natgillin/translations-raw huggingface dataset:
Furthermore, France Télécom was not in a cessation of payments situation.
Ulagači moraju voditi računa o zaključenju svojih računa 31. prosinca, a operacija znatne veličine osjetljiva je u smislu upravljanja.
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.
Nadalje, rokovi za sazivanje izvanredne opće skupštine u svrhu odobrenja provedbe povećanja kapitala iznose najmanje 15 dana, dok je za provedbu operacije potreban rok od 30 dana.
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.
Zajam je privremen i služi kao posrednik za povećanje kapitala, čiji brojni elementi omogućuju pretpostavku da će biti uspješno.
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.
Društvo FT dalo je nekoliko primjera dioničarskih zajmova dodijeljenih u to vrijeme kako bi dokazalo da zajam većinskog dioničara, koji će biti pretvoren u kapital prilikom povećanja kapitala, predstavlja uobičajenu transakciju.
Moreover, operating results and cash flow were increasing.
Dioničarski zajam koji je Italenergia Bis dodijelila društvu Edison u iznosu od milijardu eura pretvoren je u kapital prilikom povećanja kapitala društva Edison tijekom 2003.
The State shareholder took every step to ensure the participation of public and private shareholders in the strengthening of France Télécom's capital base.
U svrhu restrukturiranja i uvrštenja na burzu društva Thus na London Stock Exchange Scottish Power dodijelio je zajam od 320 milijuna funti, od čega je 260 milijuna funti pretvoreno u kapital; nepovučeni saldo je poništen.
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.
Tijekom 2002.
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.
America Movil i Bell Canada International sudjelovali su u financijskom restrukturiranju njihove zajedničke južnoameričke podružnice Telecom Americas, zajedno s još jednim ulagačem.
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.
Iznos od 120 milijuna dolara isplaćen je u obliku dioničarskog zajma koji se morao refinancirati dvije godine kasnije u dionicama društva Telecom Americas.
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.
Pri povećanju kapitala društva Ericsson obveza glavnog dioničara (Industrivärden i Investor) činio je dio obavijesti društva u travnju 2002., ali transakcija nije odobrena do lipnja 2002., a pokrenuta je u kolovozu iste godine.
The shareholder loan offer and its announcement on 4 December 2002
U slučaju povećanja kapitala društva Fiat u srpnju 2003. namjera referentnih dioničara o upisivanju novih dionica koje odgovaraju njihovu udjelu objavljena je u ožujku 2003.
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.
Uzimajući u obzir navedene primjere i konkretnu situaciju društva FT u prosincu 2002., Komisija ne može isključiti da je država u prosincu 2002. postupala na način na koji bi postupio razumni privatni ulagač u tržišnom gospodarstvu u situaciji koja je najbliskija moguća situaciji države kao većinskog dioničara društva FT.
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.
Zaključak
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.
Ispitivana mjera, odnosno obavijest o dioničarskom zajmu od 4. prosinca 2002., zajedno s ponudom dioničarskog zajma od 20. prosinca 2002., ispunjava kriterij razumnog privatnog ulagača u tržišnom gospodarstvu.
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.
Prema tome, ne može se smatrati da ova mjera predstavlja prednost za društvo FT.
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.
Ostali uvjeti predviđeni člankom 107. stavkom 1.
The loan is temporary and provides bridging finance for the capital increase, which by many accounts is expected to be a success.
UFEU-a
For example, the EUR 1 billion shareholder loan from Italenergia Bis to Edison was converted into equity during Edison's capital increase in 2003.
UFEU-a, moraju biti ispunjene sve pretpostavke iz te odredbe.
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.
S obzirom na nepostojanje prednosti za društvo FT dodijeljene s pomoću državnih sredstava u smislu članka 107. stavka 1.
In 2002, America Movil and Bell Canada International participated in the financial restructuring of their South American joint venture Telecom Americas, alongside another investor.
UFEU-a, više nije potrebno analizirati jesu li ispunjeni ostali uvjeti potrebni za utvrđivanje prisutnosti potpore.
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.
ZAKLJUČCI
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.
Komisija utvrđuje da dioničarski zajam koji je Francuska dodijelila društvu FT u prosincu 2002. u obliku kreditne linije u iznosu od 9 milijardi eura ne predstavlja državnu potporu u smislu članka 107. stavka 1.
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.
UFEU-a,
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.
DONIJELA JE OVU ODLUKU:
Conclusion
Članak 1.
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.
Dioničarski zajam koji je Francuska dodijelila društvu France Télécom u prosincu 2002. u obliku kreditne linije u iznosu od 9 milijardi eura ne predstavlja državnu potporu u smislu članka 107. stavka 1.
Therefore, this measure should not be considered as an advantage for France Télécom.
Ugovora o funkcioniranju Europske unije.
The further conditions laid down by Article 107(1) TFEU
Članak 2.
It is settled case law that classification as State aid requires all the conditions set out in Article 107(1) TFEU to be fulfilled.
Ova je odluka upućena Francuskoj Republici.
In the absence of an advantage for France Télécom from state resources within the meaning of Article 107(1) TFEU, it is no longer necessary to analyse whether the other conditions required for determining the presence of aid are fulfilled.
Sastavljeno u Bruxellesu 18. svibnja 2018.
The Commission finds that the shareholder loan granted by France to France Télécom in December 2002 in the form of a EUR 9 billion credit line does not constitute State aid within the meaning of Article 107(1) TFEU,
Članica Komisije
HAS ADOPTED THIS DECISION:
SL C 57, 12.3.2003., str. 5.
Article 1
S učinkom od 1. prosinca 2009., članak 87. i članak 88.
The shareholder loan granted by France to France Télécom in December 2002 in the form of a EUR 9 billion credit line does not constitute aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Ugovora o EZ-u postali su članak 107. odnosno članak 108.
Article 2
Ugovora o funkcioniranju Europske unije („UFEU”).
This decision is addressed to the French Republic.
U obama su slučajevima odredbe u biti istovjetne.
Done at Brussels, 18 May 2018.
Ako je to potrebno, za potrebe ove odluke upućivanja na članke 107. i 108.
For the Commission
UFEU-a znače upućivanja na članke 87. i 88.
Member of the Commission
Ugovora o EZ-u.
OJ C 57, 12.3.2003, p. 5.
Vidjeti bilješku na str. 1.
With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the Treaty on the Functioning of the European Union (‘TFEU’).
Odluka Komisije 2006/621/EZ od 2. kolovoza 2004. o državnoj potpori koju je provela Francuska za France Télécom (SL L 257, 30.9.2006., str. 11.).
The two sets of provisions are, in substance, identical.
Presuda Općeg suda od 2. srpnja 2015., Francuska protiv Komisije, T-425/04, T-444/04, T-450/04 i T-456/04, ECLI:EU:T:2010:216.
For the purposes of this Decision, references to Articles 107 and 108 TFEU should be understood as references to Articles 87 and 88, respectively, of the EC Treaty, where appropriate.
Presuda Suda od 19. ožujka 2013., Bouygues i Bouygues Télécom protiv Komisije i dr., C-399/10 P i C-401/10 P, ECLI:EU:C:2013:175.
See footnote 1.
Presuda Općeg suda od 2. srpnja 2015., Francuska Republika protiv Europske komisije, T-425/04 RENV i T-444/04 RENV, ECLI:EU:T:2015:450
Commission Decision 2006/621/EC of 2 August 2004 on the State Aid implemented by France for France Télécom (OJ L 257, 30.9.2006, p. 11).
Presuda Suda od 30. studenoga 2016., Komisija protiv Francuske i društva Orange, C-486/15 P, ECLI:EU:C:2016:912.
Judgment of the General Court of 2 July 2015, France v Commission, T-425/04, T-444/04, T-450/04 and T-456/04, ECLI:EU:T:2010:216.
Ulazak u kapital društva Mobilcom u teškim okolnostima sa stjecanjem vrlo značajnog udjela u iznosu od 3,7 milijardi eura za 28,5 % kapitala, čija je vrijednost operatera utvrđena kao 80 puta veća od njegove stope EBITDA (u usporedbi s burzovnim vrednovanjem, koje je bilo 65 puta veće od stope EBITDA prije glasina o transakciji).
Judgment of the Court of Justice of 19 March 2013, Bouygues SA and Bouygues Télécom SA v European Commission and Others and European Commission v French Republic and Others, C-399/10 P and C-401/10 P, ECLI:EU:C:2013:175.
U ljeto 2002. revizijom o izgledima društva Mobilcom istaknuta je iznimna krhkost poduzetnika i očigledna nemogućnost ostvarenja povrata ulaganja (Izvješće istražnog odbora o upravljanju javnim poduzećima u svrhu poboljšanja sustava donošenja odluka, registrirano u uredu predsjedništva Nacionalne skupštine 3. srpnja 2003.).
Judgment of the General Court of 2 July 2015, French Republic (T-425/04 RENV) and Orange (T-444/04 RENV) v European Commission, ECLI:EU:T:2015:450.
Les Echos br. 18695, Francuska, 12. srpnja 2002., str. 2.
Judgment of the Court of Justice of 30 November 2016, European Commission v French Republic and Orange, C-486/15 P, ECLI:EU:C:2016:912.
Off Watch; Outlook Stable; Teleconf 3:30PM BST Today, Standard & Poor's Ratings direct, 12. srpnja 2002.
A stake in Mobilcom was acquired in difficult circumstances by investing a very large amount of EUR 3,7 billion in a 28,5 % shareholding, valuing the operator at 80 times its EBITDA (compared with a stock-exchange valuation before rumours of the deal emerged of the order of 65 times EBITDA).
Priopćenje za medije ministra gospodarstva i financija od 13. rujna 2002., Financijska situacija društva France Télécom.
In the summer of 2002, an audit of Mobilcom's prospects revealed the company's extreme fragility and the manifest impossibility of obtaining a return on the investment (report drawn up on behalf of the commission of enquiry into the management of public undertakings with a view to improving the decision-making system, registered at the office of the President of the National Assembly on 3 July 2003).
Priopćenje za medije ministra gospodarstva i financija od 2. listopada 2002.
Les Echos No 18695, France, 12 July 2002, p. 2.
Priopćenje za medije društva FT od 5. prosinca 2002., str. 1.
Off Watch; Outlook Stable; Teleconf 3:30PM BST Today, Standard & Poor's Ratings Direct, 12 July 2002.
Research France Télécom, standard&poor's ratingsdirect, 17. prosinca 2002.: „Since July 2002, support from the French state has been a key rating factor, underpinning the group's investment-grade status.”.
Press release of the Minister for Economic Affairs and Finance of 13 September 2002, Financial situation of France Télécom.
Ova obavijest slijedi nakon one od 5. prosinca 2002.: „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. 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.”.
Moody's Investors Service, 13 September 2002.
Research France Télécom, standard&poor's ratingsdirect, 17. prosinca 2002.: „The state's December 2002 announcement that it will grant a EUR9 billion shareholder loan, coupled with its commitment to subscribe to a EUR15 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.
The relevant part of the press release states: ‘Moody's have taken increased comfort from the Government's statement, which once again confirmed their strong support for FT.
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.”.
Whilst Moody's concerns regarding the overall level of financial risk and particularly FT's weak liquidity position remain, Moody's has grown more comfortable with expectation that the French Government will act in a supportive manner, if FT started to encounter difficulties with its debt repayment schedule.’
Komunikacija Komisije – Smjernice Zajednice o državnim potporama za sanaciju i restrukturiranje poduzetnika u teškoćama (Smjernice državama članicama s prijedlogom korisnih mjera) (SL C 288, 9.10.1999., str. 2.)).
Press release of the Minister for Economic Affairs and Finance of 2 October 2002.
Napomena g.
France Télécom press release of 5 December 2002, p. 1.
Sureaua od 14. siječnja 2004.
Research France Télécom, Standard & Poor's Ratings Direct, 17 December 2002: ‘Since July 2002, support from the French state has been a key rating factor, underpinning the group's investment-grade status.’
Sada je poznato pod nazivom Neuf Télécom.
This statement follows that of 5 December 2002: ‘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's investment-grade status.
Uredba br.
The French State's announcement today that it will immediately grant a EUR 9 billion shareholder loan to help FT face its 2003 debt obligations is viewed by Standard & Poor's as strong evidence of this support’.
2002-1409 od 2. prosinca 2002. kojom se izmjenuje uredba br. 65-1117 od 17. prosinca 1967. o upravnoj i financijskoj organizaciji ERAP-a.
Research France Télécom, Standard & Poor's Ratings Direct, 17 December 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.
Članak 80.
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’.
Zakona br. 2002-1576 od 30. prosinca 2002. o ispravkama Zakona o financijama za 2002.
Information from the Commission — Community Guidelines on State aid for rescuing and restructuring firms in difficulty (Notice to Member States including proposals for appropriate measures) (OJ C 288, 9.10.1999, p. 2).
Smjernice Zajednice o državnim potporama za sanaciju i restrukturiranje poduzeća u teškoćama (SL C 244, 1.10.2004., str. 2.).
Memo from Mr Sureau dated 14 January 2004.
Francuska nadležna tijela, među ostalim, spominju obveznice, kreditne linije, komercijalne zapise, kratkoročne zajmove, sekuritizaciju i izvedene instrumente.
Now known as Neuf Télécom.
Od 26. srpnja 2002. do predstavljanja plana Ambition 2005, odnosno 4. prosinca 2002., društva FT izdalo je obveznicu od 70 milijuna eura 26. srpnja 2002. te je izdalo zamjenjivi obrok u iznosu od 150 milijuna eura uz obveznicu od 3,5 milijardi eura izdanu u ožujku 2001.
Decree No 2002-1409 of 2 December 2002 amending Decree No 65-1117 of 17 December 1967 organising ERAP administratively and financially.
Presuda Općeg suda od 12. prosinca 2000., Alitalia protiv Komisije, T-296/97, ECLI:EU:T:2000:289.
Article 80 of Law No 2002-1576 of 30 December 2002 rectifying the 2002 Finance Act.
SL L 34, 3.2.2001., str. 36.
Community guidelines on State aid for rescuing and restructuring firms in difficulty (OJ C 244, 1.10.2004, p. 2).
Primjedbe francuskih nadležnih tijela od 29. srpnja 2003., str. 8.
The French authorities mention, among other things, bond issues, credit lines, treasury bills, short-term loans and securitisation and derivatives operations.
Primjedbe francuskih nadležnih tijela od 29. srpnja 2003., str. 9.
From 26 July 2002 until the presentation of the Ambition 2005 plan on 4 December 2002, France Télécom made a EUR 70 million bond issue on 26 July 2002 and issued a fungible tranche of EUR 150 million with the EUR 3,5 billion debenture loan issued in March 2001.
Presuda Općeg suda od 12. prosinca 1996., Compagnie nationale Air France protiv Komisije, T-358/94, ECLI:EU:T:1996:194; vidjeti također Odluku Komisije 94/662/EZ od 27. srpnja 1994. o upisu društva CDC participations za obveznice koje je izdalo društvo Air France (SL L 258, 6.10.1994., str. 26.).
Judgment of the Court of First Instance of 12 December 2000, Alitalia v Commission, T-296/97, ECLI:EU:T:2000:289.
Presuda Suda od 15. ožujka 1994., Banco Exterior de España, C-387/92, ECLI:EU:C:1994:100, t.
Commission Decision 2001/89/EC of 23 June 1999 conditionally approving aid granted by France to Crédit Foncier de France (OJ L 34, 3.2.2001, p. 36).
13., presuda Suda od 19. rujna 2000., Njemačka protiv Komisije, C-156/98, ECLI:EU:C:2000:467, t.
French authorities' comments of 29 July 2003, p. 8.
25., presuda Općeg suda od 13. lipnja 2000., EPAC protiv Komisije, T-204/97 i T-270/97, ECLI:EU:T:2000:148.
French authorities' comments of 29 July 2003, p. 9.
Presuda Suda od 14. studenog 1984., Intermills protiv Komisije, C-323/82, ECLI:EU:C:1984:345, točka 31.; Presuda Općeg suda od 27. siječnja 1998., Ladbroke protiv Komisije, T-67/94, ECLI:EU:T:1998:7, točka 52.
Judgment of the Court of First Instance of 12 December 1996, Compagnie nationale Air France v Commission, T-358/94, ECLI:EU:T:1996:194; see also Commission Decision 94/662/EC of 27 July 1994 concerning the subscription by CDC participations to bonds issued by Air France (OJ L 258, 6.10.1994, p. 26).
Presuda Suda od 2. rujna 2010., Komisija protiv Deutsche Post, C-399/08 P, ECLI:EU:C:2010:481, t.
Judgment of the Court of 2 September 2010, European Commission v Deutsche Post AG, C-399/08 P, ECLI:EU:C:2010:481, paragraph 38 and case law cited; judgment of the Court of 21 December 2016, European Commission v Hansestadt Lübeck, C-524/14 P, ECLI:EU:C:2016:971, paragraph 40; judgment of the Court of 21 December 2016, European Commission v World Duty Free Group SA and Others, C-20/15 P and C-21/15 P, ECLI:EU:C:2016:981, paragraph 53; judgment of the Court of 20 September 2017, European Commission v Frucona Košice a.s., C-300/16 P, ECLI:EU:C:2017:706, paragraph 19.
53., i presuda Suda od 20. rujna 2017., Komisija protiv Frucona Kosice, C-300/16 P, ECLI:EU:C:2017:706, t.
Judgment of the Court of 2 September 2010, European Commission v Deutsche Post AG, C-399/08 P, ECLI:EU:C:2010:481, paragraph 39 and case law cited; judgment of the Court of 21 December 2016, European Commission v Hansestadt Lübeck, C-524/14 P, ECLI:EU:C:2016:971, paragraph 40; judgment of the Court of 21 December 2016, European Commission v World Duty Free Group SA and Others, C-20/15 P and C-21/15 P, ECLI:EU:C:2016:981, paragraph 53; judgment of the Court of 20 September 2017, European Commission v Frucona Košice a.s., C-300/16 P, ECLI:EU:C:2017:706, paragraph 19.
19.
Judgment of the Court of 14 September 1994, Spain v Commission, C-278/92 to C-280/92, ECLI:EU:C:1994:325, paragraph 20 and case law cited, and Judgment of the Court of 8 May 2003, Italy and SIM 2 Multimedia v Commission, C-399/00 and C-328/99, EU:C:2003:252, paragraph 36 and case law cited.
Presuda Suda od 2. rujna 2010., Komisija protiv Deutsche Post, C-399/08 P, ECLI:EU:C:2010:481, t.
Judgment of the Court of 2 September 2010, European Commission v Deutsche Post AG, C-399/08 P, ECLI:EU:C:2010:481, paragraph 40 and case law cited.
39. i navedena sudska praksa, presuda Suda od 21. prosinca 2016., Komisija protiv Hansestadt Lübeck, C-524/14 P, ECLI:EU:C:2016:971, t.
See paragraphs 70 to 72 of the Bouygues judgment.
40., presuda Suda od 21. prosinca 2016., Komisija protiv World Duty Free Group SA i dr., C-20/15 P i C-21/15 P ECLI:EU:C:2016:981, t.
See statements by France Télécom's previous CEO, Michel Bon, appearing in the press: article in La Tribune dated 16 September 2002, ‘… the downgrading is preventing the planned refinancing’; article in Le Monde dated 16 September 2002, ‘the downgrading at the end of June of the rating attributed to FT's debt by the Moody's rating agency … has denied us access to the market’; article in the Financial Times dated 16 September 2002, ‘FT cannot continue to survive when no one wants to lend us money and, on the contrary, when everyone wants to be paid on the nail.
19.