natgillin/translations-raw huggingface dataset:
By judgment of 19 March 2013 (‘the Bouygues judgment’), the Court of Justice set aside the judgment of 21 May 2010 and referred Cases T-425/04, T-444/04 and T-450/04 back to the General Court for a ruling on the pleas in law raised and the applications submitted to it which it had not previously ruled on.
Sud je zaključio da je Opći sud, time što je smatrao da treba utvrditi smanjenje državnog proračuna ili dovoljno konkretan gospodarski rizik od opterećenja tog proračuna, koji je blisko povezan i usklađen s posebnom prednošću koja proizlazi iz obavijesti od 4. prosinca 2002. ili iz ponude dioničarskog zajma od 20. prosinca 2002., ili je tom prednošću nadoknađen, počinio pogrešku koja se tiče prava jer je primijenio kriterij koji od samog početka isključuje da se te državne intervencije mogu smatrati jednom intervencijom, s obzirom na povezanost između njih i na njihove učinke.
In that regard, the Court found that, in the contested decision, the Commission had not expressed a view on the argument raised by the Bouygues companies in their complaint of 22 January 2003, according to which the declarations from July 2002 constituted, in themselves, State aid.
Suprotno tome, Komisija je u svojoj odluci pravilno zajedno ispitala te dvije mjere s obzirom na to da je bilo očito da se prva ne može odvojiti od druge.
Next, the Court held that, as State interventions take various forms and have to be assessed in relation to their effects, it cannot be excluded that several consecutive measures of State intervention must, for the purposes of Article 107(1) TFEU, be regarded as a single intervention.
Opći je sud u svojoj presudi od 2. srpnja 2015. utvrdio da je odluka Komisija zahvaćena pogreškama koje se tiču prava i očitim pogreškama u ocjeni što se tiče primjene kriterija razumnog privatnog ulagača.
The Court of Justice went on to conclude that, having found that it was necessary to identify a reduction of the State budget or a sufficiently concrete economic risk of burdens on that budget, closely linked and corresponding to, or having as a counterpart, a specific advantage deriving either from the announcement of 4 December 2002 or from the shareholder loan offer of 20 December 2002, the General Court had erred in law by applying a test that immediately excluded those State interventions, depending on their links with one another and their effects, from being regarded as a single intervention.
U skladu s time poništio je odluku Komisije.
However, the Commission was right in its decision to examine the two measures together, since the first measure was clearly inseparable from the second measure.
Komisija je podnijela žalbu protiv te presude.
In the judgment of 2 July 2015, the General Court found that the Commission's decision was vitiated by errors of law and manifest errors of assessment as regards the application of the prudent private investor test.
Sud je odbio tu žalbu presudom od 30. studenoga 2016..
The Court therefore annulled the Commission's decision.
Prema tome, Komisija mora donijeti novu odluku kojom će zaključiti službeni istražni postupak predviđen člankom 108. stavkom 2.
The Commission appealed against that judgment.
UFEU-a, a koji je pokrenula 31. siječnja 2003.
That appeal was dismissed by the Court of Justice in its judgment of 30 November 2016.
OPIS ČINJENICA
The Commission must therefore adopt a new decision concluding the formal investigation procedure provided for in Article 108(2) TFEU, which it opened on 31 January 2003.
Društvo FT, operater i pružatelj telekomunikacijskih mreža i usluga, osnovano je 1991. kao pravna osoba javnog prava te od 31. prosinca 1996. ima status dioničkog društva.
DESCRIPTION OF FACTS
Od listopada 1997. društvo FT kotira na burzi.
France Télécom, an operator and supplier of telecommunications networks and services, was formed in 1991 as a legal person governed by public law, and since 31 December 1996 has had the status of a public limited company.
Udio francuske države u kapitalu društva FT 2002. iznosio je 56,45 %, dok je ostatak bio podijeljen između javnosti (32,25 %), samog društva (8,26 %) i njegovih zaposlenika (3,04 %).
Since October 1997, France Télécom has been listed on the stock exchange.
Društvo FT promijenilo je 1. srpnja 2013. naziv i postalo društvo Orange.
In 2002 the French State's participation in France Télécom's capital was 56,45 %, the remainder of the shares being divided between the public (32,25 %), FT itself (8,26 %) and employees of the company (3,04 %).
Podroban opis financijske situacije društva FT naveden je u uvodnim izjavama 16. do 61. poništene odluke od 2. kolovoza 2004.
On 1 July 2013, France Télécom changed its name to Orange.
Financijska situacija društva FT u prvoj polovini 2002. i događaji iz tog razdoblja
A detailed description of FT's financial situation is set out in recitals 16 to 61 of the annulled decision of 2 August 2004.
S obzirom na pravila o državnoj potpori potrebno je provesti analizu postupanja države na temelju podataka i informacija dostupnih u trenutku svake državne intervencije.
France Télécom's financial situation in the first half of 2002 and the events of that period
Budući da se ovaj predmet odnosi na događaje koji su se odvili 2002., neophodno je kronološki prikazati dostupne elemente od objave rezultata za poslovnu godinu 2001.
The analysis under the State aid rules of a State's conduct must be carried out using the data and information available at the time of each state intervention.
Od lipnja 2002. društvo FT obilježavali su ozbiljni strukturni problemi i taj je poduzetnik imao neuravnoteženu bilancu.
Given that the present case concerns events that occurred in 2002, it is essential to set out chronologically the evidence available from the time of publication of the results for the 2001 financial year.
Financijska izvješća za 2001. pokazuju porast operativnih rezultata, kao i značajan novčani tok od poslovanja.
France Télécom was, from June 2002 onwards, a company with serious structural problems and an unbalanced balance sheet.
FT je 21. ožujka 2002. morao objaviti ne samo značajno čišćenje svoje bilance s pomoću računovodstvenih rezerviranja i prodaje imovine u iznosu od 27,2 milijarde eura, nego i značajno povećanje dostupnog novčanog toka u iznosu od 14 milijardi eura za razdoblje između 2002. i 2005.
The 2001 accounts showed improved operating results and substantial cash flow generation.
Rejting društva FT
France Télécom was forced to announce, on 21 March 2002, not only a major clean-up of its balance sheet through balance sheet provisions and asset disposals totalling EUR 27,2 billion, but also a substantial increase in the available cash flow to the tune of EUR 14 billion for the period 2002-2005.
Tijekom prve polovine 2002. situacija društva FT brzo se pogoršala, što se odrazilo u uzastopnim snižavanjima kreditnog rejtinga društva.
France Télécom's credit rating
Prema tome, 27. ožujka 2002. agencija za kreditni rejting Moody's objavila je snižavanje rejtinga društva FT zbog njegova dugoročnog duga.
During the first half of 2002, France Télécom's situation worsened rapidly, as reflected in a series of downgrades in the Company's credit rating.
Agencija za kreditni rejting Standard & Poor's (u daljnjem tekstu: S&P) zadržala je 28. ožujka 2002. rejting društva FT, ali je snizila njegovu prognozu u negativnu nakon novosti koje su se odnosile na operatera Mobilcom.
Thus, on 27 March 2002, the Moody's credit rating agency announced a downgrading of France Télécom's rating for long-term debt.
Budući da je imala sumnje u pogledu sposobnosti društva da dobro upravlja svojom strategijom smanjenja duga, agencija Moody's objavila je 13. svibnja 2002. da je snizila rejting kratkoročnog duga društva FT.
On 28 March 2002, Standard & Poor's (‘S&P’) maintained France Télécom's rating but downgraded its prospects to negative following news concerning Mobilcom.
Dana 14. svibnja 2002. agencija Standard & Poor's zadržala je postojeći rejting društva FT.
On 13 May 2002, Moody's, doubting the Company's capacity to implement its debt-reduction strategy, announced a possible downgrade of France Télécom's short-term debt rating.
Dana 24. lipnja 2002. agencija Standard & Poor's snizila je rejting društva FT.
On 14 May 2002, Standard & Poor's maintained France Télécom's existing rating.
Prognoza rejtinga društva zadržana je na negativnoj razini.
On 24 June 2002, Moody's downgraded France Télécom's rating.
Odluka agencije Moody's bila je obrazložena činjenicom da agencija ne očekuje da će FT biti u položaju da generira dovoljni novčani tok kako bi smanjio konsolidirani dug grupacije.
The Company's prospective rating was maintained at a negative level.
Agencija za kreditni rejting navela je da se FT mora suočiti s dugom od otprilike 15 milijardi eura s rokom dospijeća u 2003.
Moody's decision at that time was based on the fact that the agency did not expect France Télécom to be in a position to generate sufficient cash flow to reduce the group's consolidated debt.
Dana 25. lipnja 2002. agencija Standard & Poor's snizila je rejting kratkoročnog i dugoročnog duga društva FT i obrazložila je odluku poteškoćama povezanima s Mobilcom i nesposobnošću društva FT da dovoljno brzo dovoljno smanji svoj dug.
The rating agency pointed out that France Télécom was confronted with debts of about EUR 15 billion falling due in 2003.
S&P jednako se tako poziva na 15 milijardi eura duga s rokom dospijeća u 2003.
On 25 June 2002, Standard & Poor's downgraded France Télécom's short- and long-term debt rating, basing its decision on the difficulties concerning Mobilcom and France Télécom's inability to reduce its debt far and fast enough.
Nadalje, agencija Standard & Poor's jednako je tako 12. srpnja 2002. ukazala na mogući problem s refinanciranjem duga s rokom dospijeća u 2002.
S&P also refers to the EUR 15 billion of debt falling due in 2003.
U tablici navedena su različita stajališta agencija S&P, Moody's i Fitch u pogledu rejtinga FT-a:
On 12 July 2002, Standard & Poor's even drew attention to a potential problem involving the refinancing of the debt falling due in 2003.
Događaji povezani s kreditnim rejtingom
The table summarises the various positions of S&P, Moody's and Fitch regarding France Télécom's rating:
Izvor: NERA.
Events connected with credit ratings
Kratkoročno
Source: NERA.
Dugoročno
Short-term
Stanje u svibnju 2002.
Long-term
24. lipnja 2002.
Situation in May 2002
25. lipnja 2002.
25 June 2002
12. srpnja 2002.
5 July 2002
Dionice društva FT
BBB-
Istodobno su dionice društva FT doživjele znatan pad tijekom prve polovine 2002. i dosegle su najnižu razinu najprije 27. lipnja 2002.
12 July 2002
(7,79 eura), a potom 30. rujna 2002.
France Télécom's share price
(6,01 eura).
At the same time, France Télécom's share price fell significantly during the first half of 2002, reaching its lowest level first on 27 June 2002 (EUR 7,79), and then on 30 September 2002 (EUR 6,01).
Događaji iz srpnja 2002.
The events of July 2002
U intervjuu objavljenom u novinama Les Echos 12. srpnja 2002. francuski ministar gospodarstva, financija i industrije (u daljnjem tekstu: ministar gospodarstva i financija) u nekoliko je navrata izjavio i potvrdio da će, ako društvo FT naiđe na poteškoće s financiranjem, država poduzeti mjere potrebne za njihovo rješavanje.
In an interview published in Les Echos on 12 July 2002, the French Minister for Economic Affairs, Finance and Industry (‘the Minister for Economic Affairs and Finance’) confirmed more than once that if France Télécom were to face any financing problems, the State would take whatever measures were necessary to overcome them.
Objavljeni tekst glasi kako slijedi:
The precise wording of the published interview is as follows:
„Spominjete tržišne viškove.
‘You mention market excesses.
Cijena dionica društva France Télécom izrazito je promjenjiva.
France Télécom's share price is highly volatile.
Vi ste većinski dioničar u društvu, želite li prenijeti neku poruku?
You are the majority shareholder in the company, do you have a message to convey?
Mi smo većinski dioničar i posjedujemo 55 % kapitala, zbog čega jasno ne postoji pitanje ‚renacionalizacije’ društva, kao što sam ponekad čuo.
We are the majority shareholder, with 55 % of the capital; there is clearly no question of our “renationalising” the company, as I have sometimes heard it said.
Osjećam se odgovorno za financijske interese države.
I feel responsible for the State's financial interests.
Država će se kao dioničar ponašati kao razuman ulagač i ako društvo France Télécom naiđe na poteškoće, poduzet ćemo odgovarajuće mjere.
The State shareholder will behave like a prudent investor and would take appropriate steps if France Télécom were to face any difficulties.
Je li država postupala kao razuman ulagač kada je dopustila zaduživanje društva France Télécom, na primjer, premještanjem u Njemačku?
Was the State behaving like a prudent investor when it let France Télécom get deeper into debt, by moving, for example, into Germany?
Ne bi bilo pošteno od mene da kritiziram svoje prethodnike.
It is not for me to criticise my predecessors.
Želim istaknuti da je čitava industrija istodobno slijedila istu strategiju.
I would point out that the entire industry was pursuing the same strategy at the same time.
Međutim, ideološki motivirano zadržavanje većine dionica nije olakšalo internacionalizaciju društva France Télécom, koje nije moglo platiti stjecanje poduzeća s pomoću dionica.
Having said that, the ideologically motivated retention of a majority holding has not made it any easier to internationalise France Télécom, as it has not been able to pay for its acquisitions with shares.
Zbog toga je došlo do zaduženosti.
Hence the indebtedness.
Ponavljam, ako će društvo France Télécom imati financijske probleme, što danas nije slučaj, država će donijeti potrebne odluke kako bi ih se prevladalo.
I repeat, if France Télécom were to face any financing problems, which is not the case today, the State would take whatever decisions were necessary to overcome them.
Ponovno širite glasine o povećanju kapitala…
You are reviving the rumour of a capital increase …
Ne, nipošto ne!
No, certainly not!
Samo tvrdim da ćemo pravodobno poduzeti odgovarajuće mjere.
I am simply saying that we shall take appropriate measures when the time comes.
Ako bude potrebno…”
If it is necessary.’
S&P istoga je dana snizio rejting FT-a na razinu BBB-.
On that same day, S&P downgraded France Télécom's rating to BBB-.
Međutim, to snižavanje rejtinga ograničeno je na rejting koji je i dalje obuhvaćen sigurnim investicijskim razredom: bilo koji daljnji pad rejtinga doveo bi do toga da se rejting društva spusti na razinu visokorizične obveznice („junk bond”), odnosno više ne bi bilo svrstano u siguran investicijski razred.
In its press release of 12 July 2002, S&P states that the reason why it had decided to maintain France Télécom at investment grade was to do with the State's indications as to its intentions towards the Company: ‘FT could face certain difficulties refinancing its debt obligations coming due in 2003.
S&P pojasnio je da je odlučio zadržati društvo FT u sigurnom investicijskom razredu zbog navoda države o njezinim namjerama u pogledu društva: „FT could face certain difficulties refinancing its debt obligations coming due in 2003.
Nevertheless, the State's indication underpins France Télécom's investment-grade credit quality.’
Nevertheless, the State's indication underpins France Télécom's investment-grade credit quality.” „Društvo FT moglo bi naići na određene poteškoće s refinanciranjem svojeg duga iz obveznica s rokom dospijeća u 2003.
That assurance had been provided, firstly, directly by the French Government to S&P: ‘the French State — which owns 55 % of France Télécom — has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties. France Télécom LT rating cut to BBB-’, and, secondly, publicly in the interview referred to in paragraph 29.
Ipak, navod države podupire rejting društva FT kao sigurnog ulaganja.” ).
In the light of the above, it appears that in July 2002, France Télécom was facing a crisis of confidence.
Ovo je jamstvo s jedne strane pružila francuska država agenciji S&P: „the French State – which owns 55 % of France Télécom – has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties. France Télécom LT rating cut to BBB-.” („Francuska država, koja posjeduje 55 % društva France Télécom, jasno je navela agenciji Standard & Poor's da će se ponašati kao razuman ulagač i da će poduzeti odgovarajuće mjere ako društvo FT naiđe na poteškoće.
Rating agencies and analysts alike were convinced that France Télécom risked not being able to implement the refinancing plan presented by its management in order to meet its maturities.
Dugoročni rejting društva [FT] smanjen je na BBB-.”) te je jasno navedeno u intervjuu navedenom u uvodnoj izjavi 29.
France Télécom was therefore faced with an acute financing problem linked to its indebtedness.
S obzirom na prethodno navedeno čini se da je društvo FT u srpnju 2002. zahvatila kriza povjerenja.
The data published on 13 September 2002 and events at that time
Podaci objavljeni nakon 13. rujna 2002. i događaji iz tog razdoblja
The data published on 13 September 2002
Podaci objavljeni 13. rujna 2002.
In September 2002, France Télécom's half-yearly accounts showed an improvement in France Télécom's figures in the first half of 2002 compared with the previous year: an increase of 10 % in turnover, 13,2 % in EBITDA and 17,3 % in the operating result.
U rujnu 2002. polugodišnji financijski izvještaji društva FT pokazali su poboljšanje brojki društva FT-a u prvom polugodištu 2002. u odnosu na prethodnu godinu: porast od 10 % prometa, od 13,2 % EBITDA-e i od 17,3 % operativne dobiti.
The sustained growth in mobile telephony and the improved performance of the internet business were also noted.
Utvrđeni su i stalan porast mobilne telefonije i bolji rezultati internetske djelatnosti.
However, the operating result of the fixed telephony segment in France, which accounted for 31 % of turnover for the same period, was down by 12,2 %.
Međutim, operativna dobit segmenta fiksne telefonije u Francuskoj, koji je predstavljao 31 % prometa u istom razdoblju, pala je za 12,2 %.
Earnings after interest (EUR 1,75 billion) but before taxes, shareholdings and minority interests, exclusive of extraordinary items, were EUR 718 million against EUR 271 million as at 30 June 2001.
Istodobno s prethodno opisanim dobrim rezultatima poslovanja, FT je potvrdio neravnotežu svoje financijske situacije.
The operating free cash flow amounted to EUR 3,6 billion, up 15 % on the first six months of 2001.
Negativan rezultat u iznosu od 12,2 milijarde eura na dan 30. lipnja 2002. ponajprije je povezan sa značajnim rezerviranjima provedenima u svrhu ulaganja.
Alongside the good operating results described above, France Télécom confirmed the imbalance in its financial situation.
Zbog tog polugodišnjeg gubitka konsolidirani kapital društva FT postao je negativan 30. lipnja 2002. u iznosu od 440 milijuna eura.
The negative result of EUR 12,2 billion as at 30 June 2002 was primarily due to the substantial provisions made for investments.
Analiza novčanog toka od 30. lipnja 2002. pokazuje da neto dug povećan tijekom prve polovine 2002. za 6,3 milijardi eura jer EBITDA (dobit prije kamata, poreza i amortizacije) u iznosu od 6,870 milijardi eura ne pokriva rashode koji predstavljaju:
As a result of that half-year loss, France Télécom's consolidated own funds became negative as at 30 June 2002 to the tune of EUR 440 million.
kamate povezane s dugom (3099 milijuna eura),
debt interest (EUR 3099 million),
ponovno stjecanje dionica društva France Télécom od Vodafonea (4973 milijuna eura),
investments (EUR 3820 million),
ponovno stjecanje društva Orange od društva E.On (950 milijuna eura) i
the repurchase of France Télécom shares from Vodafone (EUR 4973 million),
plaćanje poreza (608 milijuna eura).
the repurchase of Orange shares from E.On (EUR 950 million),
Većinu, odnosno 50,6 milijardi eura neto duga, koji je 30. lipnja 2002. iznosio 69,69 milijardi eura, čine obveznice.
the payment of taxes (EUR 608 million).
Prema tome, prema prognozi iz rujna 2002.
Of a net indebtedness of EUR 69,69 billion as at 30 June 2002, the bulk, or EUR 50,6 billion worth, is made up of bonds.
FT se u razdoblju između 2003. i 2005. morao suočiti s ukupnim otplativim dugom u iznosu od ukupno 48,9 milijardi eura.
The maturity schedule of that debt is characterised by its short duration, EUR 12,9 billion maturing in 2003.
Događaji iz rujna i listopada 2002.
During the first half of 2004, EUR 11,9 billion worth of bonds came due, followed by EUR 5,4 billion in the second half of 2004.
Francuska su tijela 12. rujna 2002. objavila da su prihvatila ostavku glavnog izvršnog direktora društva FT.
In all of 2005, a total of EUR 18,6 billion came due.
U priopćenju za medije od 13. rujna 2002. vlada je ponovila svoju potporu društvu FT i izričito je navela da je odlučila sudjelovati u budućem jačanju vlasničkog kapitala društva FT: „Nakon iznimnih gubitaka utvrđenih u prvoj polovini godine društvo [FT] suočilo se s teškim manjkom vlasničkog kapitala. …Francuska je vlada stoga odlučna u potpunosti ispuniti svoje odgovornosti … Novi glavni direktor upravnom će odboru što prije predložiti plan oporavka financijskih izvještaja, koji će omogućiti smanjenje duga društva i ponovnu uspostavu njegove financijske strukture, čime će se istodobno zadržati njegove strateške prednosti.
Therefore, in September 2002, FT faced the prospect of a total repayable debt of EUR 48,9 billion during the period 2003-2005.
Francuska država podržat će društvo France Télécom u provedbi tog plana te će pridonijeti znatnom jačanju vlasničkog kapitala društva, prema rasporedu i pravilima koja će se odrediti s obzirom na tržišne uvjete.
The events of September and October 2002
Do tada će država, ako bude potrebno, poduzeti mjere uz koje će društvo moći izbjeći svaki financijski problem.”.
On 12 September 2002, the French authorities announced that they had accepted the resignation of France Télécom's CEO.
Taj isti dan agencija Moody's promijenila je prognozu duga društva FT s negativne na stabilnu zbog potvrde obveze pružanja potpore društvu FT.
On 13 September, the Government reiterated in a press release its support for France Télécom and expressly indicated that it had decided to take part in a forthcoming operation aimed at increasing France Télécom's own funds: ‘… After the exceptional losses of the first six months, France Télécom is faced with a serious shortage of capital. … The Government is therefore determined to exercise its responsibilities to the full … The new chairman will propose to the board a plan for improving the company's accounts, enabling its debts to be reduced and its financial structure to be restored while maintaining its strategic advantages. The State will help France Télécom implement this plan and will contribute to a very substantial strengthening of the company's capital base, according to a timetable and in a manner to be determined in the light of market conditions. In the meantime, the State will, if necessary, take steps to prevent the company from being faced with any financing difficulties …’.
Vlada je ponovila svoje obveze u priopćenju za medije od 2. listopada 2002.: „Novi će glavni direktor odmah započeti procjenu stanja društva čiji će se rezultati dostaviti upravnom odboru … i na kojoj će se temeljiti plan financijskog oporavka i strateškog razvoja, koji će omogućiti smanjenje duga društva i istodobno ojačati njegove prednosti.
That same day, Moody's changed the outlook of France Télécom's debt from negative to stable owing to the restated commitment to support the Company.
U tim okolnostima Thierry Breton imat će podršku države kao dioničara, koja je odlučna u tome da ispuni sve svoje odgovornosti.