natgillin/translations-raw huggingface dataset:
De to sæt bestemmelser er i det væsentlige identiske.
In December 2002, it appeared that the confidence of the financial markets in France Télécom's future had been largely restored and that France Télécom's credit rating had been preserved, mainly as a result of the restructuring and rebalancing measures taken within FT, including the appointment of new management and their development of the Ambition 2005 plan between October and December 2002, which included the implementation of a plan, the ‘TOP plan’, to improve the Company's operational performance.
I denne afgørelse skal henvisninger til artikel 107 og 108 i TEUF efter omstændighederne forstås som henvisninger til EF-traktatens artikel 87 og 88.
In assessing the shareholder loan, it is important to determine whether the participation in the strengthening of the Company's capital base satisfies normal market conditions.
Se fodnote 1.
Participation in the strengthening of the Company's capital base
Kommissionens beslutning 2006/621/EF af 2. august 2004 om statsstøtte ydet af Frankrig til France Télécom (EUT L 257 af 30.9.2006, s. 11).
France's participation in the strengthening of the Company's capital base was conditional on the presentation to the market of a credible plan for the restructuring of France Télécom.
Rettens dom af 2. juli 2015, Frankrig mod Kommissionen, T-425/04, T-444/04, T-450/04 og T-456/04 ECLI:EU:T:2010:216.
The Ambition 2005 plan and the TOP plan together form a complete and rational coherent plan.
Domstolens dom af den 19. marts 2013, Bouygues og Bouygues Télécom mod Kommissionen m.fl. Og Kommissionen mod Frankrig m.fl., C-399/10 P og C-401/10 P, ECLI:EU:C:2013:175.
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.
Rettens dom af 2. juli 2015, Den Franske Republik mod Kommissionen, T-425/04 RENV og T-444/04 RENV, ECLI:EU:T:2015:450.
The TOP plan represents a considerable effort on France Télécom's part.
Rettens dom af 30. november 2016, Kommissionen mod Frankrig og Orange, C-486/15 P, ECLI:EU:C:2016:912.
It is an overall plan for a change of management direction based on specific actions The French authorities stress that the plan 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.
Opkøb af Mobilcoms kapital under vanskelige vilkår med en erhvervelse af kapitalandele til et meget højt beløb på 3,7 mia. EUR for 28,5 % af kapitalen, dvs. 80 gange operatørens indtjening før renter, skat og afskrivning (hvor børsprisen lå omkring 65 gange før rygterne om opkøbet).
As regards the expected return, the French authorities state that 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.
I sommeren 2002 fremhævede en revision af Mobilcoms muligheder selskabets ekstreme skrøbelighed, samt at det var umuligt at gøre investeringen rentabel (Rapporten på vegne af undersøgelsesudvalget vedrørende administration af offentlige selskaber med henblik på mere effektiv beslutningstagning, modtaget af nationalforsamlingens formandskab den 3. juli 2003).
France Télécom'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.
Les Echos no 18695, Frankrig, 12. juli 2002, s. 2.
The capital increase was initiated as soon as it was technically possible to present to investors updated data on France Télécom's operational prospects.
Off Watch; Outlook Stable; Teleconf 3:30PM BST Today, Standard & Poor's Ratings direct 12. juli 2002.
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.
Pressemeddelelse fra økonomi- og finansministeriet fra den 13. september 2002, France Télécoms finansielle situation.
In addition to the commitment given in September 2002 by the banking syndicate to underwrite that part of an increase in the capital of FT which was intended for private investors, consideration must be given to other key factors, namely the sale by FT of some EUR 2,5 billion in non-strategic assets between July and December 2002, the appointment of a new management team for the company in October 2002, and the resolution in November 2002 of the dispute between FT and the German operator Mobilcom.
Pressemeddelelse fra økonomi- og finansministeren, den 2. oktober 2002.
Taken as a whole, those factors brought about a marked improvement in FT's operational prospects and performance during the second half of 2002.
FT's pressemeddelelse af 5. december 2002, s. 1.
When the decision to invest was taken, France Télécom was not a firm in difficulty within the meaning of the Guidelines.
Research France Télécom, Standard & Poor's ratingsdirect, 17. december 2002: »Siden juli 2002 har den franske stats opbakning været en afgørende faktor for, at koncernens rating er blevet holdt i investeringskategorien«.
The French authorities 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.
Denne erklæring følger den af den 5. december 2002: »Standard og Poor's ratingservice meldte i dag, at den har bekræftet sin langfristede BBB- og kortfristede A-3 virksomhedskreditvurderinger [af FT] … Siden juli 2002 har Standard & Poor's angivet, at støtten fra den franske stat, som ejer 56 % af aktierne i FT, er en god garanti for, at koncernen bliver i investeringskategorien.
This performance was confirmed when the 2002 accounts were published.
Den franske stats bebudelse i dag, om at den straks vil bevillige et aktionærlån på 9 mia. EUR til at hjælpe FT med at stå over for sin obligationsgæld fra 2003, anses af Standard & Poor's som værende klare beviser på denne støtte«.
Furthermore, France Télécom was not in a cessation of payments situation.
Research France Télécom, Standard & Poor's ratingsdirect, 17. december 2002: »Statens bebudelse i december 2002 af bevillingen af et aktionærlån på 9 mia. EUR understreger sammen med statens tilsagn om at deltage i en kapitalforøgelse på 15 mia. EUR denne opbakning og giver således FT's kreditorer en god sikkerhed. …, FT og statens mål i denne henseende stemmer overens med Standard & Poor's forventninger for ratings.
France Télécom had access to the financial markets during the course of 2002, and all of the financing instruments were at the Company's disposal between 11 July 2002 and 15 January 2003.
Markedsvilkårene er muligvis ikke de bedste for transaktionen, men statens tilsagn om at deltage i kapitalforøgelsen — så den som minimum opretholder sin andel — reducerer risikoen ved den betydeligt«.
The French authorities 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.
Meddelelse fra Kommissionen — Fællesskabets rammebestemmelser for statsstøtte til redning og omstrukturering af kriseramte virksomheder (Meddelelse til medlemsstaterne med forslag til hensigtsmæssige foranstaltninger (EFT C 288 af 9.10.1999, s. 2)).
Market confidence in a recovery of France Télécom's financial situation may also be based on the fact 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 and that France Télécom's operating costs were increasing more slowly than its turnover.
Note fra Sureau af 14. januar 2004.
Moreover, operating results and cash flow were increasing.
Som tidligere hed Neuf Télécom.
The State shareholder took every step to ensure the participation of public and private shareholders in the strengthening of France Télécom's capital base.
Dekret nr. 2002-1409 af 2. december 2002 om ændring af dekret nr. 65-1117 af 17. december 1967 om ERAP's administrative og finansielle organisation.
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 the 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.
Paragraf 80 i lov nr. 2002-1576 af 30. december 2002 om ændring af finansloven for 2002.
According to the French authorities, the State's participation was also conditional on the announcement of a plan considered by the market to be credible, and the State did not commit itself formally prior to the banks' formal undertaking.
Fællesskabets rammebestemmelser for statsstøtte til redning og omstrukturering af kriseramte virksomheder (EUT C 244 af 1.10.2004, s. 2).
The terms of the operation were the same for the public bodies and all the private operators participating in the strengthening of the Company's capital base.
De franske myndigheder nævnte bl.a. obligationsemissioner, kreditbevillinger, virksomhedscertifikater, kortfristede lån, securitisering og derivatmarkedet.
In addition, the EUR 15 billion from the shareholders only represents a third of the funds mobilised in support of France Télécom's financial restructuring.
Fra den 26. juli 2002 til offentliggørelsen af ambitionsplanen 2005, dvs. den 4. december 2002, udstedte FT et obligationslån på 70 mio. EUR den 26. juli 2002 og en rate på 150 mio. EUR, som blev slået sammen med det obligationslån på 3,5 mia. EUR, der blev ydet i marts 2001.
The shareholder loan offer and its announcement on 4 December 2002
Rettens dom af 12. december 2000, Alitalia mod Kommissionen, T-296/97, ECLI:EU:T:2000:289.
On 4 December 2002, once the condition for the banking syndicate's commitment had been fulfilled — namely, the announcement to the market of a credible rebalancing plan — the State announced the shareholder loan to France Télécom.
Kommissionens beslutning 2001/89/EF af 23. juni 1999 om betinget godkendelse af de franske myndigheders støtte til Crédit Foncier de France (EFT L 34 af 3.2.2001, s. 36).
In this situation, it would have been rational for a prudent private operator in similar circumstances to the State (France Télécom's majority shareholder) to express its oral support for France Télécom.
De franske myndigheders bemærkninger af 29. juli 2003, s. 8.
The loan granted by the State, as majority shareholder, in view of the planned investment, was in this case a low-risk, profitable and normal transaction — pending a capital increase (on equal terms) — aimed at safeguarding the majority shareholder's financial interests at a time (the month of December) when it was not possible to recapitalise France Télécom for reasons of scheduling.
De franske myndigheders bemærkninger af 29. juli 2003, s. 9.
Indeed, as France Télécom explains, the market window virtually closes at the end of November, since investors have to take into account their financial year-end on 31 December and major deals can be difficult to arrange.
Rettens dom af 12. december 1996, Air France mod Kommissionen, T-358/94, ECLI:EU:T:1996:194; se også Kommissionens beslutning 94/662/EF af 27. juli 1994 om CDC-Participations tegning af obligationslån emitteret af Air France (EFT L 258 af 6.10.1994, s. 26).
In addition, a minimum of 15 days' notice must be given before holding an extraordinary general meeting to approve a capital increase, which takes a further 30 days to complete.
Domstolens dom af 15. marts 1994, Banco Exterior de España, C-387/92, ECLI:EU:C:1994:100, præmis 13, Domstolens dom af 19. september 2000, Tyskland mod Kommissionen, C-156/98, ECLI:EU:C:2000:467, præmis 25, Rettens dom af 13. juni 2000, EPAC mod Kommissionen, T-204/97 og T-270/97, ECLI:EU:T:2000:148.
The loan is temporary and provides bridging finance for the capital increase, which by many accounts is expected to be a success.
Domstolens dom af 2. september 2010, Kommissionen mod Deutsche Post, C-399/08 P, ECLI:EU:C:2010:481, præmis 38 og den deri nævnte retspraksis, og Domstolens dom af 21. december 2016, Kommissionen mod Hansestadt Lübeck, C-524/14 P, ECLI:EU:C:2016:971, præmis 40, Domstolens dom af 21. december 2016, Kommissionen mod World Duty Free Group SA m.fl., C-20/15 P og C-21/15 P, ECLI:EU:C:2016:981, præmis 53, og Domstolens dom af 20. september 2017, Frucona Košice mod Kommissionen, C-300/16 P, ECLI:EU:C:2017:706, præmis 19.
For example, the EUR 1 billion shareholder loan from Italenergia Bis to Edison was converted into equity during Edison's capital increase in 2003.
Domstolens dom af 2. september 2010, Kommissionen mod Deutsche Post, C-399/08 P, ECLI:EU:C:2010:481, præmis 39 og den deri nævnte retspraksis, og Domstolens dom af 21. december 2016, Kommissionen mod Hansestadt Lübeck, C-524/14 P, ECLI:EU:C:2016:971, præmis 40, Domstolens dom af 21. december 2016, Kommissionen mod World Duty Free Group SA m.fl., C-20/15 P og C-21/15 P, ECLI:EU:C:2016:981, præmis 53, og Domstolens dom af 20. september 2017, Frucona Košice mod Kommissionen, C-300/16 P, ECLI:EU:C:2017:706, præmis 19.
In preparation for the restructuring and IPO of Thus on the London Stock Exchange, Scottish Power granted a loan of GBP 320 million, of which GBP 260 million was converted into equity; the undrawn balance was cancelled.
Domstolens dom af 14. september 1994, Spanien mod Kommissionen, C-278/92 til C-280/92, ECLI:EU:C:1994:325, præmis 20 og den deri nævnte retspraksis, og Domstolens dom af 8. maj 2003, Italien og SIM 2 Multimedia mod Kommissionen, C-399/00 og C-328/99, ECLI:EU:C:2003:252, præmis 36 og den deri nævnte retspraksis.
In 2002, America Movil and Bell Canada International participated in the financial restructuring of their South American joint venture Telecom Americas, alongside another investor.
Domstolens dom af 2. september 2010, Kommissionen mod Deutsche Post, C-399/08 P, ECLI:EU:C:2010:481, præmis 40 og den deri nævnte retspraksis.
In this case, USD 120 million was paid in the form of a shareholder loan which had to be refinanced two years later in Telecom Americas shares.
Præmis 70-72 i Boygues-dommen.
During the Ericsson capital increase, the commitment of the main shareholder (Industrivärden and Investor) was announced by the company in April 2002, even though the deal was not approved until June 2002 and was not launched until August of that year.
Domstolens dom af 30. november 2016, Frankrig mod Kommissionen, C-486/15 P, ECLI:EU:C:2016:912.
In the case of Fiat's capital increase in July 2003, the intention of the reference shareholders to subscribe to new shares in proportion to their shareholding was published in March 2003.
Se erklæringerne fra FT's tidligere bestyrelsesformand, Michel Bon, i pressen: fra en artikel i Tribune den 16. september 2002 »… ratingnedsættelse forhindrer planlagt refinansiering«; en artikel i Le Monde den 16. september 2002: »forringelsen sidst i juni i Moody's rating for FT's gæld […] har blokeret for vores adgang til markedet«; en artikel i Financial Times den 16. september 2002: »FT kan ikke overleve, når ingen vil låne os penge og alle tilmed kræver striks overholdelse af betalingsfristerne på tidligere lån.
In the light of these examples, and given France Télécom's position in December 2002, the Commission cannot rule out the possibility that in December 2002, the State acted towards France Télécom as a prudent private operator in a market economy would have done in similar circumstances, as France Télécom's majority shareholder.
Som markedet er nu, kan det simpelthen ikke lade sig gøre for os at refinansiere vores gæld«.
Conclusion
Visse mener endog, at selskabet ikke engang ville have kunnet skaffe den fornødne likviditet på markedet, hvis dens rating blev yderligere forringet.
The measure being scrutinised — namely, the announcement of the shareholder loan of 4 December 2002, coupled with the shareholder loan offer of 20 December 2002 — thus meets the criterion of the prudent private investor in a market economy.
Se f.eks. s. 9 i den ovennævnte rapport fra Goldman Sachs af 22. juli 2002:»Hvis disse obligationer blev rykket fra markedet for fastforrentede værdipapirers investment-grade segment til »junk«, det vil sige »high yield«, ville de oversvømme det nuværende, europæiske high yield-marked (…) [og] vi tror, at det ville blive vanskeligt for den eksisterende, europæiske investorbase alene at absorbere alle France Telecoms obligationer. «
Therefore, this measure should not be considered as an advantage for France Télécom.
NERA's rapport: »Resultaterne af en analyse af, hvordan bebudelsen den 12. juli 2002 påvirkede aktie- og obligationskurserne.
The further conditions laid down by Article 107(1) TFEU
Analysen viser, at der er en stærkt positiv virkning: som følge af erklæringen troede markedsdeltagere på, at de cash flows, som France Telecom ville generere, ville være højere end de ellers ville være.
It is settled case law that classification as State aid requires all the conditions set out in Article 107(1) TFEU to be fulfilled.
Påvirkningen er desuden i høj grad statistisk signifikant: den skyldes ikke tilfældige prisudsving … Ud fra tilkendegivelsen var det markedets opfattelse, at de franske myndigheder ville yde mere støtte til France Télécom end de ville, hvis der ikke var omkostninger til dårlige driftsresultater«.
In the absence of an advantage for France Télécom from state resources within the meaning of Article 107(1) TFEU, it is no longer necessary to analyse whether the other conditions required for determining the presence of aid are fulfilled.
Rapport fra Deutsche Bank af 22. juli 2002 med titlen »France Télécom/Deutsche Telekom Debt Liquidity and possible solution«, s. 19-33.
CONCLUSION
France Télécoms rating nedsat til »BBB-«; Off Watch; Outlook Stable; Teleconf 3:30PM BST Today, Standard & Poor's Ratings direct, 12. juli 2002.
The Commission finds that the shareholder loan granted by France to France Télécom in December 2002 in the form of a EUR 9 billion credit line does not constitute State aid within the meaning of Article 107(1) TFEU,
Board meeting presentation, status over France Télécom, december 2002, s. 36.
HAS ADOPTED THIS DECISION:
I en følgeskrivelse til finansieringsaftalen, underskrevet af […] Morgan Stanley Bank den 12. september 2002, om denne banks tilsagn til selskabets planlagte kapitalforøgelse udtaler bankens repræsentant sig utvetydigt herom: »Vi vurderer, at den planlagte transaktion vil være vanskelig at gennemføre under de aktuelle forhold, og at en positiv reaktion fra markederne på de tilkendegivelser og meddelelser, der offentliggøres sidst på ugen, vil være en nøglefaktor til sikring af de vilkår, denne transaktion forudsætter.«
Article 1
Se FT formular 20-F, marts 2003, P15-16, »en nedsættelse af S & P's og Moody's langfristede vurdering af FT ville automatiske øge dets årlige renteudgifter med omkring 75 mio. EUR«.
The shareholder loan granted by France to France Télécom in December 2002 in the form of a EUR 9 billion credit line does not constitute aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
En step-up-klausul er en bestemmelse om, at obligationskupon- og kreditrentesatserne sættes op, hvis ratingen sættes ned.
Article 2
Finansieringsaftale mellem staten og bankerne, underskrevet 11. og 12. september 2002 (betingelse h).
This decision is addressed to the French Republic.
Domstolens dom af 30. november 2016, Kommissionen mod Frankrig, C-486/15 P, ECLI:EU:C:2016:912, præmis 142 og præmisserne i Rettens dom af 2. juli 2015, Den Franske Republik mod Kommissionen, T-425/04 RENV og T-444/04 RENV, ECLI:EU:T:2015:450, som den henviser til.
Done at Brussels, 18 May 2018.
Domstolens dom af 30. november 2016, Kommissionen mod Frankrig, C-486/15 P, ECLI:EU:C:2016:912, præmis 137 og præmisserne i Rettens dom af 2. juli 2015, Den Franske Republik mod Kommissionen, T-425/04 RENV og T-444/04 RENV, ECLI:EU:T:2015:450, præmis 247.
For the Commission
Jf. f.eks. »Moody's forventer nu, at en kombination af dette facilitetsråderum for den eksisterende, syndikerede facilitet på 15 mia. EUR og det frie cash flow vil gøre en holdbar gældsafvikling af de 15 mia. EUR, der skal tilbagetales i løbet af de næste 12 måneder, mulig.«, Moody's 9. december 2002.
Member of the Commission
Rettens dom af 2. juli 2015, Den Franske Republik mod Kommissionen, T-425/04 RENV og T-444/04 RENV, ECLI:EU:T:2015:450, præmis 220; Domstolens dom af 8. maj 2003, Italien og SIM 2 Multimedia mod Kommissionen, C-399/00 og C-328/99, ECLI:EU:C:2003:252, præmis 38 og den deri nævnte retspraksis.
OJ C 57, 12.3.2003, p. 5.
Rettens dom af 2. juli 2015, Den Franske Republik mod Kommissionen, T-425/04 RENV og T-444/04 RENV, ECLI:EU:T:2015:450, præmis 251.
With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the Treaty on the Functioning of the European Union (‘TFEU’).
Domstolens dom af 19. marts 2013, Bouygues og Bouygues Télécom mod Kommissionen m.fl. og Kommissionen mod Frankrig m.fl., C-399/10 P og C-401/10 P, ECLI:EU:C:2013:175, præmis 127-131.
The two sets of provisions are, in substance, identical.
Disse elementer er relevante ifølge Rettens dom af 2. juli 2015, Den Franske Republik mod Kommissionen, T-425/04 RENV og T-444/04 RENV, ECLI:EU:T:2015:450, præmis 230.
For the purposes of this Decision, references to Articles 107 and 108 TFEU should be understood as references to Articles 87 and 88, respectively, of the EC Treaty, where appropriate.
Dom afsagt af Domstolen i sagen Kommissionen mod Deutsche Post, C 399/08 P, ECLI:EU:C:2010:481, præmis 38 og den deri nævnte retspraksis.
See footnote 1.
Indledningsbeslutningen blev meddelt Frankrig den 31. januar 2003.
Commission Decision 2006/621/EC of 2 August 2004 on the State Aid implemented by France for France Télécom (OJ L 257, 30.9.2006, p. 11).
Efter rettelse af visse fejl blev der fremsendt en ændringsskrivelse til Frankrig den 7. marts 2003.
Judgment of the General Court of 2 July 2015, France v Commission, T-425/04, T-444/04, T-450/04 and T-456/04, ECLI:EU:T:2010:216.
Kommissionen videresendte disse bemærkninger til Frankrig den 16. maj 2003.
Judgment of the Court of Justice of 19 March 2013, Bouygues SA and Bouygues Télécom SA v European Commission and Others and European Commission v French Republic and Others, C-399/10 P and C-401/10 P, ECLI:EU:C:2013:175.
Kommissionen modtog kommentarerne i Frankrigs breve af 30. juni 2003 og 29. juli 2003.
Judgment of the General Court of 2 July 2015, French Republic (T-425/04 RENV) and Orange (T-444/04 RENV) v European Commission, ECLI:EU:T:2015:450.
Kommissionen og selskaberne Bouygues appellerede dommen af den 21. maj 2010.
Judgment of the Court of Justice of 30 November 2016, European Commission v French Republic and Orange, C-486/15 P, ECLI:EU:C:2016:912.
Ved dommen af den 19. marts 2013 (herefter »Bouygues-dommen«) annullerede Domstolen dommen af den 21. maj 2010, og hjemviste sagerne T-425/04, T-444/04 og T-450/04 til Retten med henblik på, at den skulle træffe afgørelse vedrørende de anbringender og påstande, der var fremsat for den, og som Domstolen ikke havde taget stilling til.
A stake in Mobilcom was acquired in difficult circumstances by investing a very large amount of EUR 3,7 billion in a 28,5 % shareholding, valuing the operator at 80 times its EBITDA (compared with a stock-exchange valuation before rumours of the deal emerged of the order of 65 times EBITDA).