natgillin/translations-raw huggingface dataset:
The own contribution presented by the French authorities comes from three different sources: divestments of assets and subsidiaries, capital injections, and internal financing (essentially comprising a structural reduction in the Areva Group's minimum cash balance).
Međutim, Komisija postavlja pitanje o učincima te prodaje na tržišno natjecanje te o tome jesu li oni dovoljni za smanjenje narušavanja tržišnog natjecanja nastalog potporom.
The main effect of these sources of own contributions is to improve the solvency of the Areva Group, in line with the requirement in point 62 of the Guidelines.
U svjetlu smjernica Komisija smatra da bi odgovor na to pitanje trebao proizlaziti iz analize triju sljedećih pitanja:
However, it is unclear if these sources are real and actual.
Predstavlja li Nova Areva NP „djelatnost koja donosi gubitke, [čija bi prodaja] u svakom slučaju bila potrebna za ponovnu uspostavu održivosti” grupe Areva u smislu točke 78. smjernica?
The Commission considers that the divestment of an asset or of a subsidiary can be counted as a real and actual own contribution provided that the divestment has already taken place under the restructuring plan, or, if it has not yet been completed, on condition that there are no serious impediments that would prevent it from taking place before the restructuring period ends.
Ima li dovršetak integracije između djelatnosti povezane s reaktorima i djelatnosti gorivnog ciklusa stvarne učinke, osobito s obzirom na gubitak sinergija, na konkurentnost grupe Areva na „tržištu ili tržištima na kojima će poduzetnik imati znatan tržišni položaj nakon restrukturiranja”, odnosno na tržištima Nove Areve, kako je utvrđeno točkom 78. smjernica?
The information summarised in recitals 127 to 131, regarding the divestments of Canberra, Areva TA, Elta and Adwen, enables the Commission to consider that these divestments are sufficiently certain and therefore form an integral part of the Areva Group's own contribution to its restructuring.
Mogu li dodatne mjere dovesti do pogoršanja strukture tržišta protivno onome što se zahtijeva u točki 80. smjernica?
The total of these divestments is EUR [0-2 billion].
U pogledu prvog pitanja uvodne izjave 334.
However, at the present time, the divestment of New Areva NP is still uncertain.
Komisija konstatira da je djelatnost povezana s reaktorima dovela do znatnih gubitaka za grupu Areva tijekom posljednjih godina, kako je opisano u uvodnim izjavama 17. i 21.
It is unlikely that the divestment will be jeopardised by potential opposition from TVO, following the failure of the negotiations referred to in recital 20.
Prema tome, potrebno je utvrditi jesu li ti gubitci strukturni i bi li i dalje ugrožavali profitabilnost grupe Areva kada bi taj subjekt ostao dio grupe.
On the one hand, in the Commission's view, TVO's interests are properly protected in the chosen restructuring plan, particularly with regard to the Areva Group's future ability to honour its commitments.
Za razliku od poteškoća koje je doživio sektor gorivnog ciklusa, poteškoće sektora reaktora nisu ponajprije posljedica gospodarskog usporavanja do kojeg je došlo nakon nesreće u nuklearnoj elektrani Fukushima.
On the other hand, TVO has not informed the Commission of any intention to block or delay the divestment of New Areva NP.
Ti su gubitci ponajprije povezani s ograničenim brojem velikih industrijskih projekata, osobito projekta OL3, čiji su rizici uvelike bili idiosinkratski.
However, as noted in recital 31 et seq., the divestment of New Areva NP remains subject to a number of conditions precedent, some of which pose an objective risk to the completion of the transaction.
Ti veliki projekti predvodnici su u novoj reaktorskoj tehnologiji (tehnologija EPR).
Specifically, the divestment is subject to the ASN's conclusions on the outcome of the demonstration programme regarding the carbon segregation issue at the Flamanville 3 vessel; these conclusions must confirm the absence of any anomalies that would result in significant cost increases or delays to the project.
Takvi prototipovi nove tehnologije obično imaju veće gubitke jer projekti koji dođu poslije njih imaju koristi od iskustva stečenog s prvim projektima.
As a result, the Areva Group and EDF expect a favourable outcome from the demonstration programme and are confident that the vessel will be found to meet the ASN's requirements within the required timeframe.
Te su djelatnosti manje rizične nego djelatnost Velikih projekata i predstavljaju zdravu osnovu za stvaranje pozitivnih operativnih novčanih tokova za Novu Arevu NP, uz prosječne marže EBITDA-e od [0 – 30] %, odnosno [0 – 30] % [53].
The Commission takes note of the opinion expressed by the Areva Group and EDF but considers that the transaction is not sufficiently certain until the ASN, an independent authority and the only judge of the test results, has given its conclusions on the outcome of the demonstration programme.
Subjekt prodan EDF-u (Nova Areva NP) obuhvaćat će sve djelatnosti koje danas drži Areva NP, osim obveza nakupljenih u okviru nekoliko veoma specifičnih velikih industrijskih projekata koji su u prošlosti doveli do nastanka znatnih gubitaka [54].
It is extremely difficult to quantify this risk, since its occurrence depends on an independent authority's conclusions on an extremely technical nuclear safety issue.
Kupovna cijena od 2,5 milijardi EUR koju su dogovorili grupa Areva i EDF jasno ukazuje na to da Nova Areva NP zaista može biti profitabilna te da nema strukturne gubitke.
However justified it may be, this condition precedent means that the outcome of the transaction depends on the decision of an independent authority — in this case, the Commission.
S obzirom na te različite elemente, čini se da Nova Areva NP nije djelatnost koja donosi strukturne gubitke te da je nije potrebno prodavati za ponovnu uspostavu dugoročne održivosti grupe Areva.
As the market survey that must precede the Commission's assessment has not been carried out at the time of this Decision, the Commission cannot prejudge the outcome of its market survey relating to the control of concentrations or the decision it will take in respect of the concentration.
Naprotiv, radi se o odgovarajućoj mjeri naknade.
If the Commission decided to prohibit the concentration, the very principle of the transaction would be jeopardised and the Areva Group would not be able to prove that the proceeds of the divestment of the reactors business are real and actual.
Još više stoga što ima strukturnu narav, u skladu s točkom 77. smjernica.
This eventuality cannot be completely ruled out at this stage.
U pogledu drugog pitanja iz uvodne izjave 334., potrebno je utvrditi je li vertikalna integracija između reaktora i gorivnog ciklusa prednost u današnjim okolnostima usporavanja nuklearnih tržišta.
However, if the Commission's assessment following the market survey does not justify prohibiting the concentration, the Commission will adopt a decision to approve the transaction, if necessary with measures to remedy any potential negative effects on competition (‘remedies’).
Prema Urencu radi se o prednosti čiji su učinci ograničeni na prodaju novih reaktora, […].
A decision to approve the concentration, even one that includes remedies, would remove the uncertainty caused by the fact that the transaction and the expected proceeds for the Areva Group are subject to the Commission's decision on the concentration.
Urenco smatra da postojanje neintegriranih aktera koji postižu rezultate ukazuje na to da ne radi o elementu ključnom za uspjeh grupe koja djeluje u nuklearnom sektoru.
In fact, the existence of remedies would not significantly alter the amount that the Areva Group would receive for the divestment of New Areva NP.
Međutim, prema tvrdnjama francuskih nadležnih tijela radi se o sigurnoj prednosti koja dovodi do učinaka na svim tržištima nuklearnog gorivnog ciklusa.
In a scenario where, for example, a structural remedy were required, EDF would need to sell the assets in question (which could belong to either EDF or New Areva NP), without the sale calling into question the purchase of New Areva NP or, in principle, the price stipulated in the purchase contract.
Komisija najprije želi istaknuti da na nuklearnim tržištima danas postoji trend vertikalne integracije, uključujući kada je riječ o povijesno neintegriranim poduzećima.
The Commission does not rule out the possibility that the price could be increased (in the form of a price premium) or reduced (if remedies were applied or by virtue of guarantees granted to EDF in the SPA), but it considers that the central value of EUR 2,5 billion agreed by the parties to the transaction with the help of their advisers is a realistic estimate of the market price of the divestment and, consequently, of the own contribution that the Areva Group could receive as a result.
Jedan od glavnih konkurenata grupe Areva, rusko poduzeće Rosatom, integrirano je u čitavom lancu vrijednosti.
As long as these two conditions precedent have not been met — the positive opinion from the ASN on the outcome of the demonstration programme for the Flamanville 3 vessel, and the authorisation (non-prohibition) of the concentration by the Commission — the Commission takes the view that the transaction remains subject to uncertainties that are too great for the own contribution resulting from the divestment of New Areva NP to be considered real and actual.
Korejski proizvođač nuklearnih reaktora KHNP integriran je u početnom dijelu lanca, stjecanjem udjela u operatoru rudarskih djelatnosti Denison i planira sudjelovati u projektu Imouraren, dok Toshiba/Westinghouse stječe udjele u rudnicima u Kazahstanu.
However, the proceeds from this divestment will be counted as a real and actual own contribution once these two conditions have been met.
CNNC danas raspolaže samo kapacitetima za pretvaranje i obogaćivanje i udjelom u rudniku Langer Heinrich u Namibiji, kojim upravlja gospodarski subjekt Paladin; međutim, želi se integrirati na tržište gorivnih sklopova kako bi ostvario koristi od sinergija koje proizlaze iz integracije tih različitih djelatnosti.
The Commission considers that a capital injection by a third party can be counted as a real and actual own contribution, provided that the capital injection has already taken place under the restructuring plan, or, if it has not yet been completed, on condition that there are no serious impediments that would prevent it from taking place before the restructuring period ends.
Kako bi promicalo svoju prodaju prirodnog uranija, kazakstansko rudarsko poduzeće KAP, koje Urenco navodi kao jedan od svojih neintegriranih aktera, danas nastoji, u suradnji s još jednim subjektom, izgraditi tvornicu gorivnih sklopova.
The Commission applies this logic to the investments of MHI and JNFL in New Areva.
Taj opći trend, koji ne samo da nije nestao nego je ojačan u okolnostima gospodarskog usporavanja do kojeg je došlo nakon nesreće u nuklearnoj elektrani Fukushima, odnosi se na velike aktere u nuklearnom sektoru.
The French authorities have forwarded to the Commission the offers made by these two investors: one offer is from MHI, for a 5 % stake at a price of EUR 250 million, and the other is from JNFL, also for a 5 % stake at EUR 250 million.
Nasuprot tome, čini se da je neintegrirani model Urenca razmjerno manjinski.
These are firm offers insofar as […].
To pokazuje da se iz integracije između djelatnosti povezane s reaktorima (uključujući proizvodnju gorivnih sklopova) i djelatnosti gorivnog ciklusa mogu izvući određene koristi.
The Commission therefore takes the view that these offers will constitute a real and actual source of an own contribution once the conditions referred to in recitals 315 and 316 have been met.
Kada je riječ o naravi tih koristi, Komisiji se čini da je jasno da integrirana grupa ima znatne koristi od zajedničke prodajne snage segmenta gorivnih sklopova, koji čini sučelje interakcije s klijentima koji su proizvođači električne energije, i predreaktorskim dijelom gorivnog ciklusa, koji su bliži sadržajima za koje su dobavljači manje-više zamjenjivi.
Lastly, as regards the own funds mobilised by the Areva Group, the French authorities have sent the Commission information regarding a total amount of around EUR [0-2 billion].
U tom je pogledu važna činjenica da [5 – 10] od 10 klijenata Areve NP (u budućnosti Nove Areve NP) također klijenti Areve NC (u budućnosti Nove Areve).
This amount is the result of a reduction of around EUR [0-1 billion] in the Areva Group's minimum cash balance, and of transfers of tax receivables and trade receivables of EUR [0-1 billion].
Francuska nadležna tijela dala su primjer proizvođača električne energije […], koji je objavio poziv za prijave za proizvodnju gorivnih sklopova.
The French authorities have demonstrated that the reduction in the minimum cash balance was the result of a long process designed to optimise cash inflows and outflows and spread them out over the year, so that it is structural in nature and not likely to be increased in the future.
Službeno, poziv na podnošenje ponuda odnosio se samo na proizvodnju gorivnih sklopova, dakle na djelatnost koja će u budućnosti biti obuhvaćena područjem djelovanja Nove Areve NP.
The Commission notes that these measures have already been implemented successfully and that they are therefore real and actual.
Međutim, […] pozvao je podnositelje ponuda da poboljšaju svoje ponude na način da uključe opskrbu obogaćenim fisibilnim materijalom, što je djelatnost koju će u budućnosti obavljati Nova Areva.
Conclusion on own contribution
Zahvaljujući svojoj integriranoj prodajnoj snazi grupa Areva u prošlosti je svojoj ponudi za gorivne sklopova mogla dodati dobavljanje obogaćenog fisibilnog materijala.
The total amount of own contributions submitted by the French authorities is EUR [3-7 billion].
Nova Areva NP u budućnosti će u takvim situacijama moći upotrebljavati usluge bilo kojeg dobavljača obogaćenog fisibilnog materijala, bez ikakvog automatizma ili ekskluzivnosti za Novu Arevu, nego, naprotiv, uz poticaj za sudjelovanje dobavljača fisibilnog materijala u tržišnom natjecanju u svrhu poboljšanja ukupne kakvoće ponude koju in fine nosi Nova Areva NP.
This amount is higher than 50 % of the total amount of restructuring costs.
To će ujedno biti prilika za konkurenciju Nove Areve, ponajprije Urenco.
These sources of own contributions have a broadly comparable effect to that of the aid itself in that they improve the solvency of the Areva Group, in line with point 62 of the Guidelines.
Koristi od integracije djelatnosti povezane s reaktorima i gorivnog ciklusa očite su i kada je riječ o ponudama za gorivo integriranih s prodajom novog reaktora, što Urenco ne poriče.
However, the main source of the Areva Group's own contribution, namely the proceeds from the divestment of New Areva NP, can only be considered sufficiently real and actual if the two conditions precedent identified in recitals 315 and 316 are lifted; these conditions are linked to the sovereign decisions of independent administrative authorities that neither the parties to the transaction nor the French authorities can influence, which is, moreover, entirely justified since they relate to matters of nuclear safety.
Projektant i graditelj reaktora (danas Areva NP u sklopu grupe Areva) na gotovo sistematičan način obavlja opskrbu gorivnim sklopovima koji su ponajprije namijenjeni jezgri reaktora, kao i prvih punjenja, sve dok reaktor ne dosegne svoj ritam.
A further effect of this is that the own contributions originating from the subscription by MHI and JNFL to New Areva's capital increase will also be real and actual when these conditions are lifted.
Reaktori podliježu jamstvu za dobro izvršenje posla, koje je intrinzično povezano s kakvoćom gorivnih sklopova, barem u fazi pokretanja i povećanja snage reaktora.
In the light of the above, the Commission concludes that a sufficient, real and actual own contribution in accordance with point 63 of the Guidelines will exist on the date the two conditions identified in recitals 315 and 316 are lifted.
Kako bi mogao u potpunosti ovladati kakvoćom gorivnih sklopova, a time i rezultatima reaktora, dobavljač reaktora proizvođaču električne energije isporučuje gorivne sklopove koji odgovaraju prvoj jezgri reaktora i prvim punjenjima.
Avoidance of undue negative effects on competition and trade
Proizvođači električne energije najradije imaju samo jednog suradnika kojemu se mogu obratiti ili ga pozvati na odgovornost u slučaju poteškoća u ključnom razdoblju pokretanja i povećanja snage reaktora.
Under point 38(f) of the Guidelines, the negative effects of the aid must be sufficiently limited, so that the overall balance of the measure is positive.
Na primjer, TVO ističe […].
The Commission therefore has to examine whether the ‘one time, last time’ principle has been complied with and whether measures have been taken to limit distortions of competition.
Prema tome, opskrba gorivnim sklopovima za prvu jezgru reaktora i prva punjenja predstavlja privilegirani način isporuke klijenata, kako potvrđuju […].
‘One time, last time’ principle
Ovaj centralizirani način opskrbe danas je ojačan jer su brojni potencijalni klijenti prvi put kupci nuklearne tehnologije.
On this basis, the Commission concludes that the ‘one time, last time’ principle has been complied with.
Dakle, tako sklopljeni ugovori premašuju prvu jezgru i sva prva punjenja i često su duljeg trajanja nego ugovori sklopljeni u okviru reaktora u funkciji.
Measures to limit distortions of competition
Taj je način, na primjer, odabrao […].
When restructuring aid is granted, measures must be taken to limit distortions of competition, so that the adverse effects on trading conditions are minimised as much as possible and positive effects outweigh any adverse ones.
Stoga svi dobavljači proizvoda i pružatelji usluga u predreaktorskom dijelu ciklusa koji se oslanjaju na dobavljača gorivnih sklopova i reaktora imaju konkurentsku prednost.
Measures to limit distortions of competition will usually take the form of structural measures although, in particular cases, the Commission may accept behavioural measures or market opening measures in place of some or all of the structural measures that would otherwise be required.
Grupa Areva trenutačno povezuje prodaju reaktora s prodajom prve jezgre i prvih punjenja, kao i naknadnih punjenja, ako klijent tako zatraži (obično, […]).
Point 78 of the Guidelines states that structural measures ‘should take place in particular in the market or markets where the undertaking will have a significant market position after restructuring, in particular those where there is significant excess capacity’.
Konkretnije, djelatnosti predreaktorskog dijela ciklusa grupe Areva (koje će u budućnosti preuzeti Nova Areva) imaju koristi od te prodaje gorivnih sklopova u okviru projekata novih reaktora na tri načina:
However, measures taken to limit distortions of competition must not undermine the beneficiary's prospects of restoring viability, or harm competition, the consumer or the market structure.
s obzirom na to da je Areva NP sustavno imala pristup uraniju i uslugama pretvaranja i obogaćivanja grupe Areva kako bi odgovorila na tu potražnju, te su ponude omogućivale osiguranje znatnih prodajnih količina uranija, pretvaranja i obogaćivanja;
Finally, point 84 of the Guidelines defines the behavioural measures that must be applied in all cases, to avoid undermining the effects of structural measures.
s obzirom da se ti ugovori sklapaju na temelju uzajamnog dogovora u okviru rasprava o kupnji reaktora, mogu se sklapati po povoljnijim uvjetima nego što su oni dogovoreni u okviru otvorenog postupka, koji podliježe konkurenciji brojnih drugih aktera prisutnih u segmentu rudarstva, pretvaranja i obogaćivanja, a često dugo trajanje tih ugovora omogućuje trajno osiguranje prodajnih cijena na tržištu na kojem se te cijene mijenjaju;
In their notification of 29 April 2016, the French authorities presented the divestment programme implemented by the Areva Group as an adequate compensatory measure.
konačno, na temelju te vrste ugovora dobavljaču uranija i pružatelju usluga pretvaranja i obogaćivanja omogućuje se da stekne položaj i postupno gradi ugled i vjerodostojnost na novim tržištima, kojima je teško ostvariti pristup, kao što je bio slučaj […].
The Commission took the view in the opening decision that most of the planned divestments [51] could not be considered adequate compensatory measures because they were not on a similar scale as the effect of the aid on the company [52], and because they were not related to markets on which New Areva will be active after the restructuring.
Te su prodaje dosad bile važne za segment rudarstva, pretvaranja i obogaćivanja, a u budućnosti će ih preuzeti Nova Areva.
The Commission's position on this point has not changed.
Za prvu jezgru EPR-a potrebno je otprilike [0 – 2000] kUTS u smislu obogaćivanja (što čini [0 – 20] % godišnjih kapaciteta Nove Areve), [0 – 2000] tUF6 u smislu pretvaranja (što čini [0 – 20] % godišnjih kapaciteta Nove Areve) i [0 – 2000] tU3O8 prirodnog uranija (što je činilo [0 – 20] % godišnje proizvodnje Nove Areve u 2015).
This position did not relate to the divestment of the reactors business, the scale of which was recognised by the Commission in the opening decision: by separating from New Areva NP, the restructured Areva Group cut off a substantial portion of its business, accounting for one third of the assets and nearly half of the pre-restructuring turnover of the Areva Group.
Punjenje čini trećinu te količine, a u većini slučajeva punjenja gorivnim sklopovima provode se svakih 18 mjeseci.
Nonetheless, the Commission had concerns about the competitive effects of this divestment and whether they were sufficient to reduce the distortions of competition generated by the aid.
Prema tvrdnjama grupe Areva često je slučaj da projektant i graditelj nuklearnog reaktora dogovori opskrbu najmanje […] osim prve jezgre.
In the light of the Guidelines, the Commission believes that these concerns should be addressed by answering the following three questions:
Za svaki ugovor o gorivima sklopljen u okviru projekata […] grupa Areva mogla je ostvariti koristi od ugovora za veće količine sklopljenih na dulje razdoblje nego što bi bio slučaj da Areva NP nije bila projektant i graditelj nuklearnog reaktora.
Is New Areva NP a ‘loss-making activity [the divestment of which] would at any rate be necessary to restore long-term viability’ of the Areva Group, within the meaning of point 78 of the Guidelines?
U tom je pogledu poučna usporedba projekata […] (u kojima je Areva NP graditelj elektrane) s projektom reaktora koji je izgradio […].
Will the end of the integration between the reactors and fuel businesses have a real impact, mainly as a result of the lost synergies, on the Areva Group's competitiveness on ‘the market or markets where [it] will have a significant market position after restructuring’, i.e. on New Areva's markets, as specified by point 78 of the Guidelines?
Dakle, grupa Areva sklopila je ugovore tek za […] % potreba za gorivom za reaktor koji je izgradio […], u trajanju od samo […] godina, dok ima ugovore za opskrbu gorivom za […].
Are additional measures liable to lead to a deterioration in the structure of the market, contrary to what is required by point 80 of the Guidelines?
U tim okolnostima prodaja djelatnosti Nove Areve NP može znatno utjecati na djelatnosti Nove Areve.
With regard to the first question in recital 334, the Commission notes that the reactors business has been the source of substantial losses for the Areva Group in recent years, as described in recitals 17 and 21.
Urenco minimizira vrijednost tih sinergija […].
It must therefore be determined if these losses are structural in nature and if they would continue to restrict the profitability of the Areva Group if the divested business were to remain within the Group.
Komisija priznaje da se većina reaktora koji su trenutačno u izgradnji nalazi u zemljama kao što je Kina ili Rusija, koje su uvelike zatvorene za zapadne graditelje nuklearnih elektrana.