natgillin/translations-raw huggingface dataset:
The French authorities have provided the Commission with a detailed presentation of the results of this due diligence, dated January 2016, in which Société Générale confirms the valuation renegotiated between the parties of EUR 2,5 billion for 100 % of the capital.
Euratomi lepinguga asutatakse Euroopa Aatomienergiaühendus ning määratakse kindlaks vajalikud meetmed ja vastutusalad selliste eesmärkide saavutamiseks, nagu seda on tuumaenergia ohutus, energiasõltumatus, energiavarustuse mitmekesisus ja ohutus [28].
The valuation carried out by Société Générale is very detailed (127 pages of analyses) and is based on the DCF method, which is generally accepted in financial matters.
Komisjon on varasemates otsustes kinnitanud, [29] et tõhusa tuumaenergia levitamine on Euratomi lepingu ja seega ka ühenduse põhieesmärk.
First, Société Générale reworked with EDF the business plans produced by the Areva Group for each of the five business lines within the scope of New Areva NP: installed base, fuel assemblies, manufacture, major projects, and other (auxiliary functions, contingencies, etc.).
Euratomi lepingu preambulis on sätestatud, et komisjon on Euroopa Aatomienergiaühenduse institutsioonina kohustatud looma „vajalikud tingimused võimsa tuumatööstuse arenguks, mis annaks laialdasi energiaressursse“.
These business plans run until 2023.
Seda kohustust tuleb arvesse võtta, kui komisjon kasutab oma kaalutlusõigust selleks, et lubada riigiabi ELi toimimise lepingu artikli 107 lõike 3 punkti c ja ELi toimimise lepingu artikli 108 lõike 2 alusel.
The adjustments relate to many assumptions affecting a large number of New Areva NP projects.
ELi toimimise lepingus on sätestatud tingimused, mille korral abi võib kuulutada siseturuga kokkusobivaks.
On the basis of the business plans, the enterprise value of each business line is calculated using a DCF method.
ELi toimimise lepingu artikli 107 lõike 3 punkti c järgi võib lubada abi teatava majandussektori arengu soodustamiseks, kui niisugune abi ei mõjuta ebasoovitavalt kaubandustingimusi määral, mis oleks vastuolus ühiste huvidega.
Société Générale applies a different weighted average cost of capital (‘WACC’) for each business line, based on the risk specific to each of these activities.
Võttes arvesse vaadeldava meetme laadi, teeb komisjon kindlaks, kas abi on kooskõlas suuniste sätetega ümberkorraldusabi kohta, võttes arvesse kahtlusi, mida on väljendatud menetluse algatamise otsuses ning Prantsusmaa ja huvitatud kolmandate isikute märkustes.
This WACC is estimated on the basis of a fairly detailed Capital Asset Pricing Model (CAPM) methodology: for each business line, a WACC is estimated for each country of operation, then a weighted WACC is calculated from these various geographical WACCs.
Areva kontserni kõlblikkus ümberkorraldusabi saamiseks
The risk-free interest rates are derived from multiple sources (SG Research, Bloomberg, Associés en Finance), the country risk premiums are based on the work of Professor Damodaran of NYU Stern School of Business, and the cost of debt is based on the risk premium of the bonds of comparable undertakings.
2014. aasta lõpul, st Areva kontserni ümberkorraldusperioodi alguses oli ettevõtte omakapitali väärtus negatiivne, suurusjärgus – 244 miljonit eurot.
These comparable undertakings, selected by Société Générale on the basis of different criteria specific to each business line, are also used to determine the beta of each activity.
Kuivõrd omakapitali väärtus on negatiivne, on suuniste punktis 20a sätestatud kriteerium täidetud.
The sample of comparable undertakings consists of seven listed companies for the fuel business line, five for the installed base, six for manufacturing and six for major projects.
Areva kontserni näol on seega tegemist raskustes oleva ettevõttega ning ta on kõlblik ümberkorraldusabi saamiseks.
The beta values obtained are corroborated by comparison with the beta predictions provided by the Barra multi-factor model.
Kaasaaitamine täpselt määratletud ühist huvi pakkuva eesmärgi saavutamisele
The analysis of the value of each business line based on the DCF method also includes a terminal value after 2023.
Euratomi lepingus on ühist huvi pakkuvate eesmärkidena sätestatud tuumaohutus, energiasõltumatus, energiavarustuse mitmekesisus ja ohutus.
This was calculated on the basis of Gordon Shapiro's method by retaining a normalised cash flow considered representative of the cash flow generation capacity of the activity.
Euratomi lepingu artiklis 2d on sätestatud, et aatomienergiaühendus peab tagama, et kõiki kasutajaid ühenduses varustataks regulaarselt ja õiglaselt maakide ja tuumkütustega.
An assumed perpetuity growth rate of zero was chosen for all business lines.
Vaadeldav abi, mis võimaldab vältida Areva kontserni likvideerimist, toetab nende eesmärkide saavutamist.
Sensitivity analyses were carried out on these enterprise values by varying parameters such as the WACC or EBITDA margin.
See abi võimaldab säilitada Areva kontserni, mille näol on tegemist Euroopa tuumaenergiatööstuse olulise tähtsusega osalisega.
The net debt of each business line was then subtracted from these enterprise values in order to arrive at the value of the capital.
Areva kontsern on Euroopa peamine ettevõtja, kes tegeleb uraani kaevandamisega ning ainus ettevõtja, kes tegeleb uraani ümbertöötlemise, tuumkütuse ringlussevõtu ja MOX-kütuse tootmisega.
The sum of these various amounts per business line gives the total value of the capital of New Areva NP.
Ettevõttel on olemas parimaks turvalisuse ja ohutusstandarditele vastavaks tegevuseks nõutav pädevus ning teatav arv „tuumaenergeetika arenguks vajalikke põhirajatisi“ artikli 2 tähenduses, näiteks sellised objektid, nagu Comurhex II, Haag ja Melox.
Société Générale considered that an EBITDA multiple of […] could be inferred from this valuation.
Areva kontserni näol on tegemist ka põhilise Euroopa ettevõtjaga, kes toodab tuumkütust uurimisreaktorite jaoks ja tegeleb märklaudade kiiritamisega meditsiiniliste radioisotoopide saamiseks.
This EBITDA multiple seems reasonable since it is below the average and median EBITDA multiples observed for comparable transactions — Société Générale having selected a sample of 19 transactions representing the various activities of New Areva NP.
Ettevõtja likvideerimine avaldaks seetõttu otsest mõju tuumaohutusele, energiasõltumatusele ja Euroopa tuumaenergiaga varustamise mitmekesisusele ja turvalisusele.
The value of the various parameters used for the DCF method, as well as the implicit EBITDA multiple, are further corroborated by comparison with the averages and medians taken from the study of comparable undertakings referred to in recital 198.
Ka suunistes on kindlaks määratud tingimused, mille korral ümberkorraldusabi andmine teenib ühist huvi pakkuva eesmärgi saavutamist.
In the light of the above, the Commission confirms the finding in the opening decision that the valuation carried out by EDF and its advisers is based on the available objective, verifiable and reliable data, which reflect the economic situation at the time the transaction was decided.
Sellise olukorraga on tegemist juhul, kui abi andmine võimaldab vältida sotsiaalseid probleeme või kõrvaldada turutõrkeid, mis on seotud ettevõtte lahkumisega turult ja tema tegevuse lõpetamisega.
This finding was not challenged by any third party during the investigation.
Suuniste punktis 44 loetletud turutõrgete hulgast on vaadeldaval juhul sõltuvalt asjaomastest turgudest kohaldatavad järgmised: i) raskesti asendatava olulise teenuse osutamise katkemise oht, kus ühelgi konkurendil ei oleks lihtne raskustes oleva ettevõtja asemele asuda, ii) olulise süsteemse rolliga ettevõtja lahkumine turult võib tekitada konkreetses piirkonnas või sektoris negatiivse tagajärje ja iii) asjaomase ettevõtja turult lahkumine tooks kaasa olulise tehnilise teabe või oskusteabe pöördumatu kadumise.
The new developments since then, such as recourse to a hive-down or the discovery of risks relating to components contracts, are not likely to affect the result since EDF was careful to fully insulate itself against such risks, in the manner described in recital 30.
Viisi, kuidas abi võimaldab vältida neid riske või negatiivseid tagajärgi, on vaadeldud allpool põhjendustes 223–226.
On the basis of this valuation of EUR 2,5 billion for 100 % of the capital, Société Générale showed that EDF could expect an internal rate of return (‘IRR’) from the investment of [0-20] % in the central scenario.
Lisaks sellele hindas komisjon ka teisi stsenaariume peale ettevõtte otsese ja lihtsa turult lahkumise, näiteks teatava tegevuse jätkamist pärast ettevõtte likvideerimist ilma riigiabi andmiseta.
This scenario postulates an exit (for the calculation of the terminal value) in […], and an exit multiple equivalent to the entry multiple, i.e. […] x the EBITDA.
Komisjon peab veenduma, et ühist huvi pakkuvaid eesmärke ei kahjustata samamoodi ka kujuteldava stsenaariumi korral, mis ei hõlma abi andmist.
This IRR must be compared with the cost of capital weighted according to the different sectors of New Areva NP.
See analüüs on toodud käesoleva otsuse punktis 5.2.4.
In the case in question, Société Générale's calculations, which are based on the objective criteria listed in recital 198, provide the following indications for each business line: [0-10] % for fuel, [0-10] % for the installed base, [0-20] % for major projects, [0-10] % for production.
Seoses Areva kontserni turgudelt lahkumise tagajärgedega märgib komisjon järgmist.
These estimates seem reliable in that they are based on a commonly agreed methodology and sources, similar to those which the Commission itself has used in other cases, supported by the General Court where appropriate [27].
Kuivõrd kaevandamisega seotud tegevuse puhul on Areva kontsern peamine selles valdkonnas tegutsev Euroopa ettevõtja, tooks tema lahkumine turult kaasa olukorra, kus Euroopa varustamine uraaniga sõltuks peamiselt Euroopa-välistest ettevõtjatest, sealhulgas Venemaa ettevõttest (Rosatom) ja Kasahstani ettevõttest (KAP), kelle turuosa suurus on ligikaudu [30–50] % [30].
Weighting these estimates with the relative share of each business line in the turnover of New Areva NP produces a weighted average cost of capital of [0-10] %.
Ükski Euroopa või isegi lääneriikide (näiteks Kanada ettevõtja Cameco) ei tundu olevat suuteline suurendama oma kaevandamise mahtu sedavõrd, et see võimaldaks saavutada Euroopa Liidu varustamise mitmekülgsuse ja kindlusega seotud eesmärgi.
In the light of these objective aspects, the Commission concludes that the divestment of New Areva NP is being carried out under normal market conditions without conferring any economic advantage on the buyer (EDF) or the seller (the Areva Group), and therefore rules out the presence of State aid.
Seega on Areva kontsernil oluline süsteemne roll Euroopa uraaniga varustamisel.
Divestment of Areva TA
Tuumkütuse ümbertöötlemise valdkonnas on Areva kontsern viimane Euroopa ettevõtja sellel turul.
The French authorities have clarified the arrangements for divesting Areva TA and provided evidence to justify the price of EUR [0-2 billion] for 100 % of the capital.
Tema lahkumine turult tooks kaasa tõsiseid negatiivseid tagajärgi.
This evidence was summarised in a study by the financial consultancy firm […] dated 6 December 2016.
Esmalt kahjustaks see Euroopa Liidu energiasõltumatust, kuna uraani töötlemine on tuumaenergia tootmisahela hädavajalik lüli.
In the context of its due diligence, the buying consortium has developed its own business plan for Areva TA based on the seller's perspective, adapting the underlying assumptions of the plan to the best of its knowledge.
Ühtlasi vähendaks see konkurentsi tugevust niigi juba väga kontsentreeritud turul, mis võib tähendada Euroopa elektritootjate ja in fine Euroopa tarbijate jaoks lisakulutusi.
The Commission has reviewed the projections and assumptions used for this valuation and considers that it fulfils the quality requirements of a prudent investor.
Seda silmas pidades tuleb märkida, et Areva kontsernil on täita oluline süsteemne roll seoses Euroopa tuumkütusetsükliga seotud tegevusega ning ettevõtte kadumisel tekib olulise teenuse katkemise oht.
It is based on available objective, verifiable and reliable data which reflect the economic situation at the time the transaction was decided.
Uraani rikastamisega seotud tegevuse puhul on Areva kontsern üks kahest Euroopa ettevõttest turul koos Urenco kontserniga.
In the light of this, the Commission considers that the divestment of Areva TA is being carried out under normal market conditions without any economic advantage being conferred on the buyer or the seller (the Areva Group), and therefore rules out the presence of State aid.
Lisaks neile on ainus Euroopa turul tegelikult tegutsev ettevõtja Venemaa ettevõtja Tenex (Rosatomi kontsern).
Compatibility of the aid with the internal market
Areva kontserni tegevuse kadumine mõjutaks turu struktuuri, sel juhul oleks tegemist Euroopa tasandil oligopoolse turuga, mis viiks tõenäoliselt hinnatõusule.
The French State's subscription to the injections of capital into Areva SA and New Areva constitutes State aid within the meaning of Article 107(1) TFEU that France is planning to grant to an undertaking, the Areva Group, which is active in the areas covered by the Euratom Treaty.
Seega on Areva kontsernil ka uraani rikastamisega seotud tegevuse puhul oluline süsteemne roll.
The Euratom Treaty established the European Atomic Energy Community, specifying the necessary instruments and allocating responsibilities with a view to achieving objectives that include nuclear safety, energy independence and the diversity and security of energy supplies [28].
Kasutatud tuumkütuse ümbertöötlemise ja ringlussevõtu valdkonnas on Areva kontsern praegu maailmas ainuke tööstuslikul tasemel tegutsev ettevõtja, kes tegeleb kasutatud tuumkütuse ringlussevõtu ja selle ümbertöötlemisega MOX-kütuseks, mida saab kasutada kergveereaktorites.
As the Commission has acknowledged in previous decisions [29], the promotion of a successful nuclear energy sector is a fundamental objective of the Euratom Treaty, and therefore also of the European Union.
Tänu sellele menetlusele pakub Areva kontsern ümbertöödeldud kasutatud tuumkütust, mis on seotud [0–25] %ga Prantsusmaa elektritoodangust.
As set out in the preamble to the Euratom Treaty, the Commission, as an institution of the European Atomic Energy Community, is required to create the ‘conditions necessary for the development of a powerful nuclear industry which will provide extensive energy resources’.
Lisaks sellele valis Prantsusmaa Areva kontserni tuumkütuse tööstusliku ringlussevõtu eest vastutavaks ettevõtteks.
This obligation must be borne in mind when the Commission exercises its discretionary powers to authorise State aid under Article 107(3)(c) and Article 108(2) TFEU.
Tegemist on Prantsusmaa ja laiemalt kogu Euroopa Liidu kasutatud tuumkütuse haldamispoliitika olulise lüliga.
The TFEU sets out the conditions under which aid can be declared compatible with the internal market.
Seda silmas pidades tuleb märkida, et Areva kontserni turult lahkumine võib turu normaalset toimimist Euroopa Liidus tõsiselt kahjustada, tuues kaasa taastamatu tehniliste oskuste ja olulise oskusteabe kadumise ning põhjustades olulise teenuse katkemise, mida mitte ükski konkurent praegu ei suuda kõnealuse ettevõtte asemel osutada.
Under Article 107(3)(c) TFEU, the Commission can authorise State aid if it is granted to promote the development of certain economic sectors and does not adversely affect trading conditions to an extent contrary to the common interest.
Komisjon leiab, et Prantsuse ametiasutuste teatatud ümberkorraldusabi võimaldab vältida Areva kontserni ja tema osutatavate tuumkütusega seotud teenuste kadumist ning lubab vältida turutõrkeid, mida selline kadumine põhjustaks.
Given the nature of the measure in question, the Commission will establish whether it is compatible with the provisions on restructuring aid set out in the Guidelines, mindful of the doubts expressed in the opening decision as well as the comments from France and interested third parties.
Ümberkorralduskava ja pikaajalise elujõulisuse taastamine
Eligibility of the Areva Group for restructuring aid
Selleks et ümberkorraldusabi toetaks tõhusalt eespool nimetatud ühist huvi pakkuvate eesmärkide saavutamist, tuleb tõestada, et kavandatav ümberkorraldus võimaldab taastada ettevõtte pikaajalise elujõulisuse.
At the end of 2014, which was when the restructuring of the Areva Group began, the Group had negative equity totalling EUR – 244 million.
Komisjon väljendas menetluse algatamise otsuses kahtlust, kas Areva kontserni pikaajalise elujõulisuse kavas toodud teatavad eeldused on realistlikud.
New losses have been recorded since then, meaning that the Areva Group's equity situation deteriorated further in 2015.
Areva kontserni elujõulisuse taastamise analüüsi tuleb kohaldada restruktureeritud Areva kontserni suhtes, mis hõlmab tulevikus kaht üksust: i) Nouvel Areva ja ii) Areva SA.
Areva Group's total equity stood at EUR – 2,3 billion on 31 December 2015.
Nendel kahel üksusel on erinevad tegevusalad ja eraldi raamatupidamisarvestus.
Given the presence of negative equity, the criterion set out in point 20(a) of the Guidelines is fulfilled.
Areva kontserni elujõulisuse taastamise hindamiseks on seega võimalik eraldi ja järjest analüüsida nende kahe üksuse äriplaani.
The Areva Group must therefore be considered an undertaking in difficulty, making it eligible for restructuring aid.
Nouvel Areva äriplaan
Contribution to a well-defined objective of common interest
Prantsuse ametiasutused edastasid komisjonile ettevõtte Nouvel Areva äriplaani, mis hõlmab põhistsenaariumi ja ebasoodsat stsenaariumi.
The Euratom Treaty sets out the following objectives of common interest: nuclear safety, energy independence and the diversity and security of energy supplies.
Nende stsenaariumidega seotud finantskavad on toodud tabelites 1 ja 2.
Under Article 2(d) of the Euratom Treaty, the Euratom Community must ensure that all users in the Community receive a regular and equitable supply of ores and nuclear fuels.
Tabel 1
By preventing the Areva Group's demise, the aid under consideration contributes to the achievement of these different objectives.
Nouvel Areva finantskava (põhistsenaarium)
The aid enables the Areva Group, a key player in Europe's nuclear industry, to survive.
miljonites eurodes
The Areva Group is the leading European operator in the uranium mining market and the only European operator active in the uranium conversion, fuel recycling and MOX production markets.
16-25
It has the expertise required to operate, in optimal safety and security conditions, a number of ‘basic installations necessary for the development of nuclear energy’ within the meaning of Article 2; this includes sites and facilities such as Comurhex II, La Hague and Melox.
Chiffre d'affaires
Lastly, the Areva Group is a key European operator in terms of the production of nuclear fuel for materials testing reactors and of target materials to be irradiated to produce radioisotopes for medical use.
% de croissance
Its demise would therefore have immediate consequences in terms of nuclear safety, energy independence, and the diversity and security of Europe's energy supplies.
Marge brute
The Guidelines also set out the conditions under which restructuring aid contributes to an objective of common interest.
En % du CA
This is the case if the aid aims to prevent social hardship or address market failures that would be created if the undertaking left the market and its activities no longer existed.
Charges com. et marketing
Of the market failures listed in point 44 of the Guidelines, those that apply to the case in question are, depending on the specific markets, (i) the risk of disruption to an important service which is hard to replicate and where it would be difficult for any competitor simply to step in, (ii) the negative consequences of an undertaking with an important systemic role in a particular sector leaving the market, and (iii) the irremediable loss of important technical knowledge or expertise.
Charges administratives
The way in which the aid makes it possible to prevent these risks or negative consequences is examined below, in recitals 223 to 226.
Autres charges et produits des opérations
Furthermore, the Commission must also consider other scenarios not involving a complete market exit, such as the continuation of certain activities after liquidation without State aid.
Total Coûts non opérationnels
The Commission must be satisfied that the objectives of common interest would not be achieved in the same way in these counterfactual scenarios that do not involve aid.
D&A et variations de provisions
This assessment is covered in part 5.2.4 of this Decision.
Var. de BFR opérationnel
As regards the consequences of the Areva Group exiting its markets, the Commission notes the following.
Investissements opérationnels
As regards the mining business, given that the Areva Group is the main European operator in the sector, its exit from the market would result in Europe's uranium being principally supplied by non-European operators, including the Russian (Rosatom) and Kazakh (KAP) operators, which account for around [30-50] % of the market [30].
Désinvest.
It appears unlikely that any European or even Western operator (such as the Canadian operator Cameco) will strengthen its mining capacity to the extent required to achieve the objective of ensuring the diversity and security of the European Union's supply.
Opérationnels
The Areva Group's exit from the market could also lead to an increase in the price of uranium in the long term, given the concentration in that market.
Résultat de cession
In this regard, the Areva Group has an essential systemic role in terms of Europe's uranium supply.
Cash Flow opérationnel
As regards the conversion business, the Areva Group is the last European operator active in this market.
Tabel 2
Its exit from the market would have serious negative consequences.
Nouvel Areva finantskava (ebasoodne stsenaarium)
Firstly, it would jeopardise the European Union's energy independence, given that the conversion of uranium is an indispensable link in the nuclear energy production chain.
Finantskavad põhinevad teatavatel eeldustel, mille aluseks olevaid põhimõtteid on kirjeldatud põhjenduses 106.
Secondly, it would reduce competition in that market, which is already highly concentrated, and this could give rise to additional costs for European electricity generators, and consequently for European consumers.
Komisjon nõustub sellega, et eeldused on konservatiivsed, eeskätt selles osas, mis puudutab uraani hinda.
In this regard, the Areva Group has an important systemic role in terms of the European fuel-cycle business and, if it exited the market, there would be a risk of disruption to an important service.
Isegi konservatiivsete eelduste kohaselt on turul kujunenud välja konsensuslik seisukoht, [31] et turg taastub keskpikas perspektiivis ning tuumamaterjalide hind tõuseb, mis mõjub positiivselt Areva kontserni elujõulisuse taastamisele.
As regards the enrichment business, the Areva Group is one of only two European operators, alongside the consortium Urenco.
Menetluse algatamise otsuse põhjenduses 150 märkis komisjon, et Prantsuse ametiasutuste esitatud ebasoodne stsenaarium ei ole kooskõlas tundlikkusanalüüsiga, mis võimaldab süstematiseerida ja välja tuua ettevõtte tegevust ähvardavad riskid.
The only other operator actually present on the European market is the Russian operator Tenex (Rosatom group).
Komisjon leiab, et Prantsuse ametiasutused on täitnud selle lünga süvendatud uuringu põhjal esitatud tähelepanekutega.
The loss of the Areva Group's activities would affect the structure of the market, which would then become an oligopoly at European level, and this would probably lead to higher prices.
Seega on välja arvutatud erinevate eelduste tundlikkusaste ning seega on võimalik välja tuua tegevusega seotud peamised riskid: euro ja dollari vahetuskurss, […] käitamise tingimused, […] lõpule viimata jätmine, tõhususe ja konkurentsivõime kavas toodud eesmärkide täitmata jätmine.