natgillin/translations-raw huggingface dataset:
There were also other factors to consider, such as the length of time it would take to launch such an operation and the need to call an extraordinary general meeting and prepare financial statements.
Ambitsioonikava 2005 esitamisega kaasnes majandus- ja rahandusministri 5. detsembri 2002. aasta pressiteade, milles valitsus kinnitas oma toetust kõnealusele kavale, oma lubadust osaleda omakapitali tugevdamises ja anda aktsionärilaenu 9 miljardi euro suuruse krediidiliini kujul.
The French authorities also stressed that it would be better both for France Télécom and its shareholders that such an operation take place after the market had fully integrated the prospects of operational improvement and had been able to assess its initial results or tangible signs.
FT aktsia kursi kasv jätkus ja suurenes TOP kava ja uue täitevkomitee teatavaks tegemisega 5. detsembril 2002, millega kaasnes üle 25 % suurune tõus kahe päevaga.
In these circumstances, and in order to give France Télécom the necessary room for manoeuvre to enter the market under the best possible conditions, the French State declared that as majority shareholder, it was prepared to make an upfront prepayment towards the capital increase.
Mõni päev pärast ambitsioonikava 2005 esitlemist teostas FT kaks järjestikust võlakirjaemissiooni 11. detsembril ja 12. detsembril 2002 kogusummas 2,9 miljardit eurot.
To that end, it would ensure that a temporary shareholder loan in the form of a credit line was made available to France Télécom, any amount drawn by France Télécom being consolidated when new share capital was issued.
Esimene obligatsioonilaen võeti kogusummas 2,5 miljardit eurot 7 aastaks kindla intressiga 7 % ehk EURIBOR + 290 pb.
The maximum loan that could be made available to France Télécom was EUR 9 billion, which corresponded to the State's future contribution to strengthening the Company's capital base.
Teine obligatsioonilaen paigutati naelsterlingi (GBP) turule summas 250 miljonit GBP, kindla intressiga 8 % 15 aastaks ehk LIBOR + 330 pb.
The conversion of the loan into securities was obligatory upon completion of the operation to strengthen the capital base.
Täiendavad emissioonid toimusid 15. jaanuaril 2003 kogusummas 5,5 miljardit eurot.
The action plan stipulated that the loan would only be drawn upon to the extent that France Télécom required, considering its cash flow plan.
10. veebruaril 2003 pikendati tasumisele kuuluva 15 miljardi euro sündikaatlaenu osa, nimelt ligi 5 miljardit eurot 3 aastaks intressimääraga Euribor + 125 pb.
It would also be remunerated at the prevailing market rates and the interest would be capitalised.
17. detsembril 2002 täpsustas S & P, et alates 2002. aasta juulist oli valitsuse toetus olnud üks põhiteguritest FT reitingu säilitamisel investeerimisjärgus ja et valitsuse teadaanne seoses aktsionärilaenuga ja lubadusega osaleda rahaliselt 15 miljardi euro rekapitaliseerimise operatsioonis oma osalusega võrdelisel määral oli kinnitanud seda toetust .
It would thus appear that the granting and making available of the shareholder loan would not be remunerated as such, and that interest would be charged only on the amount drawn against the loan, at a rate equal to Euribor plus a margin established by reference to the average spread recorded at that time on the four main France Télécom bond lines compared with the corresponding swap rate, plus 1 %.
20. detsembril edastasid Prantsuse ametiasutused FT-le parafeeritud ning ERAPi allkirjastatud laenulepingu.
It was also stipulated that, whatever the date on which these drawings were made, the margins applicable to the drawings would be increased automatically by 0,35 % from the sixth month following the date of the first drawing and by 0,7 % from the 12th month following the date of the first drawing.
FT ei ole seda lepingut allkirjastanud.
The French authorities pointed out that the terms for launching the December bond issues were more favourable for France Télécom than those granted by the State, as the main shareholder, for making funds available for a potential loan.
FT lõpetas 2002. majandusaasta ligi 21 miljardi euro suuruse kahjumi ja peaaegu 68 miljardi euro suuruse netovõlaga.
The French authorities explained that, on comparable terms (floating rate swap), the euro tranche of the bond issue corresponded to Euribor + 290 bp, or around 100 bp below that of the shareholder loan, whereas the bond was due to mature long after the loan.
4. märtsil 2003 käivitati ambitsioonikavas 2005 ettenähtud 15 miljardi euro mahus omakapitali tugevdamise operatsioon.
In order to proceed with the shareholder loan, the French authorities planned to use a vehicle, the Entreprise de Recherches et d'Activités Pétrolières (ERAP), a French public industrial and commercial entity, which would be responsible for holding the State participation in France Télécom and reflected the State's intention to identify clearly the financial outlay being granted by isolating it in a dedicated structure.
Operatsioon oli väga edukas ja see viidi lõpule 11. aprillil.
The French authorities said that ERAP would initially borrow from the State to subscribe to the capital increase, before turning to the bond markets.
Kapitali suurendamine vastas suures osas FT struktuurilistele finantseerimisvajadustele.
The presentation of the Ambition 2005 plan was accompanied by a press release of the Minister for Economic Affairs and Finance, dated 5 December 2002, in which the Government confirmed its support for the plan, its commitment to take part in the operation to strengthen the Company's capital base and the making available of a shareholder loan in the form of a EUR 9 billion credit line.
Selle toimingu tagajärjel hakkas FT reiting paranema, S & P tõstis 14. mail 2003 reitingu tasemele BBB stabiilse väljavaatega (tasemelt A-3 tasemele A-2 lühiajalise võlakohustuse reitingu osas) ja Fitch 8. augustil 2003 FT reitingu tasemelt BBB- tasemele BBB.
France Télécom's share price continued its upward progress with the announcement of the TOP plan and of the new executive board on 5 December 2002, which led to a rise of more than 25 % in two days.
KOLMANDATE POOLTE MÄRKUSED
A few days after the presentation of the Ambition 2005 plan, France Télécom launched two successive bond issues on 11 and 12 December 2002 for a total amount of EUR 2,9 billion.
Komisjon sai märkusi ettevõtetelt Cable and Wireless, Cégétel, AFORS Télécom, LDCOM, Tiscali, WorldCom France, Bouygues SA ja Bouygues Télécom (edaspidi „BT“) ja Telecom Italia.
The first bond issue was for a total amount of EUR 2,5 billion over seven years, at a fixed rate of 7 %, or Euribor + 290 bp.
Mõned huvitatud pooled (A, B ja C) soovisid säilitada anonüümsuse.
The second bond issue was placed on the pound sterling (GBP) market for an amount of GBP 250 million at a fixed rate of 8 % over 15 years, or LIBOR + 330 bp.
Telecom Italia ja WorldCom märkused
Other issues were made on 15 January 2003 for a total amount of EUR 5,5 billion.
Telecom Italia ja WorldCom rõhutavad, et kõik FT-le osutatud abimeetmed võivad mõjutada konkurentsi telekommunikatsiooniturgudel ja eriti Prantsusmaa turul.
On 10 February 2003, that part of the EUR 15 billion syndicated loan which had matured, namely approximately EUR 5 billion over three years at the rate Euribor + 125 bp, was renewed.
Seega on peamine, et Prantsuse ametiasutuste rakendatud meetmetega peaksid kaasnema vastuabinõud eesmärgiga leevendada abimeetmete tagajärgi konkurentsile.
On 17 December 2002, S&P indicated that, since July 2002, the Government's support had been a key factor in maintaining France Télécom's investment-grade status and that its announcement concerning the shareholder loan and the commitment to subscribe, in proportion to its shareholding, to a EUR 15 billion recapitalisation operation had confirmed that support .
A, B ja C märkused
France Télécom never signed this contract.
C osutab, et vastavalt suunistele raskustes olevate äriühingute päästmiseks ja ümberkorraldamiseks antava riigiabi kohta (edaspidi „suunised“) kaasneb riiklike vahendite andmisega rahalistes raskustes olevale ettevõttele abielementide olemasolu eeldus.
France Télécom ended the 2002 financial year with a loss of approximately EUR 21 billion and a net financial debt of almost EUR 68 billion.
B ja C rõhutavad ühtlasi, et samaaegsuse põhimõtet ei ole järgitud niivõrd, kuivõrd Prantsuse ametiasutused andsid krediidiliini ja kuulutasid välja oma osaluse kapitali suurendamises enne ambitsioonikava 2005 väljakuulutamist ja enne investorite kindlat kaasamist.
On 4 March 2003, the operation to strengthen the Company's capital base by EUR 15 billion as envisaged by the Ambition 2005 plan was launched.
Bouygues'i ja Bouygues Télécomi (BT) märkused
The operation was broadly successful and was terminated on 11 April.
BT osutab, et riigi toetus kujutab FT rekapitaliseerimise nurgakivi, mis viis ettevõtte saneerimisele.
The capital increase largely met the structural needs of France Télécom's financing.
Nii võis BT väitel ainult Prantsuse riik taastada turgude usalduse ja luua olukorra, mis võimaldab ettevõttel toime tulla oma lühiajaliste võlakohustustega ja käivitada ulatuslik kapitali suurendamise toiming soodsates majanduslikes tingimustes.
Thus, following the operation, France Télécom's credit rating began to improve: on 14 May 2003 S&P raised its rating to BBB, outlook stable (from A-3 to A-2 for its short-term rating) and on 8 August 2003 Fitch raised its rating from BBB- to BBB.
BT väitel moodustavad majandus- ja rahandusministri avaldused ajavahemikul 12. juulist kuni 4. detsembrini 2002 riikliku tagatise, mis hõlmab riigi ressursse; samuti kaasavad riigi ressursse aktsionärilaen ja omakapitali tugevdamine.
COMMENTS FROM THIRD PARTIES
Nende meetmete näol on tegemist riigiabiga.
The Commission has received comments from Cable and Wireless, Cégétel, AFORS Télécom, LDCOM, Tiscali, WorldCom France, Bouygues SA and Bouygues Télécom, and Telecom Italia.
Osutatud meetmetega antakse ettevõttele France Télécom eeliseid, mida ettevõte ei oleks saanud tavapärastes turutingimustes, ning need ei järgi turutingimustes tegutseva aruka erainvestori põhimõtet.
Several interested parties (A, B and C) wished to keep their identity confidential.
Mis puudutab majandus- ja rahandusministri avaldusi, siis riigi korduv toetus, mida väljendati reas avaldustes 12. juulist 2002 kuni 4. detsembrini 2002 ja täiendati rea meetmetega, sealhulgas 9 miljardi euro krediidiliini avamise ning ka riigi tühistamatu lubadusega osaleda kapitali suurendamises võrdeliselt omandiosaga ettevõttes, kujutab tema tagasivõetamatut lubadust lahendada kõigi vahenditega ettevõtte võimalik maksejõuetus seoses rahaliste kohustuste täitmisega.
Comments from Telecom Italia and WorldCom
BT rõhutab siinkohal, et see lubadus moodustab tõelise riikliku tagatise, millega kaasnevad riigi ressursside kaasamisega seotud õiguslikud tagajärjed.
Telecom Italia and WorldCom stress that any aid granted to France Télécom is likely to affect competition in the telecommunications markets, and in the French market in particular.
Oma märkustes viitab BT eksperdile, kes täpsustas, et Prantsuse halduskohtu järjepidevast kohtupraktikast tuleneb, et ühe haldusasutuse võetud kohustuse olemasolu ei tule vaadelda selle vormi seisukohast, vaid selle olemuslike omaduste alusel.
It is therefore essential that the aid granted by the French authorities should be accompanied by compensatory measures aimed at reducing its impact on competition.
BT ekspert märgib, et seda kohtupraktikat kohaldatakse nimelt konkreetselt seoses avaldustega: halduskohtu hinnangu kohaselt on lubaduste näol, isegi kui nendega ei kaasne konkreetset õigusakti, tegemist kohustustega, sest nad väljendavad haldusasutuse tahteavaldust.
Comments from A, B and C
Piisavaks võib pidada haldusaparaadi käitumist, mis veenab, et riik on võtnud kohustuse.
According to A, B and C, the measures at issue constitute State aid.
BT ekspert täpsustab, et majandus- ja rahandusministri avaldused täidavad kõiki riigi kohustuse iseloomustamiseks vajalikke tingimusi.
C argues that, in accordance with the Guidelines on State aid for rescuing and restructuring firms in difficulty (‘the Guidelines’), where public funding is provided to a firm which is in financial difficulties there is a presumption that State aid is involved.
Niipea, kui need avaldused on kindlad ja täpsed ning sõnastatud tingimusteta, analüüsitakse neid kui riigi kohustusi FT, tema võlausaldajate ning töötajate ees.
A, B and C state that the announcement of and terms governing the making available by the French State to France Télécom of the EUR 9 billion credit line and the participation by the French State in the recapitalisation of France Télécom involve aid elements.
Aktsionärilaenu ja omakapitali tugevdamise kohta väidab BT, et ühelt poolt 9 miljardi euro suuruse krediidiliini avamine FT-le ja teiselt poolt riigi tühistamatu kohustus osaleda kapitali tulevases suurendamises võrdeliselt oma osaluse mahuga FT's, millele järgneb rekapitaliseerimine, on riikliku tagatise andmine, mida rahastatakse riigi ressurssidest.
The prudent investor test is not satisfied as regards the arrangements for providing the credit line, inter alia, because of the interest rate proposed and the amount of the commitment fee.
Järelikult rahastati vaadeldavaid meetmeid riigi ressurssidest ja seda isegi juhul, kui krediidiliini lõpuks ei kasutatud.
B and C also point out that the principle of concomitance has not been complied with insofar as the French authorities granted the credit line and announced their participation in the recapitalisation prior to the announcement of the Ambition 2005 plan and prior to the firm commitment of the investors.
Mis puudutab eelisega seonduvat tingimust, siis osutas BT, et tagatise andmist ajendanud asjaolu pärines ajast pärast reitinguagentuuride poolset FT reitingu langetamist ja selle eesmärk oli taastada turu usaldus.
Comments from Bouygues and Bouygues Télécom
Tagatise tulemusel võimaldati FT-le uuesti juurdepääs rahaturgudele.
Bouygues Telecom points out that the support of the State is the cornerstone of France Télécom's recapitalisation plan, which led to the Company's recovery.
Mis puudutab erainvestori põhimõtet, siis osutab BT, et toetusmeetmed ei ole selle põhimõttega kooskõlas.
Thus, according to Bouygues Telecom, only the French State could restore the markets' confidence and create a virtuous circle enabling it to meet its short-term commitments and launch a huge recapitalisation operation under favourable economic conditions.
BT meenutab, et riigi avaldused kujutavad kindlat ja tingimusteta õiguslikku kohustust, mida investor ei oleks kunagi vähimaidki tingimusi seadmata võtnud.
According to Bouygues Telecom, the statements made by the Minister for Economic Affairs and Finance during the period from 12 July to 4 December 2002 constitute a state guarantee committing the State's resources; likewise, the shareholder loan and the operation to strengthen the Company's capital base commit state resources.
Seega on tegemist piiramatu tagatisega, mis anti ühele erakordselt võlastunud ja nõrgale ettevõttele lühiajaliselt.
These measures constitute State aid.
BT osutab, et pidades silmas maailma majanduse pikaajalise kriisi olukorda ja konkreetsemalt üleminekujärgus telekommunikatsioonisektorit, ning arvestades kõnealuse summa suurust, ei oleks ükski erainvestor võinud kaaluda kapitali suurendamist selles summas ja tingimusteta, ning et ainult riik, praegusel juhul Prantsusmaa, võis siduda end sellise ebakindluse olukorras.
They confer advantages on France Télécom which it would not have obtained under normal market conditions and do not satisfy the test of a prudent private investor operating under normal market conditions.
BT märkis, et omakapitali tugevdamise rahastamine, mis on 100 % ulatuses tagatud võlaga, ja mitte omakapitaliga, oleks mõjunud raskelt iga sarnaselt toiminud erainvestori reitingule, samas kui riiki saavad karistada ainult valijad, kellel ei ole samad eesmärgid.
As regards the statements by the Minister for Economic Affairs and Finance, the repeated support of the State, expressed in a series of announcements from 12 July 2002 to 4 December 2002 and supplemented by a series of measures including the opening of the EUR 9 billion credit line and the irrevocable commitment by the State to participate in a capital increase in proportion to its shareholding in France Télécom, amounts to a commitment on its part, from which it cannot withdraw, to make good by all available means any failure by the Company to meet its financial commitments.
Erainvestori laenuandjad ja aktsionärid oleksid nõudnud, et investeering oleks kindlustatud äriplaaniga, mis sisaldab täpseid kohustusi, sealhulgas varade realiseerimist.
Bouygues Telecom stresses here that this commitment constitutes a veritable state guarantee producing legal effects committing the State's resources.
BT järeldab, et mingil juhul ei oleks arukas investor, kelle finantssuutlikkus oleks võrreldav Prantsuse riigi omaga ja kes väljastaks sellise tagatise, äratanud suurt usaldust turgudel, ning on selge, et just „riikliku laenu“ tõttu, mida võimaldatakse riigi kohustuste puhul, usaldus taastatigi.
In preparing its comments, Bouygues Telecom called on the services of an expert who stated that it followed from a long line of judgments by the French administrative courts that the existence of a commitment entered into by an administrative authority must be assessed in the light, not of the commitment's form, but of its intrinsic characteristics.
BT märgib samuti, et samaaegsuse põhimõttest ei ole kinni peetud.
The expert remarked that that case law was expressly applied in the specific case of declarations: the administrative courts thus considered that, even where they were not accompanied by any specific legal act, the promises constituted commitments as they were the embodiment of the administrative authority's will.
BT osutab, et erainvestorite osalemine ei olnud kindel ega märkimisväärne ajal, millal valitsus teatas oma osalemisest kapitali suurendamises, ja seda isegi juhul, kui investeerimisotsuse tegemise kuupäevaks peetakse 5. detsembrit.
For there to be a commitment on the part of the State, it was sufficient for the authority to have behaved in such a way as to convince others that it would act in a certain manner.
Juhul kui investorid saavad sekkuda alles pärast seda, kui ametiasutused on otsustanud anda abi, ei ole asjaolu, et neil on võimalik seda teha samaaegselt, enam oluline.
The declarations by the Minister for Economic Affairs and Finance satisfied all the criteria for being characterised as a commitment by the State.
Selline sekkumine on riigi antud abi tagajärg ja mitte erainvestori otsus.
Those declarations were firm and precise and made without reservations, and could thus be construed as constituting commitments by the State vis-à-vis France Télécom, its creditors or its employees.
Nii ei saaks praegusel juhul asjaolu alusel, et pangakonsortsium kohustus käendama operatsiooni edukat lõpuleviimist, järeldada, et samaaegsuse põhimõttest on kinni peetud.
With regard to the shareholder loan and the operation to strengthen the Company's capital base, Bouygues Telecom maintains that, firstly, the opening of a EUR 9 billion credit line for the benefit of France Télécom and, secondly, the irrevocable commitment by the State to participate in any future capital increase in proportion to its shareholding in the Company followed by the recapitalisation operation as such, are the implementation of the state guarantee and are financed by state resources.
Prantsuse ametiasutuste investeerimisotsus on kindel ja tingimusteta, samas kui erainvestorite otsus seda ei ole, ja erainvestorid andsid oma panuse alles pärast seda, kui neile oli korduvalt ja kindlalt kinnitatud, et ka riik osaleb operatsioonis ja eriti, et ta võtab kõik meetmed, võimaldamaks vältida FT rahastamisprobleeme.
As a result, the measures at issue are financed by state resources, even if the credit line has ultimately not been used.
Ettevõtte Cable & Wireless märkused
As regards the condition relating to the advantage, Bouygues Telecom points out that the occurrence giving rise to the guarantee took place subsequently to the reduction in France Télécom's credit rating by the rating agencies with a view to restoring the market's confidence.
Cable & Wireless märkis, et vaadeldavad meetmed kujutavad endast riigiabi.
The guarantee had the effect of enabling France Télécom to gain renewed access to the financial markets.
FT-le eelise andmiseks piisas turu usaldusest seoses aktsionärilaenu võimaldamisega, millest teatasid Prantsuse ametiasutused.
As to the prudent private investor test, Bouygues Telecom argues that the support measures do not satisfy that test.
Kuivõrd arukas erainvestor ei oleks otsustanud rekapitaliseerida FT laadset ettevõtet, kes oli selgelt ebatõhus enne ambitsioonikava 2005 vastuvõtmist, sai viimane eelise, mida ta ei oleks saanud tavalistes turutingimustes.
Bouygues Telecom takes the view that the State's declarations constitute a firm and unconditional legal commitment which an investor would never have undertaken without entering the slightest reservation.
AFORS Télécomi märkused
It is therefore an unlimited guarantee granted to a company which is extraordinarily leveraged and fragile in the short term.
Prantsuse telekommunikatsiooni liit AFORS Télécom (Association française des Opérateurs de Réseaux et Service) märkis, et vaadeldavad meetmed kujutavad endast riigiabi.
Bouygues Telecom argues that, in view of the prolonged crisis in the world economy and more particularly in a telecommunications sector undergoing transition, and bearing in mind the size of the sum in question, no private investor could have envisaged a capital increase of that amount without conditions and only a State of the creditworthiness of France could have coped with such uncertainty.
Mitme järjestikuse otsusega 2002. aastal kuni FT-le 9 miljardi euro krediidiliini avamiseni taastasid Prantsuse ametiasutused investorite usalduse, täpsustades omapoolset toetust.
It thus points out that the financing of the strengthening of the Company's capital base, covered entirely by debt without any own funds, would have affected the credit rating of any private investor who behaved in a similar way, whereas a State, on the other hand, can be punished only by its electors, who do not have the same objectives.
AFORS Télécom juhib tähelepanu ka asjaolule, et isegi eeldades, et FT ei oleks kunagi kasutanud ERAPi avatud krediidiliini, sümboliseerib see riigi toetuse tagatist ja selleks kasutakse riigi ressursse ELi toimimise lepingu artikli 107 lõike 1 tähenduses.
The creditors and shareholders of the private investor would have asked for the investment to be backed by a business plan containing precise commitments, including the disposal of assets.
Krediidiliini võimaldamise ja selle hüvitamise tingimused ei vasta aruka erainvestori põhimõtte kriteeriumidele.
Bouygues Telecom concludes that, at all events, a prudent investor whose financial capacity was comparable to that of the French State and who issued such a guarantee would not have inspired much confidence in the markets and that it is clear that it was due to the qualification of ‘sovereign debt’ enjoyed by the State's commitments that confidence was restored.
AFORS Télécom osutab, et aruka investori kaasamisel ei oleks FT-l finantsilisi kõrvalekaldeid alates 2000. aastast saanud esineda.
Bouygues Telecom argues that the concomitance principle has not been complied with.
Riigi toetuse tulemusel jätsid reitinguagentuurid FT reitingu täiendavalt alandamata, mis võimaldas kiirendada FT tagasipöördumist turule ja tema võla refinantseerimist vähem koormavatel rahastamistingimustel.
Bouygues Telecom points out that the participation of private investors was neither certain nor significant at the time of the announcement by the Government of its participation in the capital increase, even if the date of taking the decision to invest is brought forward to 5 December.
Nii määraski just Prantsuse riigi usaldusväärsus FT finantsturgudele tagasipöördumise tingimused.