures at issue are financed by state resources, even if the credit line has ultimately not been used.
AFORS Télécom (Association française des Opérateurs de Réseaux et Services de Télécommunications, sammenslutningen af franske teleudbydere) mener, at foranstaltningerne er statsstøtte.
As regards the condition relating to the advantage, Bouygues Telecom points out that the occurrence giving rise to the guarantee took place subsequently to the reduction in France Télécom's credit rating by the rating agencies with a view to restoring the market's confidence.
Ved en række stadig tydeligere beslutninger i 2002 frem til tilrådighedsstillelsen af en kreditbevilling på 9 mia. EUR for FT genoprettede de franske myndigheder investorernes tillid ved konkret at tilkendegive deres støtte til selskabet.
The guarantee had the effect of enabling France Télécom to gain renewed access to the financial markets.
AFORS Télécom påpeger ligeledes, at selv om FT aldrig udnyttede kreditbevillingen fra ERAP, var den alligevel udtryk for en garanti for støtte fra staten, som i den forstand hidrører fra statsmidler jf. artikel 107, stk. 1, i TEUF.
As to the prudent private investor test, Bouygues Telecom argues that the support measures do not satisfy that test.
Vilkårene for kreditbevillingen og vederlaget herfor overholder ikke kriterierne for det markedsøkonomiske investorprincip.
Bouygues Telecom takes the view that the State's declarations constitute a firm and unconditional legal commitment which an investor would never have undertaken without entering the slightest reservation.
AFORS Télécom påpeger, at FT's finansielle derivater fra 2000 og frem ikke havde kunnet gennemføres, hvis der havde været tale om en fornuftig markedsøkonomisk investor.
It is therefore an unlimited guarantee granted to a company which is extraordinarily leveraged and fragile in the short term.
Statens støtte sikrede også FT mod at få sænket sin rating yderligere, og derfor kom FT hurtigere tilbage på markedet og fik refinansieret sin gæld på mindre belastende vilkår.
Bouygues Telecom argues that, in view of the prolonged crisis in the world economy and more particularly in a telecommunications sector undergoing transition, and bearing in mind the size of the sum in question, no private investor could have envisaged a capital increase of that amount without conditions and only a State of the creditworthiness of France could have coped with such uncertainty.
Det var således den franske stats troværdighed, der afgjorde vilkårene for FT's adgang til finansieringsmarkederne.
It thus points out that the financing of the strengthening of the Company's capital base, covered entirely by debt without any own funds, would have affected the credit rating of any private investor who behaved in a similar way, whereas a State, on the other hand, can be punished only by its electors, who do not have the same objectives.
Bemærkninger fra Cégétel
The creditors and shareholders of the private investor would have asked for the investment to be backed by a business plan containing precise commitments, including the disposal of assets.
Cégétel mener, at der var tale om to særskilte støtteforanstaltninger: dels de franske myndigheders bebudelse af aktionærlånet til FT, dels statens deltagelse i kapitaltilførslen til FT.
Bouygues Telecom concludes that, at all events, a prudent investor whose financial capacity was comparable to that of the French State and who issued such a guarantee would not have inspired much confidence in the markets and that it is clear that it was due to the qualification of ‘sovereign debt’ enjoyed by the State's commitments that confidence was restored.
Hvad angår den første foranstaltning, har Cégétel bekræftet, at man ikke kan sammenligne situationen i et selskab med en privat storaktionær og et, hvor en offentlig instans har aktiemajoriteten.
Bouygues Telecom argues that the concomitance principle has not been complied with.
Efter Cégétels opfattelse er det fuldt berettiget, at den franske stat ydede FT støtte allerede inden den bevilgede selskabet en kredit på 9 mia. EUR, fordi bekendtgørelsen af denne støtte i sig selv var nok til at gøre nødfinansieringen unødvendig.
Bouygues Telecom points out that the participation of private investors was neither certain nor significant at the time of the announcement by the Government of its participation in the capital increase, even if the date of taking the decision to invest is brought forward to 5 December.
Således havde kreditorerne den sikkerhed, at FT aldrig kunne misligholde sine betalinger, fordi staten til hver en tid var rede til at yde selskabet de fornødne midler til at afholde sine forpligtelser, og dermed kunne FT skaffe finansieringen direkte på markedet.
Where private investors are prepared to intervene only after the authorities have decided to grant aid, the fact that those investors are then prepared to intervene at the same time is no longer relevant.
Cégétel hævder, at de franske myndigheders betingelser for kreditbevillingen ikke er i overensstemmelse med de betingelser, en fornuftig investor med en sådan kapitaldeltagelse ville fastsætte.
Such an intervention is the consequence of the support given by the State and not the result of a decision of a private investor.
Hvad angår den ubegrænsede garanti, tager LDCom udgangspunkt i indholdet af de franske myndigheders tilkendegivelser fra og med juli 2002, som skulle gøre finansieringsmarkederne trygge ved FT.
Comments from Cable & Wireless
Disse tilkendegivelser, var direkte medvirkende til at styrke FT's rating på markederne og gav selskabet mulighed for at afhjælpe sit likviditetsproblem.
Cable & Wireless expresses the view that the measures at issue constitute State aid.
Således ville ingen fornuftig investor i september 2002 (hvor staten bebudede, at den ville yde FT finansiel støtte) have lånt en virksomhed 9 mia. EUR under sådanne vilkår uden at tage udgangspunkt i en omstruktureringsplan.
Comments from AFORS Télécom
LDCom understreger også, at staten ikke kunne trække sine tilkendegivelser tilbage uden at skabe tvivl om sin egen kreditværdighed.
AFORS Télécom (Association française des Opérateurs de Réseaux et Services de Télécommunications) observes that the measures at issue constitute State aid.
Staten indtager ved indgreb på markedet både en rolle som långiver og som hovedaktionær i en række virksomheder.
Through a series of step-by-step decisions taken in the course of 2002 until the opening of a EUR 9 billion credit line made available to France Télécom, the French authorities restored investors' confidence by giving formal status to their support.
Som følge af denne dobbeltrolle får staten to ratings, dels som långiver, dels som aktionær via ratingen på de offentlige selskaber.
Moreover, even if the credit line opened by ERAP were never used by France Télécom, it symbolises the guarantee of state support and hence mobilises state resources within the meaning of Article 107(1) TFEU.
Denne dobbelte interventionsmulighed forudsætter en særlig omhu, eftersom ethvert fejltrin i en af disse to roller kan få konsekvenser for den anden rolle og afspejles i ratingen.
The terms on which the credit line was granted and the terms governing its remuneration do not satisfy the tests of the prudent private investor principle.