natgillin/translations-raw huggingface dataset:
De franske myndigheder pointerer også, at FT ikke løb den mindste finansielle risiko som følge af sin nedsatte rating, da obligationskontrakterne f.eks. ikke indeholdt klausuler om førtidig indfrielse.
Declarations are not legally binding on the State, either vis-à-vis France Télécom or vis-à-vis third parties.
Mellem juni og november 2002 var FT ifølge flere rådgivende bankers mening, forud for offentliggørelsen af ambitionsplanen 2005 og hovedaktionærens støtte, i stand til at gennemføre en refinansiering via obligationsmarkederne.
The State, however, cannot commit itself without an act giving rise to a right, carried out in compliance with the rules on competence and on budgetary procedure.
De franske myndigheder angiver således, at bankerne Barclays og Dresdner Kleinwort Wasserstein henholdsvis i juli og september 2002 tilbød via ombytningsprogrammer i oktober og november at refinansiere den del af FT's obligationsgæld, som forfaldt til betaling i 2003-2005.
France Télécom emphasises more particularly the context in which the declarations were made, pointing out that this is necessary in order to measure their true scope.
TOP-planens fornuftsgrundlag
An analysis of the declarations in the light of events between late June and December 2002 thus shows that the declarations could not constitute a promise, and does not show that the appropriate measures planned by the State were financial measures.
På baggrund af foranstående forhold understreger de franske myndigheder, at stigningen i selskabets cashflow og styrkelsen af egenkapitalen jf. ambitionsplanen 2005 var led i en strategi, som enhver fornuftig hovedaktionær ville have fulgt.
There were differences of opinion within the Government at the time and the Minister for Economic Affairs and Finance did not represent the Government standpoint.
For så vidt angår om TOP-planen var rationel, pointerer de franske myndigheder, at planen repræsenterer en betydelig indsats fra FT's side.
A study of the facts reveals that there was no such intention on the part of those responsible, who were at a loss how to solve the problem, and that operators had never said they believed the State had committed itself to one or other solution.
Det er en global, administrativ omlægningsplan med udgangspunkt i konkrete tiltag, som allerede har givet de første positive resultater.
France Télécom concludes by saying that the consultant's conclusions are wrong because:
I den forbindelse pointerer de, at planen er yderst målrettet og giver mulighed for at gøre selskabet mere rentabelt med udsigt til et investeringsafkast på 43 % i 2005 for de investorer, som deltog i kapitaltilførslen i april 2003, dvs. et godt stykke over referenceafkastet (11 %) for markedsøkonomiske investorer i telesektoren.
‘Analysis of the France Télécom group's situation at the time of the announcement of the results for the first half of 2002 shows that the group has an unbalanced balance sheet and a short-term liquidity problem, but the business's operating results are very good.
TOP-planen omfatter også tiltag til effektivisering af personaleadministrationen.
Analysis of the range of measures a prudent shareholder must envisage in a situation of heavy indebtedness indicates that it was rational to introduce a recovery plan, including a recapitalisation, for a group with healthy assets whose intrinsic worth is greater than the sum of its market capitalisation and its net debt.
De franske myndigheder pointerer desuden, at selskabet ved at afhænde aktiver sidst i 2002 kunne udskyde den truende likviditetsstramning til udgangen af 2003 selv uden at benytte sig af finansieringsmarkederne.
Analysis of value creation and profitability prospects suggest that the State is making a very good investment by participating in a capital increase and that it is taking little risk in providing a shareholder loan’.
Det gode tegningsresultat ved obligationsemissionerne i december 2002 og januar 2003 beviste for øvrigt efterfølgende, at de private investorer havde tillid til FT's forretningspotentiale.
The French authorities state by way of introduction that they have behaved in accordance with the prudent private investor principle from the outset.
Statens overholdelse af det markedsøkonomiske investorprincip ved styrkelsen af egenkapitalen
Since the announcement of France Télécom's results for the first half of 2002, which highlighted an unbalanced financial structure and significant capital needs despite good operating results, the State has drawn the necessary conclusions, placing a new CEO at the head of the Company and gathering together a banking syndicate which undertook from September 2002 to underwrite a capital increase when the time came.
For så vidt angår spørgsmålet, om det markedsøkonomiske investorprincip blev overholdt, da staten bebudede sin deltagelse i styrkelsen af egenkapitalen, bemærker de franske myndigheder, at de havde betinget deres godkendelse af, at den nye bestyrelsesformand fremlagde en ny, overbevisende genopretningsplan med bankdeltagelse.
At the same time, the State asked the new management to carry out an in-depth audit of the Company.
Vedrørende overholdelsen af samtidighedsprincippet understreger de franske myndigheder, at staten som aktionær fra første færd traf alle forholdsregler for at sikre samtidig deltagelse af offentlige og private aktionærer, og at staten ikke løb nogen risiko tidligere end de private investorer.
On the basis of the Ambition 2005 plan, about which the majority shareholder was kept regularly informed, and of the banking syndicate's commitment, the State announced, on 4 December 2002, its decision to participate in the strengthening of the Company's capital base to the tune of EUR 9 billion and the fact that it was prepared to place at France Télécom's disposal, through ERAP, an advance on this subscription remunerated at market rates.
Statens deltagelse i styrkelsen af egenkapitalen blev således bebudet den 12. september 2002, og allerede i september 2002 havde et bankkonsortium givet tilsagn om at garantere for kapitalforøgelsen over for de private investorer sammen med statsaktionæren, når tiden var inde til det, på betingelse af, at der blev fremlagt en troværdig plan for markedet.
However, in view of the financial terms of grant of this advance by the French authorities and of the Commission's misgivings about the presence of aid elements in the measure, France Télécom preferred to resort directly to the bond market.
De franske myndigheder understreger, at denne betingelse var fuldt forståelig i betragtning af FT's finansielle ubalance, og de pointerer, at statens deltagelse ligeledes var betinget af, at der blev fremlagt en plan, som markedet fandt troværdig.
France Télécom's financial situation
Staten var ikke kommet med sin bebudelse, hvis de private investorer ikke havde stillet sig som garanter.
The French authorities maintain that, when the decision to invest was taken, France Télécom was not a firm in difficulty within the meaning of the Guidelines.
De franske myndigheder præciserer også, at privatfinansieringen fremkom før den offentlige finansiering, da en betydelig del af de finansielle bidrag fra private investorer forelå i form af obligationslån og omlægning af bankkreditter mellem december 2002 og februar 2003.
The Company's turnover was increasing steadily (by 10 % between the first half of 2001 and the first half of 2002), and its gross cash flow was high and growing faster than its turnover.
De franske myndigheder præciserer, at enhver eventuel tilrådighedsstillelse af statsmidler skal analyseres på baggrund af denne omfattende privatfinansiering.
The French authorities refer to the Company's unbalanced financial structure as at 30 June 2002 and point out that the losses were mainly due to the exceptional provisions and write-downs linked to the depreciation of assets acquired prior to the entirely unforeseeable reversal of the markets.
De franske myndigheder understreger, at staten i overensstemmelse med retspraksis i Alitalia-sagen ikke havde forpligtet sig formelt forud for bankernes formelle engagement.
France Télécom's operating costs were increasing more slowly than its turnover, which meant that its profitability was improving.
Den private aktionærandel er med sine 40 % temmelig høj.
Moreover, operating results and cash flow were increasing (with cash flow up 15 % on the first half of 2001).
For så vidt angår forventningerne til selve afkastet præciserer de franske myndigheder, at overholdelsen af det markedsøkonomiske investorprincip som tidligere nævnt også her bevises af, hvor høj TOP-planens rentabilitetsprognose var og hvor godt markedet tog imod den.
France Télécom's very good performance prospects were further improved by the TOP plan.
De franske myndigheder understreger, at kapitalforøgelsen blev gennemført, så snart det var teknisk muligt at give staten og investorerne et tidssvarende overblik over selskabets driftsperspektiver, hvilket viser, at staten satsede på seriøse investorer med ønske om et langsigtet afkast.
This performance was confirmed when the 2002 accounts were published, showing as they did the virtuous dynamic triggered within the Company by the new management.
Aktionærlånet
On the criterion concerning the movement in company capital referred to in point 5(a) of the Guidelines, the French authorities point out that the relevant indicator is, pursuant to Article L225-248 of the Commercial Code, the company capital of France Télécom SA, which has always remained positive and has never fallen by half.
De franske myndigheder fastholder, at FT aldrig underskrev udkastet til aktionærlånet, dels fordi selskabet fandt finansieringsvilkårene for bekostelige, dels fordi Kommissionen var i tvivl om, hvorvidt foranstaltningen var lovlig ifølge traktaten.
France Télécom was therefore not in the situation referred to in the Guidelines in which shareholders' funds fall below the company capital.
Derfor blev der ikke stillet statsmidler til rådighed for selskabet via udkastet til aktionærlån.
France Télécom was not in a cessation of payments situation; there were merely signs of a possible liquidity requirement by the first half of 2003 should the expected market recovery not occur.
De franske myndigheder påpeger, at aktionærlånet ikke kan betragtes som værende trådt i kraft som følge af statens tilkendegivelse den 4. december 2002, som udelukkende vedrørte statsaktionærens tilsagn om at medvirke til at styrke selskabets egenkapital, mens der kun nævnes en »eventuel« tilrådighedsstillelse af et aktionærlån.
The French authorities add that France Télécom had anticipated reserves of EUR 6,9 billion as at 31 December 2002 and could have crossed the threshold of the year 2003 without resorting to the financial market.
Det bemærkes også, at tilkendegivelsen under alle omstændigheder ikke havde indebåret nogen fordel for FT.
The French authorities indicated that France Télécom had had recourse to the syndicated loan, which was less expensive than the bond market and out of which EUR 4 billion had been made available to the Company.
De franske myndigheder påpeger således, at aktionærlånet ikke trådte i kraft, at selskabet ikke benyttede sig af det, og at det dermed ikke kunne medføre, at FT's likviditetsbehov blev udskudt.
The French authorities observe, inter alia, that France Télécom had access to the financial markets during the course of 2002 and describe all of the financing instruments at the Company's disposal between 11 July 2002 and 15 January 2003.
De franske myndigheder fastholder, at bebudelsen af aktionærlånet ikke udgjorde nogen garanti.
They mention the fact that, on 14 February 2002, France Télécom negotiated the provision of a syndicated credit line of EUR 15 billion and that during the course of 2002 the Company issued bonds, EUR 442,2 million worth of which was repayable in shares.
Ifølge fransk ret findes der således ikke nogen underforstået garanti: enhver garanti, som staten bevilger, skal have sit retsgrundlag i en lov.
The French authorities also state that France Télécom was not open to any financial risk owing to the downgrading of its credit rating by the rating agencies as there was no early repayment clause in the covenants.
Der er således ikke grundlag for at ligestille bebudelsen af et muligt aktionærlån fra staten med en garanti.
Moreover, according to the concordant opinion of several banks consulted between June and November 2002, France Télécom was, prior to the announcement of the Ambition 2005 plan and of the majority shareholder's support, able to refinance itself on the bond markets.
De franske myndigheder insisterer endvidere på, at den garanti, staten stillede over for ERAP, så institutionen kunne finansiere sin deltagelse i styrkelsen af FT's egenkapital, ikke kan sidestilles med en garanti stillet over for FT.
The French authorities thus indicate that, in July and September 2002 respectively, Barclays and Dresdner Kleinwort Wasserstein offered to refinance, through swap programmes starting in October or November, France Télécom's bond debts maturing between 2003 and 2005.
De præciserer nemlig, at ERAP spillede en helt neutral rolle og kun greb ind ud fra budgetmæssige hensyn.
Rationality of the TOP plan
Statens bebudelse af et muligt aktionærlån kunne heller ikke lette FT's adgang til obligationsmarkedet.
The French authorities stress that, in the light of the above, the increase in the cash flow and the strengthening of the capital base provided for in the Ambition 2005 plan are components of a strategy that would have been followed by any prudent majority shareholder.
For det første udgør den ingen garanti for obligationslånene, da deres løbetid er længere end aktionærlånets.
As to the rationality of the TOP plan, the French authorities state that the plan in question represents a considerable effort on France Télécom's part.
Desuden har obligationsejerne ingen rekursret, hvis det skyldige beløb ikke tilbagebetales ved forfaldstidspunktet.
It is an overall plan for a change of management direction based on specific actions which has already produced its first positive results.
For det andet påpeger de franske myndigheder, at man ikke kan sammenligne statens bebudelse af, at den muligvis vil yde et aktionærlån til fremskyndelse af sin deltagelse i styrkelsen af selskabets egenkapital, med den garanti, der blev ydet i Kommissionens beslutning 2001/89/EF (Crédit Foncier de France), fordi aktionærlånet i den foreliggende sag var rent hypotetisk og af klart afgrænset varighed og beløb og derfor ikke i sig selv kunne løse selskabets finansieringsproblemer i betragtning af gældens forfaldstidspunkt.
The French authorities stress in this connection that the plan is an extremely precise one which makes possible an increase in the Company's profitability with a rate of return on investment (RRI) of 43 % in 2005 for those investors who participated in the April 2003 capital increase, that is, a much higher return than the reference RRI (11 %) expected by a private investor in the telecommunications sector.
For det tredje understreger de franske myndigheder, at obligationsemissionerne således kun blev afgjort af markedets opfattelse af FT's evne til på egen hånd at opfylde sine forpligtelser uden garanti fra statslig side.
The TOP plan also includes a staff management optimisation chapter.
Den tillid, som det fremgik, at markedet havde ved obligationsemissionerne, udsprang således dybest set af udskiftningen af ledelsesteamet og den positive reaktion på den nye strategi, der blev afsløret ved offentliggørelsen af ambitionsplanen 2005.
As to the disposal plan, the French authorities state that the disposal of assets at the end of 2002 made it possible to carry forward any liquidity constraint to the end of 2003 without even having to resort to the financial markets.
Hvad angår overholdelsen af det markedsøkonomiske investorprincip i forbindelse med det hypotetiske aktionærlån understreger de franske myndigheder, at det var logisk, at staten ville fremskynde sin deltagelse, så snart beslutningen om at deltage i kapitalforøgelsen var truffet og de rette omstændigheder forelå.
The French authorities stress, lastly, that the strategies followed by competing operators are no more prudent and that a plan must be assessed, not in the light of the scope or strategic character of the assets whose disposal is being contemplated, but in that of the rationality of the plan as a whole.
De første drøftelser om dette påtænkte aktionærlån foregik i november 2002.
Moreover, the success of the December 2002 and January 2003 bond issues confirmed a posteriori the confidence private investors place in France Télécom's operational potential.
For så vidt angår forrentningen af det påtænkte aktionærlån understreger de franske myndigheder, at den var markedssvarende og omfattede sanktionsmuligheder, da der var tale om et efterstillet lån.
Application of the prudent investor principle to the participation in the strengthening of the Company's capital base
De franske myndigheder understreger også, at låneudkastet omfattede en garantiprovision, og at den manglende sikkerhedsstillelse var i overensstemmelse med en fornuftig investors adfærd i forbindelse med et kortfristet aktionærlån til fremskyndelse af aktionærens medvirken i en kapitalforøgelse.
With regard to the application of the prudent private investor principle to the announcement by the State of its anticipated participation in the strengthening of the Company's capital base, the French authorities observe that they made their agreement conditional on the presentation, by the new management, of a new, credible rebalancing plan and on participation by the banks.
De franske myndigheder angiver også, at tilbagebetalingen af beløb i aktier var gængs praksis og dermed sidestillet med kontant betaling.
On compliance with the concomitance principle, the French authorities point out that, from the outset, the State shareholder took every step to ensure the concomitant participation of public and private shareholders and that it took no risk before private investors did.
Statens tilkendegivelser
Thus, the announcement of the State's intention to participate in the strengthening of the Company's capital base dates from 12 September 2002, and on that date a banking syndicate had already undertaken to underwrite, when the time came, that part of a capital increase which was intended for private investors alongside the public shareholder, on condition that a credible rebalancing plan was announced to the market.
De franske myndigheder understreger den sammenhæng, som statens tilkendegivelser skal analyseres i ud fra dens rolle som informeret aktionær.
The French authorities stress that this condition was normal in view of France Télécom's unbalanced financial situation, the State's participation also being conditional on the announcement of a plan considered by the market to be credible.
Således fik staten i perioden september — december 2002 gennemført et ledelsesskifte FT, hvis afgørende element var udskiftningen af bestyrelsesformanden, og staten fulgte nøje med i udarbejdelsen af en genopretningsplan, samtidig med at den sikrede sig støtte fra private investorer, hvis det senere skulle blive nødvendigt at gennemføre en kapitalforøgelse.
If the private investors had not stood as guarantors, the State would not have made such an announcement.
Ifølge de franske myndigheder havde disse driftsforanstaltninger afgørende betydning for finansieringen og affødte både en yderst positiv reaktion på finansieringsmarkederne og en styrkelse af FT's aktiekurs.
The French authorities also state that the private financing predated the public financing inasmuch as the financial contributions by private investors — in the form of debenture loans and the rescheduling of bank loans between December 2002 and February 2003 — took place in significant proportions.
Tilkendegivelsen af 2. oktober 2002 dokumenterer ifølge de franske myndigheder, at fremlæggelsen af en overbevisende plan var en forudsætning for statens deltagelse.
The analysis of any making available of state funds must, in the French authorities' view, be carried out in the light of such private financing.
De franske myndigheder hævder også, at »De eneste specifikke foranstaltninger, som staten påtænkte som hovedaktionær i FT, var de foranstaltninger, som angives i den informations- og indberetningsskrivelse, som blev fremsendt til Kommissionen og offentliggjort den 5. december 2002, dvs. deltagelsen sammen med private investorer i en kapitalforøgelse på 15 mia. EUR af statens kapitalandel i FT og i et aktionærlån, som muligvis ville blive ydet mod almindelig markedsforrentning til fremskyndelse af kapitalforøgelsen.
The French authorities stress that, in accordance with the judgment in Alitalia, the State did not commit itself formally prior to the banks' formal undertaking.
Blot fordi staten mindede om, at den handlede som en fornuftig aktionær, er der på ingen måde tale om en statslig garanti.
The private shareholder participation is significant at 40 %.
Hvis statens tilkendegivelser i perioden juli-oktober 2002 reelt havde svaret til, eller af markedet og ratingbureauerne var blevet opfattet som, løfter om en »ubegrænset garanti« til fordel for FT, ville FT's rating ikke være blevet nedsat i juli, ligesom FT's rating og spreads i dette tidsrum ville have afspejlet samme risiko som staten (AAA og et meget lille spread).
As regards the expected return, the French authorities state that, as has already been indicated, compliance with the prudent private investor principle is also demonstrated by the high profitability prospects of the TOP plan, as confirmed by the plan's favourable reception by the market.
Et sådant udgangspunkt ville være i direkte modstrid med EU-rettens neutralitetsprincip, som anerkendes i EF-traktatens artikel 295«.
The shareholder loan
Evolution af FT's aktiekurs
The French authorities maintain that the loan proposal was never signed by France Télécom owing to the excessive cost of the financial terms proposed to it and the fact that the Commission was raising doubts about the measure's lawfulness under the Treaty.
De franske myndigheder fremfører, at det udelukkende var de driftsmæssige foranstaltninger, der påvirkede FT's børskurs.
Consequently, no state resources were placed at the Company's disposal via the shareholder loan proposal.
Således steg selskabets aktiekurs den 2. oktober 2002 (over 10,4 % i forhold til ugen før) efter udnævnelsen af den nye bestyrelsesformand, og i endnu højere grad da selskabet offentliggjorde TOP-planen og den nye bestyrelse den 5. december 2002, hvorefter aktien på to dage steg over 25 %.
The French authorities argue that the entry into force of the loan cannot be deduced from the announcement made by the State on 4 December 2002, which concerns only the commitment by the State shareholder to participate in the operation to strengthen the Company's capital base, mention being made only of the ‘possible’ provision of a shareholder loan.
De franske myndigheder påpeger, at statens principerklæringer i perioden juli-oktober 2002 ikke havde indflydelse på denne stigning og at kursudviklingen til stadighed varierede, fordi der ikke blev truffet driftsmæssige foranstaltninger, hvilket viser, at der var usikkerhed på markedet om selskabets situation.
The French authorities observe that, at all events, the loan proposal conferred no advantage on France Télécom.
De franske myndigheder understreger, at denne opfattelse medførte et fald i børskursen, som nåede sit laveste punkt den 30. september 2002, dog afbrudt af en forholdsvis stabil periode om sommeren, hvor der ikke var nogen særlige bebudelser eller rygter.
The French authorities thus make clear that, insofar as it has not entered into force, the loan has not been used by France Télécom and therefore has not been able to postpone the Company's liquidity needs.
De påpeger, at statens tilkendegivelser i denne periode af, at den havde til hensigt at opfylde sin rolle som aktionær, ikke modvirkede FT-aktiens nedadgående tendens.
They maintain that the loan announcement does not constitute a guarantee.