natgillin/translations-raw huggingface dataset:
External construction was almost complete, but some construction and fitting work was still ongoing inside the plant, particularly with respect to the nuclear island (reactor).
Ühekordse abi põhimõttest lähtuvalt oleks sel juhul võimatu heaks kiita uue abi andmist.
Some 2400 people were working on the site.
Seoses nende kahtluste ja kerkinud küsimustega leiab TVO, et mis tahes ümberkorralduskava peab hõlmama:
TVO stressed that the OL3 project was now entering the crucial commissioning phase, which would ultimately take it to the provisional delivery date.
operatiivseid meetmeid, mis võimaldavad tagada piisavad inimressursid, tehnilised ressursid ja finantsressursid projekti OL3 lõpuleviimiseks ettenähtud tähtaja jooksul ja vastavalt esialgses ehituslepingus kokkulepitud tulemuslikkuse tasemel, ning mis võimaldavad katta muud võimalikud kulud kuni garantiiperioodi lõpuni ja edaspidi;
This phase required the ongoing support of the Consortium, which had the EPR knowledge and expertise.
projekti OL3 haldavale üksusele eraldatavaid piisavaid finantsressursse, mis on täies ulatuses suunatud selle eriomase projekti realiseerimiseks ning mis võimaldavad katta projekti lõpuleviimisega seotud jääkkulud ning muud kohustused, mis tulenevad Areva kontserni ja TVO vahel sõlmitud eri lepingutest.
TVO also referred to the arbitration dispute between itself and the Consortium.
Siemens on koos kahe Areva kontserni kuuluva ettevõtjaga (Areva GbmH ja Areva NP) projekti OL3 haldava konsortsiumi partner.
The total amount claimed by the Consortium was currently some EUR [0-5 billion], while the amount claimed by TVO to cover its own costs and losses came to EUR [0-5 billion] according to its latest estimates.
Ehkki Areva kontserni osalus projektis on suurem, kannavad konsortsiumi liikmed oma kliendi, TVO ees solidaarset vastutust projekti lõpuleviimise eest.
The total combined amount claimed by the two parties to the dispute therefore came to around EUR [0-10 billion].
Kuigi Siemensi kontsern toetab täielikult Prantsuse riigi sekkumist Areva kontserni kasuks, väljendab ta siiski mitmel tasandil kahtlusi.
TVO went on to explain its understanding of the Areva Group's restructuring plan, now based on ‘plan B’, i.e. transferring New Areva NP to EDF after ring-fencing the OL3 project and the resources needed to complete it, as well as leaving in this ‘legacy structure’ the components contracts and part of the Areva Group's debt.
Esmalt kahtleb Siemens, kas abi suurus on piisav selleks, et katta Areva SA võetud kohustusi ja kantavaid riske.
Overall, TVO supported the planned recapitalisation of the Areva Group by the French State.
Siemensi hinnangul on Areva kontserni osalus projektis OL3 [0–5 miljardit]–[0–5 miljardit] eurot põhistsenaariumi korral, samas kui ebasoodsa stsenaariumi korral, mis hõlmab i) […] ja ii) […], võib see ulatuda […] euroni;
However, it had concerns about the potential negative impact of the group's restructuring on the OL3 project.
Siemens toob samuti välja Areva SA lisakohustused, nagu pankadega seotud kohustused, mis ulatuvad 3,4 miljardi euroni.
In particular, TVO wondered about the ability of the legacy structure, in which the ring-fenced OL3 project would be placed, to maintain the resources necessary for the proper completion of the project.
Siemens kahtleb samuti selles, kas üksusel, mis jääb vastutama projekti OL3 eest, on piisavad õiguslikud, inimteguritega seotud, rahalised ja operatiivsed vahendid projekti lõpuleviimiseks, kui ehitusega seotud tegevus ja operatiivvahendid antakse üle ettevõtjale Nouvel Areva NP, mis kavatsetakse võõrandada EDFile.
The legacy structure would have limited financial resources to meet what could be significant debts that were difficult to quantify at this stage.
Projekti teatava osa sisuliselt vältimatu suunamine ettevõtjale Nouvel Areva NP võib […].
The financial resources of the legacy structure were composed of: EUR 2 billion in capital injections, EUR 2,5 billion in proceeds from the sale of New Areva NP to EDF, residual proceeds from the sales of Areva's non-strategic activities and the balance still owed by TVO to the Areva Group for the completion of the OL3 project.
Siemens väljendab samuti muret seoses TVO […] blokeerimisega Areva kontserni restruktureerimisel, mille tulemusel OL3 projekt eraldatakse eraldi üksusesse […].
Mirroring these resources, the costs borne by the legacy structure were estimated to be: the costs of completing the OL3 project and the associated guarantees, the repayment of the banking debt of EUR 3,4 billion, potential guarantees to EDF for the contracts for nuclear plants whose components were to be audited, other guarantees linked to the sale of non-strategic assets and, if TVO were to win the ongoing arbitration dispute, an amount that could be as high as EUR [0-5 billion].
Siemensi väitel võiks kõnealused riskid katta lisamehhanismide abil, nagu i) Prantsuse riigi eraldatavad täiendavad finantsvahendid, ii) riigi tagatis kõikidele projektiga OL3 seotud lisakohustustele või iii) Prantsuse riigi võetav kohustus rahastada kõiki projektiga seotud täiendavaid kapitalivajadusi.
TVO therefore questioned the ability of the restructured Areva Group to cope with the risks associated with the OL3 project, in particular the costs of completing it, and set out the implications of its doubts for the restructuring aid assessment under the Guidelines, and more specifically the degree to which the aid contributed to an objective of common interest, the long-term return to viability of the Areva Group, and the one-time-last-time principle.
Võttes arvesse Siemensi ja Areva kontserni solidaarsust konsortsiumi raames, kardab Siemens, et ta peab katma finantskulud, mida Areva kontsern ei suuda katta, mis oleks tema arvates vastuolus suunistes sätestatud kulude jagamise põhimõttega.
First, as regards the objective of common interest, TVO endorsed the argument made by France highlighting the contribution made by the aid to achieving the objectives of the Euratom Treaty, set out in Article 2(d) thereof.
Kolmas isik, kes ei soovi oma nime avalikustada
However, TVO stressed the need also to consider Article 2(b) and (c) of the Treaty.
Veel üks kolmas isik, kes soovib jääda anonüümseks, hoiatab komisjoni vaadeldava abiga kaasneva konkurentsimoonutuse eest.
With respect to Article 2(c), the aid contributed to the completion of OL3, which was an important project for the development of the European energy sector and for security of supply in the Nordic countries.
Selle kolmanda isiku väitel muutuvad mitte üksnes ettevõtja Nouvel Areva, vaid ka ettevõtja Nouvel Areva NP riigi sekkumise tulemusel restruktureerimise käigus tugevamaks.
With respect to Article 2(b), the nuclear safety objective implied, as laid down in Article 11 of the Convention on Nuclear Safety that ‘each Contracting Party shall take the appropriate steps to ensure that sufficient numbers of qualified staff with appropriate education, training and retraining are available for all safety-related activities in or for each nuclear installation, throughout its life’.
Riigi toetust saavad ettevõtjad omandavad tuumaenergia valdkonnas valitseva konkurentsi tingimustes riigi antava abi tulemusel märkimisväärse eelise.
Given that TVO's expertise was mainly restricted to the operation of power plants, it was relying on the Consortium's expertise to ensure the safety of the OL3 project.
See väljendub konkurentsivõime tugevnemises ja suuremates tagatisnõuetes.
However, a restructuring plan involving the ring-fencing of the OL3 project in a legacy structure risked giving rise to under-allocation of qualified staff from the Areva Group to the project, loss of back-office support from the Areva Group in France and Germany, loss of the Areva Group's technical infrastructure and potential problems with project sub-contractors.
Anonüümne kolmas isik leiab samuti, et ettevõtjate Nouvel Areva ja Nouvel Areva NP tulevane koostöö võimaldab olulise sünergia teket, mis moonutab konkurentsi.
Second, as regards the return to long-term viability of the Areva Group, TVO questioned whether the capital injection into Areva SA was sufficient, whether the assumptions underlying the restructuring plan were realistic, and therefore whether the aid could ensure the long-term viability of Areva SA.
PRANTSUSMAA KOMMENTAARID
Third, as regards the one-time-last-time principle, if the restructuring plan did not ensure that the Areva Group was able to meet its obligations in respect of the completion of the OL3 project, additional obligations in the form of damages associated with new delays could arise.
Prantsusmaa esitatud kommentaarid hõlmavad nelja valdkonda, mis kattuvad komisjoni menetluse algatamise otsuses esitatud peamiste kahtlustega.
It would then be impossible to approve new State aid because of the one-time-last-time principle.
Esmalt püüavad Prantsuse ametiasutused tõendada, et ainuke meede, mida võib käsitada riigiabina, on ettevõtjate Areva SA ja Nouvel Areva kapitali suurendamine.
In order to address these doubts and questions, TVO stressed that any restructuring plan had to comprise:
Seejärel vastavad nad komisjoni kahtlustele, mis on seotud äriplaanis toodud eelduste realistlikkusega, abisumma proportsionaalsusega ja ette pandud konkurentsimeetmetega.
operational measures to ensure that sufficient human, technical and financial resources remained available and were set aside to ensure the proper completion of the OL3 project within the deadlines agreed and in line with the performance level guaranteed in the initial construction contract, and to cover other potential costs until the end of the guarantee period and beyond;
Riigiabina saab käsitada üksnes kapitali suurendamist
sufficient financial resources allocated to the entity in which the OL3 project was to be housed, and earmarked in full for this project specifically, in order to cover the residual costs of completion and the other obligations deriving from the various contracts concluded between the Areva Group and TVO.
Prantsuse ametiasutused märgivad esmalt võimaluse kohta, et Areva kontsern annab kolmandatele isikutele riigiabi, müües oma tütarettevõtjad liiga madala hinna eest, et see i) väljub käesoleva menetluse pädevusest ja ii) on täiesti teoreetiline, kuivõrd Areva kontsern soovib saada võõrandamistest maksimaalset tulu.
Together with two companies belonging to the Areva Group (Areva GmbH and Areva NP), Siemens is part of the Consortium sponsoring the OL3 project.
Prantsuse ametiasutused märgivad samuti, et Areva kontsern ei saa ettevõtjate Nouvel Areva NP ja Areva TA võõrandamisega mingit abi, sest kuigi tehingud hõlmavad riigi ressursse, toimusid need turuhinnaga.
Although the Areva Group is carrying the biggest share of the project, the members of the Consortium are jointly and severally liable to their client, TVO, for the completion of the project.
Seoses ettevõtjaga Nouvel Areva NP selgitavad Prantsuse ametiasutused, et EDF rakendas erihalduskorda selleks, et kaitsta EDFi huve.
While the Siemens group expressed full support for the intervention by the French State on behalf of the Areva Group, it nevertheless had a number of reservations.
Selle halduskorra raames moodustati ettevõtja Nouvel Areva NP omandamisega seoses uus sõltumatute haldurite töörühm, kelle ülesanne oli veenduda, et tehing on kooskõlas EDFi sotsiaalsete huvidega, ning esitada EDFi haldusnõukogule sõltumatu hinnang.
First, Siemens questioned whether the aid was sufficient to cover the commitments and risks borne by Areva SA:
Selle töörühma kooseisu ei kuulu ühtegi riigi esindajat.
Siemens estimated the Areva Group's exposure to the OL3 project at between EUR [0-5 billion] and EUR [0-5 billion] in a baseline scenario, while an adverse scenario, including (i) […] and (ii) […], could see it rise to EUR […].
Otsuse ettevõtja omandamiseks tegi EDF lõplikult kõnealuse töörühma töö alusel, see töörühm tellis ka pangalt Société Générale väärtuse hindamise uuringu.
Siemens also pointed to the additional liabilities, such as certain banking liabilities, borne by Areva SA to the tune of EUR 3,4 billion.
Prantsuse ametiasutused selgitasid samuti, et nad valisid tütarettevõtjatesse suunamise selleks, et EDF saaks omandada Areva kontserni tuumareaktoritega seotud tegevuse.
Siemens then wondered how the structure that was to house the OL3 project would have sufficient legal, human, financial and operational resources to carry the project to completion, if the activities and operational resources in construction were to be transferred to New Areva NP for sale to EDF.
Prantsuse ametiasutuste väitel ei mõjutanud võõrandamise meetod lepinguosaliste ja nende juhtorganite antud ettevõtte väärtuse hinnangut võrreldes varasema võõrandamise skeemiga (2,5 miljardit eurot 100 % omakapitali eest).
The almost inevitable outsourcing of part of the project to New Areva NP could […].
Sõltumata võõrandamise õiguslikust vormist jääb võõrandamise majanduslik sisu EDFi jaoks samaks, ta võtab üle ettevõtja Areva NP varasema tegevuse, kandmata seejuures projektiga OL3 seotud riske.
Siemens also expressed concern that the Areva Group's restructuring plan designed to ring-fence OL3 in a specific structure might be blocked […] by TVO.
EDF on samuti kaitstud tuumkütuse komponente hõlmavate lepingutega seotud riskide vastu.
According to Siemens, these risks could be covered by additional mechanisms such as (i) additional financial resources from the French State, (ii) a State guarantee covering any additional liabilities arising from the OL3 project, or (iii) an undertaking from the French State to finance any additional capital shortfall linked to the project.
Neid riske ei võetud loomulikult arvesse 2016. aastal tehtud ettevõtte väärtuse kindlaksmääramisel, kuid lepinguosaliste rakendatav kaitsemehhanism võimaldab mitte teha sisulisi muutusi.
Lastly, given that Siemens and the Areva Group bore joint liability within the Consortium, Siemens was worried that it would have to cover the financial costs that the Areva Group was unable to meet, which in its view, would be incompatible with the burden-sharing principle laid down in the Guidelines.
Areva TA puhul toimus ettevõtte väärtuse kindlaksmääramine kahes järgus, vastavalt turul tavapäraselt kohaldatavatele põhimõtetele: i) 2016. aasta jaanuaris ja mais esitas Areva kontsern ostjate konsortsiumile finants-, operatiiv-, õigusliku ja maksundusalase teabe ning korraldas mitu töösessiooni koos Areva TA juhtmeeskonnaga; ii) seejärel võimaldati konsortsiumile juurdepääs andmeruumile (data room) ning talle anti võimalus esitada Areva TA juhtkonnale küsimusi.
Third party wishing to remain anonymous
Sellega seoses tehtud hoolsuskohustuse auditi („due diligence“) läbiviimisel abistas Areva kontserni ja ostjaid 12 õigus-, pangandus- ja spetsialistide nõukogu.
A final third party, who wished to remain anonymous, alerted the Commission to the distortions of competition generated by the aid under scrutiny.
18. augustil 2016 esitas põhjenduses 27 kirjeldatud ostjate konsortsium pakkumise, milles hinnatakse Areva TA vara väärtuseks [0–2 miljardit] eurot.
According to this third party, both New Areva and New Areva NP would end up stronger as a result of the restructuring, thanks to the State intervention.
Ettevõtte väärtuse hinnang põhines diskonteeritud rahavoogude meetodil (meetod discounted cash flows, edaspidi, „DCF meetod“), mida kohaldati koos ostjaga kindlaksmääratud eeldustest lähtuvalt koostatud äriplaani suhtes.
Undertakings in receipt of State support had a distinct competitive advantage in the nuclear industry, which was characterised by very intense competition and a demand for increasingly broad guarantees.
See hind kajastus 15. detsembril 2016 sõlmitud müügilepingus.
Lastly, the anonymous third party took the view that the future cooperation between New Areva and New Areva NP would recreate important synergies that would distort competition.
Prantsuse ametiasutused on seisukohal, et teostatud ettevõtte väärtuse hinnang põhineb üldtunnustatud meetoditel ning on tehtud nõutava asjatundlikkusega.
COMMENTS BY FRANCE
Areva kontsern viib ellu ümberkorralduskava oma pikaajalise elujõulisuse taastamiseks
The comments by France are divided into four parts, corresponding to the main doubts raised by the Commission in the opening decision.
Prantsuse ametiasutused esitavad esmalt ettevõtja Nouvel Areva ajakohastatud finantsarengu punktid.
First, the French authorities seek to demonstrate that the only measure which could constitute State aid is the capital injection into Areva SA and New Areva.
Seejärel vastasid Prantsuse ametiasutused komisjoni väljendatud mitmesugustele kahtlustele seoses elujõulisuse taastamise kavaga.
They then respond to the Commission's doubts concerning the robustness of the assumptions underlying the business plan, the proportionality of the aid and the proposed competition measures.
Nouvel Areva äriplaanis on võetud arvesse kavandatavate võõrandamiste tulemusi
Only the capital injection could constitute State aid
See asjaolu iseloomustab kõiki tuumamaterjali tarnijaid, kuna varustuslepingud sõlmitakse tavaliselt mitmeks aastaks, üldjuhul viieks kuni kümneks aastaks, sõltuvalt tarnitavast materjalist (tooruraan, ümbertöödeldud uraan, rikastatud uraan) ja kliendi laadist.
The French authorities pointed out first that the possibility of the Areva Group granting State aid to third parties by selling its subsidiaries at too low a price (i) was not relevant in this procedure, and (ii) was entirely theoretical because it had an incentive to maximise the return on its divestments.
Seevastu mitmesugused kavandatavad võõrandamised, eeskätt Nouvel Areva NP võõrandamine, ei saa pikaajalises perspektiivis kahjustada Nouvel Areva konkurentsiseisundit.
They also pointed out that the Areva Group was receiving no aid from the divestments of New Areva NP and Areva TA, which involved State resources but were being carried out at market price.
Lisaks sellele rakendab Areva kontsern tõhususe ja konkurentsivõime kava, mis võimaldab vähendada Nouvel Areva NP võõrandamise lühiajalist mõju ettevõtja struktuurikuludele.
As regards New Areva NP, the French authorities explained that a specific type of governance had been introduced within EDF to ensure that EDF's interests were protected.
Näiteks seoses ostude arvu vähendamisega on kõnealuses kavas nähtud ette saavutada selles valdkonnas kokkuhoid, millega kompenseeritakse Nouvel Areva NP võõrandamise tulemusel tekkiv ostumahu vähenemine.
In that context, a working group composed of independent managers had been specifically created for the acquisition of New Areva NP, in order to check whether the transaction was in the interests of EDF's shareholders and to give an independent opinion to EDF's Board of Directors.
Ebasoodsa finantsarengu puhul on samas eeldatud, et kavas ettenähtud eesmärgid täidetakse vaid [50–100] % ulatuses ning negatiivne mõju on tuntav.
No State representative sat on the working group.
Tundlikkusanalüüs ja riskide maandamise strateegia
On the basis of the work done by the group, which had also commissioned a valuation study from the bank Société Générale, EDF had finally taken the acquisition decision.
Prantsuse ametiasutused ja Areva kontsern määratlesid ettevõtja Nouvel Areva peamised riskitegurid tulevikuks.
The French authorities also explained that they had ultimately opted for a hive-down for EDF's acquisition of the Areva Group's reactors business.
Täpsustatakse, et põhistsenaarium on juba küllalt konservatiivne ning seetõttu tuleb pidada vähetõenäoliseks, et kõik ebasoodsad eeldused avalduvad samaaegselt.
According to the French authorities, these new divestment arrangements had no impact on the valuation carried out by the parties and their advisers under the previous divestment plan: EUR 2,5 billion for 100 % of the capital.
Esimene neist teguritest on euro ja dollari vahetuskurss.
Irrespective of the legal arrangements for the divestment, the economic reality remained the same for EDF, which would take over Areva NP's historical activities without bearing the risks linked to the OL3 project.
Andmeid analüüsitakse iga kuu ning järk-järgult sõlmitakse kindlustuslepingud, et katta minimaalne osa seoses tulevaste maksetähtaegadega.
EDF would also be insulated against the risks linked to the components contracts.
Seejuures on teataval tegevusel, nagu kaevandamine, selle riski vastu osaliselt ka loomulik kaitse: näiteks 50 % Nouvel Areva kaevandustoodangust realiseeritakse Kanadas, mille valuuta on USA dollariga seotud.
As regards Areva TA, the valuation process had been organised in two stages, in accordance with the most common market practices: (i) between January and May 2016, the Areva Group had provided the consortium of buyers with financial, operational, legal and tax information, and organised several working sessions with the Areva TA management team; (ii) the consortium had then had access to a data room and had been able to hold question and answer discussions with Areva TA management.
Need täiustused on hõlmatud tõhususe ja konkurentsivõime kavasse, mida rakendatakse kuni 2018. aastani; juhul kui kõnealune risk peaks avalduma, on […] võimalik kasutada ka pärast 2018. aastat.
In this context, the Areva Group and the buyer had been assisted by 12 legal, banking and due diligence advisers.
Kolmas kindlaksmääratud risk on seotud […] ebaõnnestumise võimalike tagajärgedega.
This valuation was based on the discounted cash flows method (‘DCF’) method, applied to a business plan based on assumptions agreed with the buyer.
Samas vähendaks […] ebaõnnestumine Nouvel Areva tulusid.
The price had been set out in the contract of sale signed on 15 December 2016.
Nouvel Areva finantskavas on võetud arvesse teatavat ettenägematuid sündmusi, mis on seotud […], mille suurus sõltub sellest, kas lähtutakse põhistsenaariumist või ebasoodsast stsenaariumist.
The French authorities considered therefore that the final valuation was based on commonly recognised methods, after the usual due diligence.
Nende ettenägematute sündmustega seotud kulud on ebasoodsa stsenaariumi kohaselt ajavahemikul 2016–2025 [1–2 miljardit] eurot ehk [0–1 miljardit] eurot rohkem kui põhistsenaariumi puhul.
The Areva Group is implementing a restructuring plan to restore its long-term viability
Prantsuse ametiasutused märgivad, et rakendada võib järgmisi tasakaalustusmeetmeid: kaubanduslikud või lisatootlikkust hõlmavad meetmed (näiteks ostude optimeerimine ja töötajate arvu vähendamine) ning […] investeerimiskava muutmine.
The French authorities first presented updated financial projections for New Areva.
Nouvel Areva on ajavahemikul 2015–2025 suuteline ettevõtet rahastama turgude abil
They were based on assumptions deemed to be extremely conservative: (i) the price of uranium had been revised downwards, […], (ii) the projections for mining activities had been revised downwards, (iii) an additional risk had been taken into account as regards […], (iv) a strengthened cost reduction plan had been incorporated for enrichment and conversion, (v) the cost of implementing the hive-down had been stabilised at EUR [200-900 million] over the period 2016-2025.
Vastuseks komisjoni menetluse algatamise otsuse põhjenduses 151 toodud kahtlusele täpsustavad Prantsuse ametiasutused, et põhistsenaariumi korral avaldub Nouvel Areva rahastamisvajadus juhul, kui […].
The adverse scenario assumptions had also been revised downwards, following similar reasoning.
Samas on ette nähtud, et selleks ajaks on ettevõtja Nouvel Areva finantsnäitajad piisavalt head, et rahastamiseks oleks võimalik kasutada võlakirjaturge, ilma et kahjustataks ettevõtja investeerimisjärgu (investment grade) reitingut.
The French authorities then addressed the various doubts raised by the Commission concerning the plan for restoring viability.
Seevastu ebasoodsa stsenaariumi korral vajab Nouvel Areva lisarahastamist […] ulatuses.
New Areva's business plan takes into account the consequences of the proposed divestments
Prantsuse ametiasutused selgitavad samas, et Nouvel Areva võib ühendada […], ilma et see kahjustaks ettevõtja […] elujõulisust.