natgillin/translations-raw huggingface dataset:
the value of the assets remaining on Areva SA's balance sheet […], i.e. primarily the shares that Areva SA will retain in New Areva.
Međutim, ta različita mišljenja i povijesni podatci o projektu ukazuju na to da je potrebno primijeniti oprezan pristup.
The resources listed in recital 255 can be estimated to a reasonable degree of accuracy.
Osim tih obveza Areva SA snosi i glavne pravne rizike u okviru projekta OL3.
Firstly, the amount of the capital injection is certain.
Siemens je Komisiji dostavio informacije o […].
Secondly, the proceeds from the divestments are likely to amount to at least EUR [1-5 billion], given that the SPA signed by EDF and the Areva Group indicates a price of EUR 2,5 billion [35] for 100 % of New Areva NP's equity, and that the Adwen subsidiary was sold for EUR 60 million [36].
U pogledu pravnog rizika povezanog s arbitražnim sporom koji se vodi između TVO-a i konzorcija, pokazuje se da je nemoguće procijeniti njegove razmjere ili vjerojatnost.
Thirdly, Areva SA's shareholding in New Areva can be valued, using a conservative estimate, at EUR 2 billion.
Iz informacija koje su dostavila francuska nadležna tijela, Siemens i TVO proizlazi da će biti donesena konačna arbitražna odluka […].
On this last point, Areva SA's remaining stake in New Areva is certainly the most difficult of Areva SA's resources to evaluate.
Trenutačno ne postoje informacije na temelju kojih bi bilo moguće predvidjeti ishod tog spora, a koji je jedan od najsloženijih sporova kojim se arbitražni sud ikad bavio.
Despite this uncertainty, a cautious approach would be to use the current value of the shareholding as a benchmark.
Najveća izloženost konzorcija teoretski bi mogla dosegnuti […] EUR, […].
The stake has been valued by the two Japanese investors referred to in recital 132, on the basis of a report drawn up by the financial adviser […] on 23 September 2016, at EUR 2 billion for 100 % of the equity.
Pred tom nemogućnošću utvrđivanja vjerojatnosti rizika, […].
This approach is conservative given that, if New Areva recovers in line with the projected path in the restructuring plan, the value of its equity […] will in principle be higher than it is today.
To predstavlja problem u smislu primjene smjernica jer, kako je navedeno u uvodnoj izjavi 269., Komisija se mora uvjeriti da restrukturirani poduzetnik ima dostatne resurse za ispunjavanje obveza, pri čemu iznos potpore ne smije biti nerazmjeran.
Since the extent of Areva SA's resources are known, the match between its resources and its forecast staff numbers should be examined.
S obzirom na sve navedene obveze, Areva SA raspolaže s [3 – 7 milijardi] EUR [39], te s imovinom […] znatne vrijednosti zahvaljujući svojem udjelu od otprilike 40 % u Novoj Arevi.
A greater degree of uncertainty surrounds Areva SA's forecast staff numbers.
Činjenica da je taj udio kratkoročno slabo likvidan ne utječe na taj zaključak jer određeni dio rizika, ako se ostvare, neće proizvoditi glavne učinke do 2019.
The amount of banking debt and interest to be repaid is certain: EUR 3,4 billion from 2017 onwards.
[40], odnosno do trenutka kada će Nova Areva već završavati svoje restrukturiranje te kada će sve dionice tog društva imati veću vrijednost i biti likvidnije nego što je to slučaj danas.
The costs and provisions relating to the businesses due to be sold are concentrated in the first few years of the business plan and are therefore not subject to major uncertainty.
U svjetlu prethodno navedenoga Komisija zaključuje da unatoč očitim poteškoćama pri određivanju točne vrijednosti obveza Areve SA, elementi dostavljeni tijekom dubinske analize potvrđuju da će Areva SA raspolagati dostatnim sredstvima za podmirenje svojih obveza, uključujući u scenariju najgoreg slučaja, u kojem su pretpostavljeni znatni dodatni troškovi u okviru projekta OL3, odštete koju će biti potrebno platiti u okviru različitih sporova povezanih s projektom OL3 i zahtjeva za određena jamstva za obveze […].
They are estimated at EUR [0-1 billion].
U vezi s tim pitanjem TVO je iznio drugu vrstu argumenta.
However, given the nature of the risks linked to […], they are difficult to assess.
TVO smatra da Komisija ne bi trebala procjenjivati restrukturiranje isključivo s financijskog gledišta, nego bi se trebala uvjeriti i u to da će Areva NP, koja će ostati suizvoditelj TVO-a čak i nakon što dio povijesne imovine Areve NP bude prodan EDF-u putem Nove Areve NP, zadržati primjerenu razinu ljudskih i tehničkih resursa.
And there are also uncertainties surrounding the completion of the OL3 project.
TVO smatra da bi nedostatna razina ljudskih i tehničkih resursa bila protivna članku 2. točkama (b) i (c) Ugovora o Euratomu.
Firstly, regarding the risks linked to […], the SPA governing the divestment of New Areva NP lists the liability guarantees granted to EDF […].
Komisija napominje da se u svojoj analizi restrukturiranja grupe Areva s aspekta nadzora državne potpore ne mora izjasniti o načinu na koji će grupa Areva ispuniti ugovorne obveze u tehničkom smislu prema TVO-u.
The aim of these liability guarantees is to protect EDF against the potential financial consequences that could be caused by […].
Međutim, Komisija je naglasila da, u skladu s člankom 6. točkom (f) Direktive Vijeća 2009/71/Euratom [41], kako je izmijenjena Direktivom Vijeća 2014/87/Euratom [42], nositelji dozvole osiguravaju i održavaju financijske i ljudske resurse s potrebnom stručnošću i vještinama radi ispunjavanja obveza s obzirom na nuklearnu sigurnost nuklearnog postrojenja.
As regards contractual liability, […].
U skladu s istim člankom nositelji dozvole ujedno osiguravaju da izvoditelji i podizvoditelji koji su pod njihovom odgovornošću i čije bi aktivnosti mogle utjecati na sigurnost nuklearnog postrojenja imaju potrebne ljudske resurse s odgovarajućim kvalifikacijama i sposobnostima za ispunjavanje njihovih obveza.
[…], this risk is now limited.
Prema tome, Areva NP dužna je održavati resurse koji su potrebni kako bi zajamčila ispunjavanje prethodno navedenih obveza.
For all matters regarding civil liability […].
Komisija je u uvodnoj izjavi 279. zaključila da će Areva NP raspolagati dostatnim financijskim sredstvima.
In the light of the above, the Commission takes the view that Areva SA's exposure to the risks […] is difficult to quantify but, in any event, is probably limited to […].
Nadalje, Komisija napominje da se […] ljudskih resursa može osigurati […] Arevi NP.
As regards the cost of completing OL3 and the related financial and legal risks, the Commission has received a number of comments from third parties.
Osim toga, Komisija ne sumnja da je s poslovnog aspekta u interesu Nove Areve NP da projekt OL3 doživi potpuni uspjeh jer će time dokazati svoju sposobnost u području prodaje i izgradnje reaktora EPR.
It is necessary to distinguish between two issues: on the one hand, the cost of completing the construction work in itself and, on the other, the financial risk linked to the various ongoing legal proceedings between the parties involved in the project.
Međutim, odgovornost nositelja dozvole na temelju Direktive nije moguće delegirati.
The French authorities, TVO and Siemens have all provided a different estimate of the costs of completing the OL3 project and the factors that could affect the costs.
Kao odgovor na argument TVO-a Komisija podsjeća na potrebu da nositelj dozvole nastavi održavati ljudske resurse potrebne kako bi ispunio obveze u pogledu nuklearne sigurnosti projekta OL3.
The scenario put forward by the French authorities, which is based on information from the Areva Group, results in net cash flow of EUR [(1,5)-(0,5) billion] […].
Potreba za intervencijom države i učinak poticaja
This cash flow comprises the following:
Da bi se intervencija države mogla smatrati potrebnom i poticajnom u smislu točaka 53. i 59. smjernica, potrebno je dokazati da bi scenariji za izlazak iz krize koji ne uključuju potporu onemogućili postizanje ciljeva od općeg interesa koji se žele postići intervencijom.
One can therefore conclude that there is a relative consensus regarding this underlying assumption;
postojeći plan već podrazumijeva veći broj prodaja djelatnosti – više od 50 % prometa i 30 % imovine grupe Areva prije restrukturiranja, što znači da bi svakom daljnjom prodajom bila ugrožena ponovna uspostava održivosti grupe Areva bez očite koristi za tržišno natjecanje ili za strukturu tržišta, kako će biti dokazano u odjeljku 5.2.7.2. ove Odluke;
In addition to these estimates, […].
Ponajprije, kontinuitet operacija koje trenutačno provodi grupa Areva bio bi ugrožen zbog dužine administrativnog postupka odobravanje novih nuklearnih operatora [43].
In such a scenario, the additional cost for Areva SA would, […], be EUR [0-1 billion].
Svaka promjena gospodarskog subjekta podliježe odobrenju ministara nadležnih za nuklearnu sigurnost nakon što ASN izda svoje mišljenje.
Given the scope and complexity of the OL3 project, it is difficult to compare these different projections.
Tim se postupkom osobito želi provjeriti raspolaže li novi gospodarski subjekt i. dostatnim tehničkim sposobnostima kako bi zajamčio sigurno i neprekidno obavljanje predmetnih djelatnosti (to obuhvaća tehničke resurse, organizaciju, provedbu i iskustvo u upravljanju baznim nuklearnim elektranama) i ii. potrebnim financijskim sposobnostima.
However, this comparison is needed in order to reconcile the requirement for the aid to be limited to the minimum, implying that the public injections of capital into Areva SA must not be excessive, with the requirement for Areva SA to have sufficient resources to honour its liabilities, including in an adverse scenario.
Taj je postupak dugačak i složen jer u načelu obuhvaća sljedeće: ocjenu ASN-a; ispitivanje koje provode nadležni ministri i postupak izrade i donošenja dekreta koji potpisuju premijer i ministri zaduženi za nuklearnu sigurnost.
Contrary to the argument put forward by Siemens, the Commission takes the view that this adverse scenario need not reflect all of the maximum risks that are theoretically possible.
Ocjena zahtijeva ima zakonski rok od tri godine [44].
It is for the Commission, based on facts, to identify what in its view constitutes a sufficiently conservative adverse scenario.
Dozvola stupa na snagu tek nakon što ASN utvrdi da gospodarski subjekt ispunjava uvjete utvrđene Zakonikom o zaštiti okoliša za osnivanje fonda za rezerviranja za kraj ciklusa.
In the case in question, the main variable influencing the cost of completing the OL3 project is the risk of delays […].
Likvidacija koja podrazumijeva prodaju imovine grupe Areva u dijelovima donijela bi rizik od toga da tijekom određenog razdoblja više ne budu zajamčene određene djelatnosti potrebne za osiguravanje kontinuiteta i sigurnosti opskrbe Unije nuklearnim materijalom, što bi bilo protivno ciljevima od općeg interesa koji se žele postići predmetnom potporom.
On the basis of the information gathered during its in-depth investigation, the Commission takes the view that the adverse scenario can be based on an assumption […].
Nadalje, određene djelatnosti gorivnog ciklusa koje preuzima Nova Areva manje su isplative od drugih.
There are two main reasons behind this choice.
[…] osobito je profitabilna i pridonijet će otprilike […] % EBITDA-e Nove Areve tijekom 2020., prema predviđanjima koja su dostavila francuska nadležna tijela.
Firstly, the Commission notes that, at the time of its assessment, the provisional timetable for the construction works […] was respected.
Nasuprot tome, […] manje je profitabilna kad se razmatra zasebno.
The EPR project in Taishan has progressed well, with the result that it is now around five months ahead of the OL3 project.
Uz koeficijent neto duga/bruto poslovnog viška [45] od 8,2 na dan 31. prosinca 2014. grupa Areva suočena je s problemom prekomjerne zaduženosti koji se ne može riješiti samo znatnim prodajama koje su u tijeku.
In the light of these considerations, there is no objective reason for the Commission to think that, even in an adverse scenario, the project would be delivered […] — an assumption that […] did not include in their comments.
Iako obuhvaćaju gotovo 50 % prometa grupe Areva prije restrukturiranja, te prodaje donose tek [1 – 5 milijardi] do [2 – 6 milijardi] [46] EUR, dok bi ukupan iznos potrebnog financiranja trebao biti barem [8 – 9 milijardi] EUR.
Using this assumption for the adverse scenario, the following cash cost estimates (net of the balance still to be paid by TVO) are obtained, from 2017 onwards: around EUR [0-3 billion] for TVO, and EUR [0-3 billion] for Siemens.
U tim okolnostima grupa Areva ne može riješiti svoje probleme daljnjim zaduživanjem i Komisija smatra da je povećanje kapitala najprikladnija mjera potpore za suočavanje s poteškoćama u kojima se nalazi grupa Areva te za ponovnu uspostavu njezine financijske održivosti.
These estimates are, respectively, some EUR […] higher than the French authorities' estimates.
Razmjernost potpore
The French authorities refute the relevance of the estimates from Siemens and TVO, and it is clear that the Areva Group is best placed to identify and estimate its own costs.
Potpora za restrukturiranje smatra se razmjernom ako je vlastiti doprinos poduzeća svojim troškovima restrukturiranja u načelu najmanje 50 % te ako je teret primjereno raspoređen, osobito s pomoću mjera za smanjenje rizika moralnog hazarda.
Nevertheless, these divergent views and the history of the project are arguments in favour of a cautious approach.
Pravedna raspodjela tereta
A comparison of these three estimates results, for example, in a conservative estimate of EUR [0-3 billion].
Komisija je već u odluci o pokretanju postupka navela da su već zabilježena rezerviranja za gubitke i znatna umanjenja vrijednosti imovine.
This amount can be used for the Commission's assessment.
Budući da je država, izravno ili neizravno, većinski i povijesni dioničar grupe Areva, ona je ta koja snosi najveći dio tih gubitaka.
In addition to these liabilities, there are the main legal risks borne by Areva SA as part of the OL3 project.
Francuska nadležna tijela navela su da aktualna grupa Areva nema podređene vjerovnike, što znači da je načelo raspodjele tereta predviđeno točkom 66. smjernica zadovoljeno.
These risks are twofold.
Jednako tako, Komisija je utvrdila da je uprava poduzeća reformirana te da je prešla sa strukture nadzornog odbora na strukturu upravnog odbora kako bi dioničari imali veću kontrolu nad strateškim odlukama.
On the one hand, there is the amount of compensation that Areva SA or Areva NP might have to pay […] and, on the other, the arbitration dispute between the Consortium and TVO.
Međutim, Komisija je postavila pitanje o sudbini manjinskih dioničara [47].
Siemens informed the Commission […].
U svjetlu primjedbi francuskih nadležnih tijela čini se da ta sumnja može biti otklonjena.
It is impossible to assess the scale or the likelihood of the legal risk linked to the ongoing arbitration dispute between TVO and the Consortium.
Činjenica da je AMF obvezao državu da podnese javnu ponudu za otkup po cijeni izračunanoj prema metodi vrednovanja s više kriterija znači da će se pogoršano stanje grupe Areva odraziti na cijenu, čime se jamči da položaj manjinskih dioničara neće biti neopravdano zaštićen potporom.
The information submitted by the French authorities, Siemens and TVO indicates that an arbitration award on the merits will be handed down […].
Vlastiti doprinos
However, using the available information, it is currently impossible to anticipate the outcome of this dispute, which is one of the most complex ever dealt with by an arbitration tribunal.
Dana 18. prosinca 2016. francuska nadležna tijela dostavila su Komisiji ažuriranu tablicu troškova restrukturiranja grupe Areva te izvora financiranja (tablica br. 3).
In theory, the Consortium's maximum exposure could reach EUR […], […].
Tablica br. 3
Given that it is impossible to assess the likelihood of the risk, […].
Izvori financiranja iz plana za restrukturiranje Areve
This causes problems when applying the Guidelines given that, as indicated in recital 269, the Commission must be satisfied that the restructured undertaking has the necessary resources to honour its liabilities, while the amount of aid must not be disproportionate.
Državna potpora
In short, a conservative assessment of Areva SA's liabilities, based on the comments submitted by the French authorities and interested parties, leads to the following conclusion: Areva SA is exposed to quantifiable liabilities totalling around EUR [3-7 billion] [38].
Vlastiti doprinosi
As well as these liabilities, there are […] a number of liabilities that are more difficult to quantify: the risks linked […], on the one hand, and the risk that Areva SA may have to contribute to any compensation payable by the Consortium to TVO in the ongoing arbitration dispute, on the other.
Vrsta
Set against these liabilities, Areva SA has EUR [3-7 billion] [39], as well as assets […] of considerable value through its stake of around 40 % in New Areva.
Iznos (u milijardama EUR)
The existence of this shareholding, valued today at EUR 2 billion, was not taken into account by Siemens and TVO in their comments.
Upis povećanja kapitala Areve SA
However, the shareholding gives the Commission reassurance as to the ability of Areva SA (and of Areva NP, through Areva SA) to honour its liabilities, even though it is currently impossible to assess part of these liabilities.
Vlastito financiranje
The illiquid nature of this shareholding in the short term does not affect this conclusion, since the main effects of certain risks, if they were to materialise, would only be felt from 2019 [40], which is when New Areva will be in the process of completing its restructuring and when its shares will be both more valuable and more liquid than they are today.
Prodaja Nove Areve NP
In the light of the above, the Commission concludes that, although it is manifestly difficult to estimate the value of Areva SA's liabilities with certainty, the information submitted during the in-depth investigation confirms that Areva SA will have enough resources to honour its liabilities, including in an adverse scenario involving significant additional costs in the OL3 project, compensation to be paid in the various disputes relating to OL3, and the calling-in of a number of liability guarantees […].
Upis povećanja kapitala Nove Areve
On this issue, TVO put forward another type of argument.
Prodaja Canberre
According to TVO, the Commission should assess the restructuring not only from a financial point of view, but it should also be satisfied that a sufficient level of human and technical resources will be retained in Areva NP, which will remain TVO's co-contractor even when part of Areva NP's legacy assets are sold to EDF through New Areva NP.
Ostale prodaje
According to TVO, an insufficient level of human and technical resources would contravene Article 2(b) and (c) of the Euratom Treaty.
Vanjsko financiranje
The Commission notes that, in its assessment of the restructuring of the Areva Group from the point of view of State aid control, it is not required to take a position on the way in which, in technical terms, the Areva Group meets its contractual obligations towards TVO.
Sudjelovanje trećih osoba u povećanju kapitala Nove Areve
The Commission does, however, point out that, as laid down in Article 6(f) of Council Directive 2009/71/Euratom [41], as amended by Council Directive 2014/87/Euratom [42], licence holders must provide for and maintain financial and human resources with appropriate qualifications and competences, necessary to fulfil their obligations with respect to the nuclear safety of a nuclear installation.
UKUPNO
In accordance with the same Article, licence holders must also ensure that contractors and subcontractors under their responsibility and whose activities might affect the safety of a nuclear installation have the necessary human resources with appropriate qualifications and competences to fulfil their obligations.
[3 – 7]
As a result, Areva NP must maintain the resources necessary to fulfil the obligations listed above.
Trošak restrukturiranja: otprilike [8 – 9]
The Commission concluded in recital 279 that Areva NP will have sufficient financial resources.
Tablica br. 4
Furthermore, the Commission notes that […] of the human resources can be provided […] to Areva NP.
Troškovi restrukturiranja Areve
Moreover, the Commission does not doubt that, from a business point of view, it is in New Areva's interest for OL3 to be a complete success, as it will be proof of its ability to sell and build EPR reactors.
Troškovi restrukturiranja
However, the responsibility of licence holders under the Directive cannot be delegated.
Ukupno za razdoblje 2015. – 2019.
In response to the argument put forward by TVO, the Commission therefore reiterates the need for the licence holder to continue to maintain the human resources necessary to fulfil its obligations with respect to the nuclear safety of OL3.
Kamate
Need for State intervention and incentive effect
Otplata postojećeg duga
For the aid to be considered both necessary and an incentive within the meaning of points 53 and 59 of the Guidelines, it must be demonstrated that rescue scenarios not involving aid would prevent the objectives of common interest pursued by the aid from being achieved.
Ukupno financijsko restrukturiranje (A)
These scenarios can include (i) an alternative restructuring through the reorganisation of existing debt, divestments of activities or private capital injections, (ii) a sale or (iii) liquidation.
Industrijsko restrukturiranje
As regards the alternative scenario involving restructuring, the Commission confirms the position already described in the opening decision, namely that:
Uključeno u operativne novčane tokove
the current plan includes a significant level of divestment — more than 50 % of the Areva Group's turnover and 30 % of its assets before the restructuring — meaning that any further divestments would pose a risk to the Areva Group's return to viability without there being any clear benefits in terms of competition or the structure of markets, as will be demonstrated in section 5.2.7.2 of this Decision;
Reorganizacija društva
no private investors are willing to provide all the capital needed by the Areva Group, and a shareholding of EUR 500 million is already planned for private investors;
Proizvodni gubitci
As regards a sale or a liquidation, the Commission takes the view that there would be a significant risk that the objectives of common interest would not be achieved, particularly the objectives under the Euratom Treaty regarding the safety and continuity of the Union's supplies of nuclear material.
Gubitci izdvajanja
Firstly, the continuity of the operations currently carried out by the Areva Group would be hampered by the length of the authorisation process for new nuclear operators [43].
Hazard
Any change of operator requires authorisation from the ministers responsible for nuclear safety, once the ASN has given its opinion.
Ukupni operativni novčani tok (B)
One specific aim of this process is to ensure that the new operator has (i) the requisite technical skills to carry out the activities concerned safely and over the long term (this therefore covers technical resources, organisation, setting-up and experience of operating basic nuclear facilities) and (ii) the requisite financial capacity.
Uključeno u neoperativne novčane tokove
The process is long and complex, since in practice it involves: an investigation by the ASN; an assessment by the relevant ministers; a drafting and adoption procedure for the decree signed by the Prime Minister and the ministers responsible for nuclear safety.
Troškovi povezani sa SET-om i Eurodifom
The rules establish a three-year time limit for examining requests [44].
Dodatni troškovi sheme razdvajanja u okviru društava kćeri
Authorisation only takes effect once the ASN has established that the operator meets the conditions laid down in the Environmental Code regarding the establishment of a fund for end-of-life provisions.
Ukupni neoperativni novčani tok (C)