natgillin/translations-raw huggingface dataset:
In making its investment decision in 1997, a prudent private investor in a situation as close as possible to that of the French authorities would have used the regular estimates of EDF's future earnings validated by the competent authorities and used as a financial scenario, as contained in the EDF's projected income statement 1997-2000 (recitals 90-92, Table 1, recital 97).
Komisjon ei nõua abi tagastamist, kui see on vastuolus ühenduse õiguse üldpõhimõttega”.
The tax exemption represented 11 % of the FRF 53,3 billion of EDF's capital and capital contributions in 1997, after the restructuring of the balance sheet.
Komisjoni eesmärk asjaomaselt liikmesriigilt siseturuga kokkusobimatu abi tagasinõudmisel on taastada eelnev olukord [47].
It can therefore be assumed that the investment conferred a right to receive 11 % of the dividends (remuneration of the capital contributions as estimated in Tables 1 and 4) and of the value of EDF.
Sellega seoses leiab komisjon, et see eesmärk saavutatakse, kui abi saajad maksavad tagasi ebaseadusliku abina saadud summad, kaotades seega konkurentide ees saadud eelise.
In order to determine this value, a model for calculating the long-term value of an undertaking should be applied, i.e. the dividend discount model (DDM) [38].
Sel viisil taastatakse abi andmisele eelnenud olukord [48].
The results of the DDM analysis of an investment of FRF 5,88 billion based on the dividends foreseen in EDF's projected income statement 1997-2000 (remuneration for capital contributions and additional remuneration in Table 1) are presented in Table 6, noting the internal rate of return (IRR) of financial flows and the net present value (NPV) for the target rates of return of 12 %, 6,35 % and 5,58 % [39].
Antud konkreetsel juhul ilmneb, et mitte ükski liidu õiguse üldpõhimõte ei ole vastuolus kõnealuse ebaseadusliku abi tagasinõudmisega.
These results are calculated for a baseline scenario based on standard analysis practice (Table 6.1), with three less plausible sensitivity analyses which loosen the assumptions of the baseline scenario and thus simulate a higher rate of return for the shareholder than the reference scenario (Tables 6.2, 6.3 and 6.4).
Seejuures ei ole Prantsusmaa ega huvitatud isikud esitanud sellega seoses mingeid põhjendusi.
Table 6
Sellest järeldub, et Prantsusmaa peab võtma kõik vajalikud meetmed, et nõuda EDFilt tagasi äriühingu tulumaksust vabastamise teel saadud ebaseaduslik abi suuruses 5882849762 Prantsuse franki, mis oli seotud 14119065335 Prantsuse frangi suuruse reservi osa ümberliigitamisega kapitaliks.
Estimate of the return (NPV) on an investment of FRF 5,88 billion using the MDD model based on the projected income statement of EDF 1997-2000 (Table 1) (billion FRF)
Kõnealuse tagasinõudmise käigus peavad Prantsusmaa ametiasutused täiendavalt lisama tagastatavatele summadele ka intressid, mida arvestatakse alates kuupäevast, mil ebaseaduslikud abisummad kanti ettevõttele üle, see tähendab alates äriühingu tulumaksu tasumise kohustuse tekkimisest 1997. maksundusaasta eest kuni summa tegeliku tagasimaksmiseni [49] vastavalt komisjoni määruse (EÜ) nr 794/2004 V peatüki sätetele [50].
Baseline scenario (Growth of dividends foreseen for end of period 1999-2000)
Prantsusmaa intresse EDFile tuleb siiski arvesse võtta.
The table reads as follows:
Prantsuse ametiasutused peavad eespool osutatud summa sisse nõudma 4 kuu jooksul alates käesolevast otsusest teatamisest.
For financial flows between 1.1.1997 and 31.12.2000, the NPV with a discount rate of 12 % is FRF – 3,43 billion (…) and the IRR is – 3 %
Väljakujunenud kohtupraktika kohaselt võib liikmesriik ettenägematute raskuste või asjaolude ilmnemisel, mis komisjonil olid märkamata jäänud, anda neist probleemidest komisjonile teada ja edastada vajalike muudatuste tegemise ettepanekud komisjonile hindamiseks.
Investment
Sellisel juhul peavad komisjon ja asjaomane liikmesriik tegema raskuste ületamiseks heas usus koostööd, järgides samas rangelt [51] Euroopa Liidu toimimise lepingu sätteid.
DDM value
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
NPV at 12 %
Artikkel 1
IRR
Artikkel 2
Sensitivity 1 (ɗ dividends = 4,51 % annual rate 1997/2000)
Prantsuse Vabariik on kohustatud artiklis 1 nimetatud abile vastava summa eurodes abi saajalt sisse nõudma.
Sensitivity 2 (Base scenario + additional 11 % quasi-equity capital)
Tagasimakstavatelt summadelt arvestatakse intressi alates kuupäevast, mil abi anti abisaaja käsutusse, kuni selle tegeliku tagastamise kuupäevani.
Sensitivity 3 (Sensitivity 1 + additional 11 % quasi-equity capital)
Intressid on arvutatud määruse (EÜ) nr 794/2004 V peatükis sätestatud korra kohaselt.
The estimates from Table 6 show that, if the amount of FRF 5,88 billion allegedly invested had conferred entitlement to a proportional percentage of the dividends and the value of EDF, the operation would have produced a large negative net present value (FRF – 3,43 billion).
Artikkel 3
In order for the investment to be financially advantageous for a private market economy investor, on the most widely used assumption (Table 6.1), it would have been necessary for the prudent private investor to be satisfied by a rate of return well below an opportunity cost of capital of 12 % for an investment in liquid EDF shares, and indeed also below the rate paid on French Government bonds with maturities of 30 years (6,35 %) and 10 years (5,58 %) in 1997.
Artiklis 1 osutatud abi nõutakse tagasi viivitamata ja tõhusalt.
Clearly, a prudent private investor would not have made the investment in those circumstances.
Prantsuse Vabariik tagab, et käesolev otsus rakendatakse nelja kuu jooksul alates otsusest teatamise kuupäevast.
These conclusions do not change qualitatively if, as sensitivity test, other assumptions are used which, although less plausible, value the alleged investment more (Tables 6.2 to 6.4) [40].
Artikkel 4
In any event, the rate of return provided is below 12 %, and indeed also even lower than the return on French Government 30-year and 10-year bonds in 1997.
Kahe kuu jooksul alates käesoleva otsuse teatavaks tegemisest peab Prantsuse Vabariik esitama komisjonile järgmise teabe:
Finally, examination of other variables available in EDF's projected operating results, such as the revenue estimates, core business income or the net income (recitals 166 to 168) would not have allowed the prudent private investor to expect a complete trend reversal leading to a better return or the creation of value for the state as shareholder down the line.
abisaajalt tagasi nõutav kogusumma (põhisumma ja intressid);
These developments, which were foreseeable and foreseen in 1997, further corroborate the conclusions and their extension to the period after 2000, as foreseeable by a prudent private investor in 1997 on the basis of the information supplied by the French authorities.
dokumendid, mis tõendavad, et abi saajat on abi tagastamise kohustusest teavitatud;
Even supposing that the prudent private investor would have expected a capital gain in addition to a regular return from EDF, which nothing in the information and data sent by the French authorities indicates, and which moreover would be too risky to expect having regard to the status of EDF in 1997, it can be ruled out that it would have made the alleged investment.
Prantsuse Vabariik teavitab komisjoni käesoleva otsuse täitmiseks võetud riiklike meetmete edenemisest, kuni artiklis 1 nimetatud abi on täielikult tagasi makstud.
Accordingly, the application of the test of the prudent private investor in a market economy shows that, even if the tax exemption of FRF 5,88 billion was in fact an investment decision on the part of the state as shareholder, the operation would not have been carried out by a prudent private investor in possession of the information put forward by the French authorities.
Prantsusmaa esitab viivitamata, komisjoni esimesel nõudmisel kogu teabe käesoleva otsuse täitmiseks juba võetud ja kavandatud meetmete kohta.
In this connection, the comments by EDF reproduced in recital 71, according to which the tax exemption had no detrimental effect on competition and did not provide an advantage since EDF could in any event have found equivalent financing on the capital markets, are contradicted by the facts.
Samuti esitab ta üksikasjaliku teabe abisaaja juba tagastatud abisummade ja intresside kohta.
It is common ground that EDF could not have issued shares on the markets to obtain this amount.
Artikkel 5
Even if EDF would probably have been able to find a lender, the corresponding loan or bond issue would have had to be remunerated, in all likelihood, at a higher rate than the rate that the French state anticipated for capital contributions to EDF for the period 1997-2000 and higher than the refinancing cost equivalent to the government bonds in 1997.
Käesolev otsus on adresseeritud Prantsuse Vabariigile.
If EDF could have had an equivalent amount in principal, the financing costs would have been greater than that of the alleged investment.
Brüssel, 22. juuli 2015
Even then, without taking into account a repayment of principal, which EDF was not required to make, in the amount of the tax exemption or the equivalent amount in capital contributions in 1997, the measure would have provided an economic advantage to EDF by reducing its financing costs.
Komisjoni nimel
Even if the principle of the prudent private investor in a market economy were applicable, in the light of the documents provided by the French authorities shedding light, according to them, on the profit expectations and risks attached to the alleged investment in the form of a tax exemption, application of the test of the private investor in a market economy leads to the conclusion that a prudent private investor would not have invested an amount equal to the tax due in the EDF capital increase in 1997.
Margrethe Vestager
The non-payment by EDF of FRF 5,88 billion in corporation tax does not appear to be a productive investment by the state as shareholder in application of the principle of the prudent private investor in a market economy.
Alates 1. detsembrist 2009 muutusid Euroopa Ühenduse asutamislepingu artiklid 87 ja 88 vastavalt Euroopa Liidu toimimise lepingu artikliteks 107 ja 108.
It appears rather to be an ad hoc derogating tax exemption that provided an economic advantage to EDF equal to the amount of tax not paid.
Sätted on sisult identsed.
Such an advantage necessarily strengthens the position of EDF vis-à-vis its competitors, since the amount of equity capital determines, among other factors, the external financing capacity and conditions of an undertaking while, moreover, the resources saved in this way could be used for other purposes such as, for example, investment in France or in other Member States where competitors conducted their business in 1997.
Käesolevas otsuses tuleb viiteid Euroopa Liidu toimimise lepingu artiklitele 107 ja 108 käsitada vajaduse korral vastavalt viidetena EÜ asutamislepingu artiklitele 87 ja 88.
The economic advantage therefore distorts competition within the meaning of Article 107(1) of the TFEU.
Euroopa Liidu toimimise lepinguga tehti terminoloogiasse teatavaid muudatusi: „ühendus” asendati „liiduga” ja „ühisturg” „siseturuga”.
The advantage is selective, since the non-payment of corporation tax on some of the accounting provisions constitutes an exception to the tax treatment normally applicable to such an operation and, in the present case, this exception was applied only to EDF.
Käesolevas otsuses kasutatakse läbivalt Euroopa Liidu toimimise lepingu terminoloogiat.
STATE RESOURCES
EÜT C 280, 16.11.2002, lk 8.
The concept of aid embraces not only positive benefits, such as subsidies, but also interventions by the public authorities which mitigate the charges that are normally included in the budget of an undertaking and which have the same effect as subsidies [41].
ELT L 49, 22.2.2005, lk 9.
The EU Courts have consistently held [42] that the non-collection by the state of a tax which should normally have been collected is equivalent to the consumption of state resources.
Üldkohtu 15. detsembri 2009. aasta otsus kohtuasjas T-156/04: EDF vs. komisjon (EKL 2009, lk II-04503).
The non-collection of the full amount of corporation tax due in respect of the 1997 financial year derived directly from a measure adopted by the state, namely Act No 97-1026 of 10 November 1997.
Kohtuotsus C-124/10P: EDF vs. komisjon (EU:C:2012:318).
DISTORTION OF COMPETITION AND EFFECT ON TRADE BETWEEN MEMBER STATES
ELT C 186, 28.6.2013, lk 73.
From its creation in 1946 to the entry into force of Directive 96/92/EC, EDF enjoyed a monopoly position in the French market with exclusive rights for the transmission, distribution, and import and export of electricity.
Prantsuse ametiasutuste 23. detsembri 2013. aasta vastus, punktid 71 ja 72.
However, EDF competed with other producers in other Member States already ahead of the entry into force of Directive 96/92/EC.
1993. aasta eriaruanne EDFi kontsessioonide kohta, 10. oktoober 1994.
Moreover, free competition existed in related markets not subject to exclusive rights where EDF had already diversified its activities beyond its exclusive rights in both geographic and sectoral terms.
Euroopa Parlamendi ja nõukogu direktiiv 96/92/EÜ, 19. detsember 1996, elektri siseturu ühiseeskirjade kohta (EÜT L 27, 30.1.1997, lk 20).
Effects on competition did therefore exist well before the liberalisation provided for by Directive 96/92/EC.
Nõukogu määrus (EÜ) nr 659/1999, 22. märts 1999, millega kehtestatakse üksikasjalikud eeskirjad Euroopa liidu toimimise lepingu artikli 108 kohaldamiseks (EÜT L 83, 27.3.1999, lk 1).
Electricity was the subject of significant, growing trade between Member States in which EDF was actively engaged.
Kohtuotsus C-124/10P: EDF vs. komisjon (EU:C:2012:318, punkt 84).
These exchanges, reinforced by the adoption of Council Directive 90/547/EEC [43], were taking place on the basis of commercial agreements between the various operators of the high-voltage electricity networks in the Member States.
„Does the 1997 recapitalisation of EDF by the French State meet the private investor test?”.
In the European OECD member countries, electricity imports grew at an average annual rate of over 7 % between 1980 and 1990.
Lõpparuanne, 15. oktoober 2013.
Between 1981 and 1989, EDF multiplied the surplus on its balance of trade in electricity nine fold, achieving net exports of 42 TWh, representing 10 % of its total production.
8. aprillil 1997. aastal allkirjastatud riigi ja EDFi tegevusleping ajavahemikuks 1997–2000.
In 1985, EDF already exported 19 TWh to other Member States.
Majandus- ja rahandusministri ning tööstus-, posti ja sideministri 12. juuli 1996. aasta kiri EDFi presidendile, majandus- ja rahandusministri, eelarveküsimuste volitatud ministri ning tööstus-, posti ja sideministri 22. aprilli 1997. aasta kiri EDFi presidendile.
Even before Directive 96/92/EC entered into force in February 1999, some Member States acted unilaterally to open up their electricity market.
EDFi finantsdirektori 19. veebruari 1997. aasta kiri riigikassa rahastamise ja osaluste talituse juhatajale;
In particular, the United Kingdom opened up its market completely for large industrial customers in 1990.
EDFi 27. juuli 1996. aasta analüüsiteatis aktsionäri maksete kohta, edastatud senatile 15. septembril 1997.
Sweden opened up its market completely in 1996, Finland began the process in 1995 and reached 100 % market opening in 1997, Germany completely opened up its market in 1998 and the Netherlands opened up its market completely for industrial customers in 1998.
Mitmeid majandus- ja rahandussätteid hõlmava seaduseelnõu artikli 45 seletuskiri, mis on vastu võetud ministrite nõukogus 5. aprillil 1997;
In those circumstances, even before the deadline set by the Directive for opening up the market to competition, State aid granted to enterprises enjoying a monopoly in a Member State that took an active part in intra-Union trade, as in the case of EDF, was likely to affect trade between Member States within the meaning of Article 107(1) of the Treaty.
rahvuskogu rahanduse, üldise majanduse ja plaanikomisjoni aruanne, mille esitas saadik Didier MIGAUD 10. septembril 1997 ja mis hõlmab seaduseelnõu nr 201, millega kehtestatakse kiireloomulised maksundus- ja rahandusmeetmed;
The report also stressed that in 1997 EDF had ‘increased the number and size of its investments in Europe by extending its presence to Austria and Poland’ and had ‘exported over 70 TWh in Europe’.
majandus-, rahandus- ja tööstusministri ettekanne, milles tutvustatakse kiireloomuliste maksundus- ja rahandusmeetmete seaduseelnõu ning mis esitati senatile 2. oktoobril 1997.
These exports were delivered in competition with alternative suppliers in the markets concerned.
Ärisaladus.
The 1997-2000 management contract, signed on 8 April 1997 between the French state and EDF, stipulated that EDF was to allocate some FRF 12-13 billion to its international investments, assigning priority to regions in Europe.
Lepingus osutatakse direktiivile 96/92/EÜ.
Between 2000 and 2002, EDF acquired one third of the capital of the German company EnBW, increased the production and distribution capacities of its United Kingdom subsidiary London Electricity, took direct control of the Italian enterprise Fenice and set up a partnership with Fiat for the purchase of Montedison (now Edison).
Kõnealuses direktiivis ning sellele järgnenud direktiivides ei nähta ette eeskirju elektrienergia tootjate, transportijate ja tarnijate ettevõtlusvormi kohta siseturu tingimustes.
In 1997, SDS, a wholly owned subsidiary of EDF, brought together its activities associated with the provision of services to individual customers, businesses and local authorities.
Eelmiste perioodide jaotamata tulemit hõlmavad muudatused ei ole käsitatavad artikli toimena otseses mõttes, vaid on selle loogiline tagajärg.
SDS was active in waste treatment, street lighting and other energy-related services and generated turnover equivalent of EUR 685 million in 1998 as against EUR 650 million in 1997.
Tootlus aktsionärist riigi jaoks on selgitatav kapitalisisendi väikese maksubaasiga 36 miljardi Prantsuse frangi ulatuses (suhtarvu lugeja osa) ja arvestusliku reservi suurusega.
In 2000, EDF established a partnership with Veolia Environnement via the company Dalkia, the European leader in energy services to businesses and local authorities.
Pärast kõnealuse reservi raamatupidamisarvestusse kandmist, kuni 1996. aastani muutus EDF aastane puhastulem negatiivseks.
Dalkia offers energy engineering and maintenance services, manages heating plants and technical services to do with the operation of buildings and operates district heating networks, combined heat and power schemes, and energy production and industrial fluid systems.
Kahjumi järgmisesse majandusaastasse ülekandmine toimus bilansi 24,2 miljardi frangi suuruste omavahendite kasutamise teel (vt tabeli 2 veerg „1996. aasta lõpp”, millest ilmneb, kuidas vähenesid EDFi omavahendid 20,2 miljardi Prantsuse frangi suuruse järgmisesse majandusaastasse tehtava negatiivse ülekande tõttu enne seaduse nr 97-1026 artikli 4 jõustumisega tehtud muudatust).
EDF has also developed its activities in the market for renewable energy sources.
Kuna negatiivse tulemi pealt maksu ei arvestatud, saavutati aktsionärist riigi väga hea tootlus maksukogujast riigi arvelt.
In 1997, the holding company Chart, a wholly owned EDF subsidiary, brought together its activities in the renewables sector, e.g. geothermal energy and wind power.
Kohtuotsus C-124/10P: EDF vs. komisjon (EU:C:2012:318, punkt 82).
Its contribution to consolidated turnover that year was EUR 70 million.
Kohtuotsus C-124/10P: EDF vs. komisjon (EU:C:2012:318, punkt 83).
Lastly, as an electricity producer and distributor, EDF was and still is in competition with suppliers of other substitute energy sources such as coal, oil and gas, both in its domestic market and in international markets.
Kohtuotsus C-124/10P: EDF vs. komisjon (EU:C:2012:318, punkt 104).
It has thus increased its market share in comparison with its competitors who supply substitute energy sources such as oil or gas.
Kohtuotsus C-124/10P: EDF vs. komisjon (EU:C:2012:318, punkt 95).
In the steel industry, electric furnaces are in competition with gas and oil-fired furnaces.
Oxera uuringu punktid 3.3, 3.24–3.25.
It follows that a measure such as the one at issue is liable to distort competition with alternative suppliers, such as Gaz de France.
Oxera uuringu tabel A2.2.
EDF thus occupied a prominent position in electricity trading between the Member States in 1997, whereas now the French electricity market is fully open and many European suppliers are present.
Oxera uuringu punkt 3.3.
It is therefore clear that, in 1997, EDF was already well established in certain markets in other Member States and that the aid resulting from the non-payment by EDF of corporation tax on some of the accounting provisions created free of tax for the renewal of the RAG inevitably affected competition between Member States.
Oxera uuringu punktid 3.3, 3.15, beetakoefitsiendiga seonduv tabel 3.2, tabel 3.8 ja 5. lisa.
The above considerations were detailed in the extension decision.
Oxera uuringu punktid 3.5, 3.13, 3.20 kuni 3.23.
Neither France nor EDF disputed in their comments that the aid was likely to affect trade between Member States.
Prantsusmaa 30 ja 10 aasta suurlaenude päevaintresside aasta keskmine, allikas Banque de France:
Thus, since the four criteria set out in Article 107(1) TFEU are fulfilled, the non-payment by EDF of corporation tax on some of the accounting provisions created free of tax for the renewal of the high-voltage transmission network constitutes State aid.
riigikassa võlakirjade ja nendega võrdsustatud väärtpaberite (OAT) intressimäärad: http://www.banque-france.fr/economie-et-statistiques/changes-et-taux.
The compatibility of the aid with the internal market must now be assessed.
Kõikide ettevõttesse paigutatud omavahendite tootluse ja ainult kapitalieraldistena investeeritud kapitali tootluse suhte asjakohasust kinnitab asjaolu, et riigi ja EDFi vahelises ettevõttelepingus aastateks 2001–2003 esitatud tasu riigile on väljendatud netotulemi protsendimäärana (37,5 %) ning selle suurus omakapitali maksubaasi suhtes on piiritletud minimaalse määra (1,5 %) ja maksimaalse määra (4,5 %) abil.
ASSESSMENT OF THE COMPATIBILITY OF THE AID WITH THE INTERNAL MARKET
Prantsuse ametiasutuste 23. detsembri 2013. aasta vastuse punkt 53.
Article 107(1) of the TFEU provides that aid fulfilling the criteria laid down therein is in principle incompatible with the internal market.
EDFi majandusaruanne 1997, lk 103.
According to settled case-law, it is for the Member State to cite the reasons and evidence of any kind for which State aid is compatible with the internal market [44].
16. detsembri 2003. aasta otsuse ((C(2003)4637fin), ELT L 49, 22.2.2005, lk 9) artikli 2 kohaselt otsustas komisjon mitte vaidlustada elektri- ja gaasiettevõtete, sh ka EDFi suhtes kohaldatava pensionisüsteemi reformimist.
In the present case, the French Republic has cited no reason nor provided any information in this regard.
Kõnealuse reformi tulemusena kanti EDFi ja teiste selles spetsiifilises pensionisüsteemis osalevate ettevõtete pensionidega seotud kulud ja kuludega seotud kohustused üle üldisesse sotsiaalkaitsesüsteemi.
The exceptions laid down in Article 107(2) of the TFEU are not applicable in the case in point because of the nature of the aid since it does not pursue the objectives listed in that paragraph.
DDM mudeli abil arvutatakse ettevõtte väärtus lähtuvalt viimasest makstud dividendist (Dt), dividendide kasvumäärast (ɗD) ja tasu sihtväärtusest või kapitali alternatiivkuludest (K) vastavalt valemile Vr = Dt (1 + ɗD) / (K – ɗD).
Nor does the aid in question fulfil the conditions laid down for exceptions in Article 107(3)(a) and (c) of the TFEU in respect of aid intended to promote the economic development of certain regions, particularly since it corresponds to operating aid.
DDM mudelit kasutatakse ka EDFi tellitud Oxera uuringus (punktid 3.27–3.31, tabel 3.4), kuid erinevate ja teatud juhul äärmiselt ebareaalsete väärtustega.