natgillin/translations-raw huggingface dataset:
Foranstaltningerne Frankrig gennemførte i december 2002, som opfylder kriteriet om den private investor
Article 107(1) TFEU defines as being incompatible with the internal market, in so far as it affects trade between Member States, aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods.
Aktionærlånet i december 2002 synes at give en fordel til FT, da det giver selskabet mulighed at forøge sine finansielle midler og berolige markedet med hensyn til, at selskabet kunne overholde sine tilbagebetalingsfrister.
According to well established case law, the concept of aid embraces not only subsidies themselves, but also interventions which, in various forms, mitigate the charges which are normally included in the budget of an undertaking and which, without therefore being subsidies in the strict meaning of the word, are similar in character and have the same effect.
Selv om kontrakten om aktionærlånet aldrig blev underskrevet, var det, at markedet fik kendskab til planerne om aktionærlånet, umiddelbart nok til, at FT fik en fordel, fordi selskabets finansielle situation efter markedets opfattelse var blevet mere solid.
It follows from the above that the concept of aid is based on the economic concept of advantage, the formal criterion being therefore immaterial.
Det påvirkede sandsynligvis FT's lånemuligheder.
It is settled case law that classification as State aid for the purposes of Article 107(1) TFEU requires that all the conditions set out are fulfilled.
Det kan altså konstateres, at en gavnlig virkning for FT har fundet sted i forbindelse med de foranstaltninger, staten gennemførte i 2002.
Thus, for a national measure to be classified as ‘State aid’ for the purposes of Article 107(1) TFEU, first, there must be an intervention by the State or through State resources; second, that intervention must be liable to affect trade between Member States; third, it must confer a selective advantage on the recipient; and fourth, it must distort or threaten to distort competition.
Imidlertid anses en foranstaltning ikke for at være en fordel, og er dermed ikke omfattet af betegnelsen statsstøtte, hvis den begunstigede virksomhed kunne opnå den samme fordel som den, der er blevet stillet til rådighed for den ved hjælp af statens midler, på vilkår, der svarer til normale markedsvilkår, idet denne vurdering for offentlige virksomheder i princippet skal ske under anvendelse af kriteriet om den fornuftige, private aktør.
It is also settled case law that investment by the public authorities in the capital of undertakings, in whatever form, may constitute State aid within the meaning of Article 107 TFEU where the conditions set out in that Article are fulfilled.
I det forelæggende tilfælde må det afgøres, hvorvidt, under lignende omstændigheder, en privat investor af samme størrelse i 2002 kunne være foranlediget til at foretage en kapitaltilførsel af samme størrelse, under særlig hensyntagen til de tilgængelige oplysninger og forudsigelige udviklinger på dagen for disse tilførsler.
As regards the condition according to which the measure in question must be analysed as conferring an advantage on the recipient within the meaning of Article 107(1) TFEU, measures which, whatever their form, are likely directly or indirectly to favour certain undertakings or are to be regarded as an economic advantage which the recipient undertaking would not have obtained under normal market conditions are regarded as State aid.
Kriteriet for den fornuftige, private investor bør derfor gælde i tidspunktet, hvor den statslige, finansielle støtteforanstaltning, der kan kvalificeres som statsstøtte, blev vedtaget, det vil sige mellem den 4. december 2002 og den 20. december 2002.
In the present case, it seems appropriate to examine, first, whether France Télécom obtained an advantage financed using state resources.
Bebudelsen den 4. december 2002 og tilbuddet om aktionærlånet den 20. december 2002 bør undersøges samtidig.
If the Commission cannot conclude that such an advantage exists, or if it was not financed by state resources, it must conclude that the measure scrutinised does not constitute State aid, the conditions for the existence of State aid being cumulative.
I december 2002 fremgik det, at finansmarkedernes fremtidige tillid til FT i vidt omfang var genskabt, og at FT's rating var bibeholdt, navnlig takket være omstrukturerings- og afbalanceringsforanstaltninger i FT, herunder udnævnelsen af den nye ledelse og dennes udarbejdelse mellem oktober og december 2002 af ambitionsplanen 2005, der navnlig indførte gennemførelsen af en forbedringsplan for selskabets operationelle resultater, også kendt som »TOP-planen«.
First, it is worth recalling the principles that apply to this analysis, as laid down in the Bouygues judgment.
Ved bedømmelsen af aktionærlånet er det særlig vigtig at vurdere, hvorvidt selve deltagelsen i styrkelsen af egenkapitalen opfylder de normale markedsbetingelser.
The Court considered that:
Deltagelse i styrkelsen af egenkapitalen
it cannot be excluded … that several consecutive measures of State intervention must, for the purposes of Article 107(1) TFEU, be regarded as a single intervention.
Frankrigs deltagelse i styrkelsen af egenkapitalen var betinget af præsentationen på markedet af en troværdig plan for omstrukturering af FT.
That could be the case in particular where consecutive interventions, especially having regard to their chronology, their purpose and the circumstances of the undertaking at the time of those interventions, are so closely linked to each other that they are inseparable from one another …
Ambitionsplanen 2005 og TOP-planen udgør tilsammen en komplet, rationel og konsekvent plan.
It follows that, having found that it was necessary to identify a reduction of the State budget or a sufficiently concrete economic risk of burdens on that budget, closely linked and corresponding to, or having as a counterpart, a specific advantage deriving either from the announcement of 4 December 2002 or from the shareholder loan offer, the General Court erred in law by applying a test that immediately excludes those State interventions, depending on their links with one another and their effects, from being regarded as a single intervention.
Den åbner bl.a. mulighed for en likviditetsforøgelse på 15 mia. EUR via driftsforbedringer og afhændelse af aktiver uden for de centrale forretningsområder.
Next, according to the case law of the Court, State intervention capable of both placing the undertakings which it applies to in a more favourable position than others and creating a sufficiently concrete risk of imposing an additional burden on the State in the future, may place a burden on the resources of the State …
TOP-planen udgør en betydelig indsats fra FT's side.
In particular, the Court of Justice has had occasion to state that advantages given in the form of a State guarantee can entail an additional burden on the State …
Det er en global, administrativ omlægningsplan med udgangspunkt i konkrete tiltag.
Furthermore, the Court has already held that, where, in economic terms, the alteration of the market conditions which gives rise to an advantage given indirectly to certain undertakings is the consequence of the public authorities' loss of revenue, even the fact that investors then take independent decisions does not mean that the connection between the loss of revenue and the advantage given to the undertakings in question has been eliminated …
De franske myndigheder har præciseret, at planen gav 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.
Consequently, for the purposes of establishing the existence of State aid, the Commission must establish a sufficiently direct link between, on the one hand, the advantage given to the beneficiary and, on the other, a reduction of the State budget or a sufficiently concrete economic risk of burdens on that budget …
FT's aktiekurs steg 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 %.
As regards the interpretation and scope of the decision to open the formal investigation procedure relating to the measure at issue, the Bouygues judgment notes that this opening decision solely concerns the measures notified and not ‘whether the declarations from July 2002 constituted, in themselves, State aid’.
Gennemførelsen af kapitalforøgelsen blev iværksat, så snart det var teknisk muligt at give investorerne et tidssvarende overblik over FT's driftsperspektiver.
This final decision, whose subject matter is defined by the opening decision, does not therefore extend to that question.
Staten havde allerede fået tilsagn fra bankkonsortiet — betinget af, at der blev offentliggjort en troværdig plan — og havde ultimo november alle nødvendige oplysninger for at kunne afgøre, at denne betingelse ville være opfyldt, da staten havde set markedernes positive reaktion efter udnævnelsen af den nye ledelse.
As a further preliminary point, the Commission notes that the assessments of fact or of law adopted by the General Court in its judgment of 2 July 2015, in the light of the judgment on appeal of 30 November 2016 issued by the Court of Justice, have the force of res judicata, particularly as they form the grounds supporting its operative part.
Foruden forpligtelserne, som bankkonsortiet påtog sig i september 2002 om at stille sig som garant for kapitalforøgelsen hos FT over for de private investorer, må der tages hensyn til andre, vigtige elementer, nemlig afhændelsen af 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.
The measures taken by France between July and October 2002 had a significant effect on the market
Alle disse omstændigheder har ført til en betydelig forbedring af FT's driftsperspektiver og resultater i løbet af andet halvår af 2002.
The declarations from July 2002 allowed FT's rating to be maintained at investment grade and enabled the financial markets to regain confidence.
FT var ikke en kriseramt virksomhed i rammebestemmelsernes forstand, da der blev truffet beslutning om at investere.
They made it possible, easier and cheaper for FT to gain access to new loans necessary to refinance its short-term debts for the amount of EUR 15 billion, and ultimately helped to stabilise its fragile financial situation which, in June and July 2002, was on the point of deteriorating substantially.
De franske myndigheder understregede, at underskuddet først og fremmest skyldtes ekstraordinære hensættelser og nedskrivninger på aktiver købt forud for de helt uforudsigelige markedsændringer.
During the first half of 2002, France Télécom saw its credit rating downgraded following the publication of its 2001 annual accounts.
Staten som aktionær havde truffet alle forholdsregler for at sikre samtidig deltagelsen af offentlige og private aktionærer i styrkelsen af FT's kapital.
On 24 June 2002, Moody's downgraded the Company's rating to the lowest investment grade, just above that of junk bond, thereby making it very difficult for it to refinance its debt.
Statens deltagelse i styrkelsen af egenkapitalen blev således bebudet den 12. september 2002, og på denne dato havde bankkonsortiet 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.
This downgrading caused considerable concern on the financial markets about France Télécom's financial situation (and in particular about its capacity to refinance its EUR 15 billion debt falling due at the end of 2003), and the markets expected a reaction from the State designed to reassure them.
Ifølge de franske myndigheder var statens deltagelse ligeledes betinget af, at der blev fremlagt en plan, som markedet fandt troværdig, og at statens ikke havde forpligtet sig formelt forud for bankernes formelle engagement.
These circumstances show that the State had to act urgently to reassure the market and to prevent any further downgrading of France Télécom's credit rating to that of junk bond status, as this would have had a highly negative impact on the Company's financial situation.
Operationens betingelser var de samme for de offentlige organer og alle de private aktører, der deltog i styrkelsen af egenkapitalen.
The State thus retained this trust through successive declarations.
Desuden udgør aktionærernes 15 mia. EUR kun en tredjedel af de midler, der blev mobiliseret til den finansielle omstrukturering af FT.
In fact, the State's intervention had the effect of preventing any downgrading of France Télécom's credit rating to that of junk bond status, as is, moreover, clearly stated in S&P's press release of 12 July 2002, where the assurances provided by the State are hailed as being a key factor in France Télécom's not being reduced to junk bond status.
Tilbuddet om aktionærlånet og sin bebudelse den 4. december 2002
As to the market's reaction, the announcement of 12 July 2002 led to an abnormal and not negligible increase in the value of France Télécom's shares and bonds.
Så snart betingelsen, som bankkonsortiets tilsagn var underlagt, var gennemført — at der blev fremlagt en troværdig plan for markedet, annoncerede staten den 4. december 2002 aktionærlånet til FT.
Thus, compared with a set of telecom indexes representative of the market, France Télécom's share price rose by between 37,8 % and 43,8 %.
Under disse særlige omstændigheder ville det for en fornuftig, privat aktør anbragt under de betingelser, som ligger så tæt som muligt på statens betingelse som FT's hovedaktionær, have været rationelt at give en sådan, mundtlig støtte til FT.
The abnormal increase in bond prices amounted, for its part, to between 3,2 % and 9,7 %.
Det af staten som hovedaktionærens udbetalte lån var med hensyn til den planlagte investering en urisikabel, rentabel og gængs transaktion — forud for en kapitalforøgelse (med samme vilkår) — for at beskytte hovedaktionærens formueinteresser, mens det på grund af fristreglerne ikke var muligt at gennemføre kapitaltilførslen i december.
This reaction implies that the market believed that, by the announcement, the State was committing itself to offering France Télécom greater support.
Faktisk formindskes markedernes åbningsvindue betydelig i slutningen af november, ligesom FT forklarer.
As to the comments by financial analysts, Deutsche Bank, for example, mentioned in a report published on 22 July 2002 that the market was convinced, in the light of the Government's declarations, of the state support that would be provided by the Government to France Télécom, even if the market did query the scope and modalities of that support.
Investorerne bør tage højde for afslutningen af deres regnskaber den 31. december, og en større transaktion er vanskelig at administrere.
Similarly, S&P considered the Government's declarations to be credible to the point of influencing the Company's credit rating.
Ydermere er fristerne for indkaldelse til ekstraordinær generalforsamling med henblik på at give tilladelse til en kapitalforøgelse på minimum 15 dage, og gennemførelsen af transaktionen forudsætter frister på 30 dage.
On 12 July, S&P thus downgraded France Télécom's rating to BBB- but maintained its investment-grade rating with a stable outlook.
Lånet er midlertidigt, og tjener kapitalforøgelsen, hvoraf mange elementer giver anledning til at formode, at det vil blive en succes.
The fact that the State's support was credible to the point of enabling France Télécom's credit rating to remain at investment-grade quality is also corroborated by France Télécom itself.
FT har givet flere eksempler på tilkendte aktionærlån på det pågældende tidspunkt for at påvise, at et lån fra hovedaktionæren, der skal konverteres til kapital i løbet af kapitalforøgelsen, er en ordinær transaktion.
The declarations had a major impact on the market.
Aktionærlånet fra Italenergia Bis under Edison på en mia. EUR blev konverteret til kapital under en kapitalforøgelse i Edison i 2003.
A study of the comments and documents submitted by the French authorities and of the available parliamentary debates shows that the State's declarations helped to restore the financial markets' confidence.
Med henblik på en omstrukturering og børsnoteringen af Thus på London Stock Exchange har Scottish Power tilkendt et lån på 320 mio. GBP, hvoraf 260 mio. GBP er konverteret til kapital; de ubrugte midler er blevet annulleret.
In fact, ever since S & P's press release of 12 July 2002, the rating agencies were all agreed that the support shown by the State since July 2002 was decisive in maintaining France Télécom's investment-grade credit quality.
I 2002 deltog America Movil og Bell Canada International i den finansielle omstrukturering af deres fælles, sydamerikanske filial Telecom Americas i fællesskab med en anden investor.
The maintenance of France Télécom's investment-grade credit quality thus enabled France Télécom to avoid additional financial costs on the funds it had already borrowed owing to the existence of step-up clauses in some bond issues and on future borrowings.
120 mio. dollar er blevet udbetalt i form af aktionærlån, som skulle være refinansieret to år senere af aktier i Telecom Americas.
The maintenance of the investment-grade rating enabled France Télécom, moreover, to put its finances back on to a sound footing through a recapitalisation operation.
Den undersøgte foranstaltning, altså bebudelsen af aktionærlånet af den 4. december 2002, opfylder sammen med tilbuddet om aktionærlånet af den 20. december 2002 kriteriet om den fornuftige, private investor i en markedsøkonomi.
It further emerges from the General Court's findings and assessments, in paragraphs 249 to 254 of the judgment of 2 July 2015, that there was a significant break in the series of State measures taken by France for France Télécom between the months of July 2002 and December 2002.
Følgelig bør denne foranstaltning ikke anses for at udgøre en fordel for FT.
In addition, at paragraph 230 of that judgment, the General Court noted ‘a number of relevant factors which effectively determined the French State's decision in December 2002, that is, in addition to restoring the confidence of the financial markets and preserving FT's credit rating, primarily the restructuring and rebalancing measures taken within FT, including the Ambition 2005 plan drawn up by its new management between October and December 2002, which provided in particular for the implementation of a plan, “the TOP plan”.’
De øvrige betingelser som omhandlet i artikel 107, stk. 1, i TEUF
It also considered as ‘key factors’ in the case ‘the commitment given in September 2002 by a banking syndicate to underwrite that part of an increase in the capital of FT which was intended for private investors, 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.
Ifølge fast retspraksis forudsætter kvalificeringen som »støtte« som omhandlet i artikel 107, stk. 1, i TEUF, at samtlige betingelser i denne bestemmelse er opfyldt.
Taken as a whole, those factors brought about a marked improvement in FT's operational prospects and performance during the second half of 2002.’
Da der ingen særlige fordele er for FT ved hjælp af statsmidler som omhandlet i artikel 107, stk. 1, i TEUF, er det ikke længere nødvendigt at undersøge, om de andre nødvendige betingelser for at fastslå tilstedeværelsen af en støtte er opfyldt.
In paragraph 143 of the judgment on the appeal of 30 November 2016, the Court found that ‘as rightly held by the General Court in paragraph 230 of the judgment under appeal, deciding in advance in July 2002 the time when the prudent private investor criterion fell to be assessed would have necessarily excluded from that assessment relevant factors that occurred between July 2002 and December 2002.’
KONKLUSION
Consequently, in view of the particular circumstances of the case, there is no inextricable link between the measures that the French authorities took prior to December 2002 and the measures that they took in December 2002.
Kommissionen konstaterer, at det aktionærlån, som Frankrig i december 2002 tilkendte FT i form af en kreditbevilling på 9 mia. EUR ikke udgør en statsstøtte som omhandlet i artikel 107, stk. 1, i TEUF —.
It is necessary therefore to examine whether, between 4 December 2002 (when the State announced its shareholder loan to France Télécom) and 20 December 2002 (when the State sent France Télécom a signed and initialled draft shareholder loan agreement), the conditions for State aid were met, and in particular, whether the State acted in the same way as a prudent private investor in a market economy.
VEDTAGET DENNE AFGØRELSE:
The measures taken by France in December 2002 fulfilled the private investor criterion
Artikel 1
The December 2002 shareholder loan appears to confer an advantage on France Télécom, since it enables it to increase its means of financing and to reassure the market as to its ability to meet its maturities.
Det aktionærlån, som Frankrig i december 2002 tilkendte France Telecom i form af en kreditbevilling på 9 mia. EUR, udgør ikke støtte som omhandlet i artikel 107, stk. 1, i traktaten om Den Europæiske Unions funktionsmåde.
Even if the loan agreement has never been signed, the appearance given to the market of the existence of such a loan is, a priori, likely to confer an advantage on France Télécom as the market has considered the Company's financial situation to be more secure.
Artikel 2
This may have influenced France Télécom's borrowing terms.
Denne afgørelse er rettet til Den Franske Republik.
The advantageous effect of the measures taken by the State in December 2002 in favour of France Télécom is thus apparent.
Udfærdiget i Bruxelles, den 18. maj2018.
However, a measure is not deemed to constitute an advantage and so does not qualify as State aid if the recipient undertaking could, in circumstances which correspond to normal market conditions, obtain the same advantage as that which is made available to it through State resources.
På Kommissionens vegne
In the case of public undertakings, that assessment is made by applying, in principle, the prudent private operator test.
Medlem af Kommissionen
In the present case, it is necessary to determine whether, in similar circumstances, in December 2002, a private investor of a comparable dimension could have been prevailed upon to make capital contributions of the same size, having regard in particular to the information available and foreseeable developments at the date of those contributions.
EUT C 57 af 12.3.2003, s. 5.
The prudent private investor criterion must therefore be applied when the State financial support measure that may be characterised as State aid is adopted, that is between 4 December 2002 and 20 December 2002.
Med virkning fra 1. december 2009 er EF-traktatens artikel 87 og 88 blevet til henholdsvis artikel 107 og 108 i traktaten om Den Europæiske Unions funktionsmåde (»TEUF«).
The announcement of 4 December 2002 and the shareholder loan offer of 20 December 2002 must be jointly examined.