natgillin/translations-raw huggingface dataset:
Following a sovereign assessment of the facts, the General Court held that the shareholder loan offer granted by the State to France Telecom came only in December 2002, that the French Government had made no firm commitment in July 2002, and that the decision to provide France Télécom with financial support through the shareholder loan offer had been taken not in July 2002 but in early December 2002.
Pealegi olid paranenud tegevusnäitajad ja kasvanud rahavoog.
The General Court also concluded that, between the months of July and December 2002, a private investor might have displayed behaviour similar to that displayed by the French State.
Riik kui aktsionär oli algusest peale võtnud kõik meetmed, tagamaks avalike ja eraaktsionäride samaaegse osalemise FT kapitali tugevdamises.
It further emerges from the General Court's findings and assessments, in paragraphs 249 to 254 of the judgment of 2 July 2015, that there was a significant break in the series of State measures taken by France for France Télécom between the months of July 2002 and December 2002.
Seega, riik teatas oma kavatsusest osaleda omakapitali tugevdamises 12. septembril 2002 ja selleks kuupäevaks oli pangakonsortsium juba võtnud kohustuse aidata koos avaliku aktsionäriga tagada vajalikul hetkel kapitali suurendamine erainvestorite jaoks, tingimusel, et usaldusväärseks peetav taastasakaalustamise kava on turul teatavaks tehtud.
In addition, at paragraph 230 of that judgment, the General Court noted ‘a number of relevant factors which effectively determined the French State's decision in December 2002, that is, in addition to restoring the confidence of the financial markets and preserving FT's credit rating, primarily the restructuring and rebalancing measures taken within FT, including the Ambition 2005 plan drawn up by its new management between October and December 2002, which provided in particular for the implementation of a plan, “the TOP plan”.’
Prantsuse ametiasutuste väitel oli riigi osalemise eeltingimuseks ka turu poolt usaldusväärseks hinnatud kavast teatamine ning riik ei võtnud ametlikult kohustusi enne pankade ametliku kohustuse võtmist.
It also considered as ‘key factors’ in the case ‘the commitment given in September 2002 by a banking syndicate to underwrite that part of an increase in the capital of FT which was intended for private investors, the sale by FT of some EUR 2,5 billion in non-strategic assets between July and December 2002, the appointment of a new management team for the company in October 2002, and the resolution in November 2002 of the dispute between FT and the German operator Mobilcom.
Tehingu tingimused olid samad nii avaliku sektori asutustele kui ka kõikidele omakapitali tugevdamises osalevatele eraettevõtjatele.
Taken as a whole, those factors brought about a marked improvement in FT's operational prospects and performance during the second half of 2002.’
Lisaks sellele moodustasid aktsionäride 15 miljardit eurot vaid kolmandiku vahenditest, mis suunati FT finantsümberkorralduseks.
In paragraph 143 of the judgment on the appeal of 30 November 2016, the Court found that ‘as rightly held by the General Court in paragraph 230 of the judgment under appeal, deciding in advance in July 2002 the time when the prudent private investor criterion fell to be assessed would have necessarily excluded from that assessment relevant factors that occurred between July 2002 and December 2002.’
Aktsionärilaenu pakkumine ja 4. detsembri 2002. aasta sellekohane teade
Consequently, in view of the particular circumstances of the case, there is no inextricable link between the measures that the French authorities took prior to December 2002 and the measures that they took in December 2002.
Kui pangakonsortsiumi kohustuse võtmiseks seatud eeltingimus oli täidetud, teatas riik 4. detsembril 2002 aktsionärilaenu väljastamisest ettevõttele FT.
It is necessary therefore to examine whether, between 4 December 2002 (when the State announced its shareholder loan to France Télécom) and 20 December 2002 (when the State sent France Télécom a signed and initialled draft shareholder loan agreement), the conditions for State aid were met, and in particular, whether the State acted in the same way as a prudent private investor in a market economy.
Sellises konkreetses olukorras tuleb arukalt toimiva erainvestori jaoks, kes on FT enamusaktsionäri, riigiga, võimalikult samaväärsetes tingimustes, pidada ratsionaalseks anda sellele toimingule suuline nõusolek.
The measures taken by France in December 2002 fulfilled the private investor criterion
Enamusaktsionärist riigi kavandatud investeeringuna antav laen oli antud juhul madala riskiga, tasuv ja tavakohane toiming – kapitali suurendamise ootuses (võrdsetel tingimustel) –, et kaitsta enamusaktsionäri varaga seonduvaid huve, kuna detsembris ei olnud ajakavaga seotud põhjustel võimalik rekapitaliseerimist teostada.
The December 2002 shareholder loan appears to confer an advantage on France Télécom, since it enables it to increase its means of financing and to reassure the market as to its ability to meet its maturities.
FT selgituste kohaselt vähenes ettevõtte juurdepääs turgudele novembri lõpus märkimisväärselt.
Even if the loan agreement has never been signed, the appearance given to the market of the existence of such a loan is, a priori, likely to confer an advantage on France Télécom as the market has considered the Company's financial situation to be more secure.
Investorid peavad võtma arvesse raamatupidamisaasta lõpetamist 31. detsembril ja suuremahulise tehingu haldamine on keeruline.
This may have influenced France Télécom's borrowing terms.
Lisaks sellele on kapitali suurendamiseks nõutava erakorralise üldkoosoleku kokkukutsumiseks nõutav ajavahemik vähemalt 15 päeva ning toimingu teostamine nõuab 30 päeva.
The advantageous effect of the measures taken by the State in December 2002 in favour of France Télécom is thus apparent.
Laen on ajutine ja selle abil vahendatakse kapitali suurendamist, mis peaks mitme tunnuse põhjal kujunema edukaks.
However, a measure is not deemed to constitute an advantage and so does not qualify as State aid if the recipient undertaking could, in circumstances which correspond to normal market conditions, obtain the same advantage as that which is made available to it through State resources.
FT esitas mitu näidet sel ajal antud aktsionärilaenude kohta, väites, et enamusaktsionäri laenu andmine, mis kapitali suurendamise korral kapitaliseeritakse, on tavapärane toiming.
In the case of public undertakings, that assessment is made by applying, in principle, the prudent private operator test.
Italenergia Bis poolt ettevõttele Edison antud aktsionärilaen ühe miljardi euro ulatuses kapitaliseeriti seoses Edisoni kapitali suurendamisega 2003. aastal.
In the present case, it is necessary to determine whether, in similar circumstances, in December 2002, a private investor of a comparable dimension could have been prevailed upon to make capital contributions of the same size, having regard in particular to the information available and foreseeable developments at the date of those contributions.
Seoses ettevõtte Thus ümberkorraldusega ja viimisega London Stock Exchange börsile, andis Scottish Power 320 miljoni GBP suuruse laenu, millest kapitaliseeriti 260 miljoni GBP suurune osa, kasutamata osa tühistati.
The prudent private investor criterion must therefore be applied when the State financial support measure that may be characterised as State aid is adopted, that is between 4 December 2002 and 20 December 2002.
2002. aastal osalesid America Movil ja Bell Canada International teiste investorite kõrval nende ühise Lõuna-Ameerikas asuva tütarettevõtja Telecom Americas finantsümberkorralduses.
The announcement of 4 December 2002 and the shareholder loan offer of 20 December 2002 must be jointly examined.
Aktsionärilaenuna väljastati 120 miljonit dollarit, mis pidi kuuluma refinantseerimisele kaks aastat hiljem ettevõtte Telecom Americas aktsiatena.
In December 2002, it appeared that the confidence of the financial markets in France Télécom's future had been largely restored and that France Télécom's credit rating had been preserved, mainly as a result of the restructuring and rebalancing measures taken within FT, including the appointment of new management and their development of the Ambition 2005 plan between October and December 2002, which included the implementation of a plan, the ‘TOP plan’, to improve the Company's operational performance.
Ettevõtte Ericssoni kapitali suurendamisel hõlmas ettevõtte 2002. aasta aprillis esitatud teade põhiaktsionäri (Industrivärden ja Investor) võetud kohustust, seda toimingut ei lubatud teostada enne 2002. aasta juunit ja see teostati sama aasta augustis.
In assessing the shareholder loan, it is important to determine whether the participation in the strengthening of the Company's capital base satisfies normal market conditions.
Seoses ettevõtte Fiat kapitali suurendamisega 2003. aasta juulis avaldati 2003. aasta märtsis kontrollivate aktsionäride kavatsus märkida uusi aktsiaid proportsionaalselt nende osalusega.
Participation in the strengthening of the Company's capital base
Võttes arvesse neid näiteid ja ettevõtte FT konkreetset olukorda 2002. aasta detsembris, ei saa komisjon välistada seda, et riigi käitumine 2002. aasta detsembris võis olla samalaadne turutingimustel tegutseva arukalt käituva ettevõtja omaga, kes on FT enamusaktsionäri, riigiga, võimalikult samaväärses olukorras.
France's participation in the strengthening of the Company's capital base was conditional on the presentation to the market of a credible plan for the restructuring of France Télécom.
Kokkuvõte
The Ambition 2005 plan and the TOP plan together form a complete and rational coherent plan.
Vaadeldav meede, 4. detsembri 2002. aasta teade aktsionärilaenu andmise kohta koos 20. detsembri 2002. aasta aktsionärilaenu pakkumisega vastab seega turutingimustel tegutseva arukalt käituva erainvestori kriteeriumile.
It permits among other things the generation of a EUR 15 billion cash flow via an operational improvement and a disposal of assets that does not involve any amputation of core businesses.
Seega ei saa seda meedet käsitada meetmena, millega antakse ettevõttele FT eelis.
The TOP plan represents a considerable effort on France Télécom's part.
ELi toimimise lepingu artikli 107 lõikes 1 sätestatud muud tingimused
It is an overall plan for a change of management direction based on specific actions The French authorities stress that the plan makes possible an increase in the Company's profitability with a rate of return on investment (RRI) of 43 % in 2005 for those investors who participated in the April 2003 capital increase, that is, a much higher return than the reference RRI (11 %) expected by a private investor in the telecommunications sector.
Väljakujunenud kohtupraktika kohaselt on ELi toimimise lepingu artikli 107 lõike 1 tähenduses riigiabiks kvalifitseerimiseks nõutav, et kõik selles sättes esitatud tingimused on täidetud.
As regards the expected return, the French authorities state that compliance with the prudent private investor principle is also demonstrated by the high profitability prospects of the TOP plan, as confirmed by the plan's favourable reception by the market.
Kuna FTle ei võimaldatud eelist riigi ressurssidest ELi toimimise lepingu artikli 107 lõike 1 tähenduses, ei ole vajadust analüüsida, kas teised abi kvalifitseerimiseks nõutavad tingimused on täidetud.
France Télécom's share price rebounded on 2 October 2002 (up more than 10,4 % on the previous week) following the announcement of the appointment of the new CEO, and the share price's progress continued upwards 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.
KOKKUVÕTE
The capital increase was initiated as soon as it was technically possible to present to investors updated data on France Télécom's operational prospects.
Komisjon leiab, et aktsionärilaenu puhul, mille Prantsusmaa andis FT-le 2002. aasta detsembris 9 miljardi euro suuruse krediidiliini kujul, ei ole tegemist riigiabiga ELi toimimise lepingu artikli 107 lõike 1 tähenduses,
The State had already received the undertaking, conditional on the presentation to the market of a credible plan, from the banking syndicate and it knew full well at the end of November that that condition would be met given the market's positive reaction to the appointment of the new management.
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
In addition to the commitment given in September 2002 by the banking syndicate to underwrite that part of an increase in the capital of FT which was intended for private investors, consideration must be given to other key factors, namely the sale by FT of some EUR 2,5 billion in non-strategic assets between July and December 2002, the appointment of a new management team for the company in October 2002, and the resolution in November 2002 of the dispute between FT and the German operator Mobilcom.
Artikkel 1
Taken as a whole, those factors brought about a marked improvement in FT's operational prospects and performance during the second half of 2002.
Komisjon leiab, et aktsionärilaenu puhul, mille Prantsusmaa andis FT-le 2002. aasta detsembris 9 miljardi euro suuruse krediidiliini kujul, ei ole tegemist riigiabiga ELi toimimise lepingu artikli 107 lõike 1 tähenduses.
When the decision to invest was taken, France Télécom was not a firm in difficulty within the meaning of the Guidelines.
Artikkel 2
The French authorities point out that the losses were mainly due to the exceptional provisions and write-downs linked to the depreciation of assets acquired prior to the entirely unforeseeable reversal of the markets.
Käesolev otsus on adresseeritud Prantsuse Vabariigile.
This performance was confirmed when the 2002 accounts were published.
Brüssel, 18. mai 2018
Furthermore, France Télécom was not in a cessation of payments situation.
Komisjoni nimel
France Télécom had access to the financial markets during the course of 2002, and all of the financing instruments were at the Company's disposal between 11 July 2002 and 15 January 2003.
Margrethe Vestager
The French authorities mention the fact that, on 14 February 2002, France Télécom negotiated the provision of a syndicated credit line of EUR 15 billion and that during the course of 2002 the Company issued bonds, EUR 442,2 million worth of which was repayable in shares.
ELT C 57, 12.3.2003, lk 5.
Market confidence in a recovery of France Télécom's financial situation may also be based on the fact that the losses were mainly due to the exceptional provisions and write-downs linked to the depreciation of assets acquired prior to the entirely unforeseeable reversal of the markets and that France Télécom's operating costs were increasing more slowly than its turnover.
Alates 1. detsembrist 2009 muutusid Euroopa Ühenduse asutamislepingu artiklid 87 ja 88 vastavalt Euroopa Liidu toimimise lepingu artikliteks 107 ja 108.
Moreover, operating results and cash flow were increasing.
Sätted on sisult identsed.
The State shareholder took every step to ensure the participation of public and private shareholders in the strengthening of France Télécom's capital base.
Käesolevas otsuses tuleks vajaduse korral käsitada viiteid ELi toimimise lepingu artiklitele 107 ja 108 viidetena EÜ asutamislepingu artiklitele 87 ja 88.
Thus, the announcement of the State's intention to participate in the strengthening of the Company's capital base dates from 12 September 2002, and on that date the banking syndicate had already undertaken to underwrite, when the time came, that part of a capital increase which was intended for private investors alongside the public shareholder, on condition that a credible rebalancing plan was announced to the market.
Vt joonealune märkus 1.
According to the French authorities, the State's participation was also conditional on the announcement of a plan considered by the market to be credible, and the State did not commit itself formally prior to the banks' formal undertaking.
Komisjoni 2. augusti 2004. aasta otsus 2006/621/EÜ seoses riigiabiga, mis Prantsusmaa andis France Télécomile (ELT L 257, 30.9.2006, lk 11).
The terms of the operation were the same for the public bodies and all the private operators participating in the strengthening of the Company's capital base.
Kohtuotsus, Üldkohus, 2. juuli 2015, Prantsusmaa vs. komisjon, liidetud kohtuasjad T-425/04, T-444/04, T-450/04 ja T-456/04, ECLI:EU:T:2010:216.
In addition, the EUR 15 billion from the shareholders only represents a third of the funds mobilised in support of France Télécom's financial restructuring.
Kohtuotsus, Euroopa Kohus, 19. märts 2013, Bouygues ja Bouygues Télécom vs. komisjon ja teised, ning komisjon vs. Prantsusmaa, liidetud kohtuasjad C-399/10 P ja C-401/10 P, ECLI:EU:C:2013:175.
The shareholder loan offer and its announcement on 4 December 2002
Kohtuotsus, Üldkohus, 2. juuli 2015, Prantsusmaa vs. komisjon, liidetud kohtuasjad T-425/04, T-425/04, T-450/04 ja T-444/04, ECLI:EU:T:2015:450.
On 4 December 2002, once the condition for the banking syndicate's commitment had been fulfilled — namely, the announcement to the market of a credible rebalancing plan — the State announced the shareholder loan to France Télécom.
Kohtuotsus, Euroopa Kohtus, 30. november 2016, komisjon vs. Prantsusmaa ja Orange, C-486/15 P, ECLI:EU:C:2016:912.
In this situation, it would have been rational for a prudent private operator in similar circumstances to the State (France Télécom's majority shareholder) to express its oral support for France Télécom.
Osaluse võtmine Mobilcomi kapitalis, mis kätkes endas märkimisväärseid riske ja hõlmas väga suure, 3,7 miljardi eurose investeeringu tegemist 28,5 % kapitali eest, hinnates ettevõtjat 80 korda EBITDA (samas kui börsi hinnang oli 65 korda EBITDA enne kuuldusi tehingu kohta).
The loan granted by the State, as majority shareholder, in view of the planned investment, was in this case a low-risk, profitable and normal transaction — pending a capital increase (on equal terms) — aimed at safeguarding the majority shareholder's financial interests at a time (the month of December) when it was not possible to recapitalise France Télécom for reasons of scheduling.
2002. aasta suvel teostatud auditist Mobilcomi arenguperspektiivide kohta ilmnes ettevõtte äärmine nõrkus ning ilmne võimatus investeeringu kasumlikuks muutmiseks (auditiaruanne esitati otsustusmehhanismi täiustamiseks moodustatud riigiettevõtete halduse uurimiskomisjoni nimel ja see registreeriti rahvuskogu (Assemblée nationale) eesistuja juures 3. juulil 2003).
Indeed, as France Télécom explains, the market window virtually closes at the end of November, since investors have to take into account their financial year-end on 31 December and major deals can be difficult to arrange.
Les Echos nr 18695, Prantsusmaa, 12. juuli 2002, lk 2.
In addition, a minimum of 15 days' notice must be given before holding an extraordinary general meeting to approve a capital increase, which takes a further 30 days to complete.
Off Watch; Outlook Stable; Teleconf 3:30PM BST Today, Standard & Poor's Ratings direct, 12. juuli 2002.
The loan is temporary and provides bridging finance for the capital increase, which by many accounts is expected to be a success.
Majandus- ja rahandusministri 13. septembri 2002. aasta pressiteade, France Télécomi rahaline olukord.
For example, the EUR 1 billion shareholder loan from Italenergia Bis to Edison was converted into equity during Edison's capital increase in 2003.
FT 5. detsembri 2002. aasta pressiteade, lk 1.
In preparation for the restructuring and IPO of Thus on the London Stock Exchange, Scottish Power granted a loan of GBP 320 million, of which GBP 260 million was converted into equity; the undrawn balance was cancelled.
Research France Télécom, standard&poor's ratingsdirect, 17. detsember 2002: „Since July 2002, support from the French state has been a key rating factor, underpinning the group's investment-grade status“ (Alates 2002. aasta juulist oli Prantsuse riigi toetus kontserni reitingu üheks põhiteguriks, hoides selle hinnangu viimase investeerimisjärgu tasemel) .
In 2002, America Movil and Bell Canada International participated in the financial restructuring of their South American joint venture Telecom Americas, alongside another investor.
Sellele kinnitusele eelnes 5. detsembri 2002. aasta kinnitus: „Standard & Poor's rating services said today that it has affirmed its BBB- long term and A-3 short term corporate credit ratings [on FT] … Since July 2002 Standard & Poor's has indicated that expected support from FT's 56 % shareholder, the French State, is a likely factor underpinning the group investments–grade status.
In this case, USD 120 million was paid in the form of a shareholder loan which had to be refinanced two years later in Telecom Americas shares.
The French State's announcement today that it will immediately grant a 9 EUR billion shareholder loan to help FT face its 2003 debt obligations is viewed by Standard & Poor's as strong evidence of this support“ (Standard & Poor'i reitinguagentuur ütles täna, et kinnitas FT pikaajalise võlakohustuse reitingut BBB- ja lühiajalise võlakohustuse reitingut A-3.
During the Ericsson capital increase, the commitment of the main shareholder (Industrivärden and Investor) was announced by the company in April 2002, even though the deal was not approved until June 2002 and was not launched until August of that year.
Alates 2002. aasta juulist märkis Standard & Poor, et FT aktsionäri, ettevõttest 56 % omava Prantsuse riigi oodatud toetus on tõenäoliselt tegur, mis tugevdab grupi investeeringukvaliteeti.
In the case of Fiat's capital increase in July 2003, the intention of the reference shareholders to subscribe to new shares in proportion to their shareholding was published in March 2003.
Riigi teadaanne tänasel kuupäeval, et ta annab vahetult aktsionärilaenu 9 miljardit eurot, aitamaks FT-l toime tulla oma 2003. aasta võlakohustustega, peab Standard & Poor tema toetuse kindlaks tõendiks) .
In the light of these examples, and given France Télécom's position in December 2002, the Commission cannot rule out the possibility that in December 2002, the State acted towards France Télécom as a prudent private operator in a market economy would have done in similar circumstances, as France Télécom's majority shareholder.
Research France Télécom, standard&poor's ratingsdirect, 17. detsember 2002: „The state's December 2002 announcement that it will grant a EUR 9 billion shareholder loan, coupled with its commitment to subscribe to a EUR 15 billion capital increase, underscores this support and provides significant credit protection for FT's debtholders. …, FT and the state's targets in this respect meet Standard & Poor's expectations for the ratings. While market conditions may challenge the operation, the state's commitment to subscribe to the equity injection--so as to at least maintain its stake--strongly mitigates execution risks“ (Riigi 2002. aasta detsembri teadaanne selle kohta, et ta annab 9 miljardit eurot aktsionärilaenu, koos tema lubadusega osaleda 15 miljardi euro mahus kapitali suurendamises, rõhutab seda toetust ja annab märkimisväärse krediidi kaitse FT võlausaldajatele. … FT ja riigi eesmärgid vastavad selles osas Standard & Poor's ootustele reitingu suhtes. Samal ajal kui turutingimused võivad muuta selle toimingu keerulisemaks, vähendab riigi lubadus osaleda kapitalimahutuses – vähemalt säilitada oma osalus – tugevalt selle toimingu täideviimise riske).
Conclusion
Komisjoni teatis – ühenduse suunised raskustes olevate äriühingute päästmiseks ja ümberkorraldamiseks antava riigiabi kohta (EÜT C 288, 9.10.1999, lk 2).
The measure being scrutinised — namely, the announcement of the shareholder loan of 4 December 2002, coupled with the shareholder loan offer of 20 December 2002 — thus meets the criterion of the prudent private investor in a market economy.
Sureau 14. jaanuari 2004. aasta märkus.
Therefore, this measure should not be considered as an advantage for France Télécom.
Uue nimega Neuf Télécom.