natgillin/translations-raw huggingface dataset:
that New Areva be prohibited from increasing the capacity of the Georges Besse II plant at least during the restructuring period, without undermining the obligations of the Areva Group […] in relation to […] [18];
Prema tome, TVO sumnja u sposobnosti restrukturirane grupe Areva da se suoči s rizicima povezanima s projektom OL3, osobito s njegovim troškovima dovršetka te objašnjava posljedice tih sumnji u pogledu analize potpore za restrukturiranje prema smjernicama, preciznije, na razini doprinosa potpore cilju od općeg interesa, a to je ponovna uspostava dugoročne održivosti grupe Areva i načelo jednokratnosti potpore.
that New Areva reduce its MOX capacity and refrain from using its recovered liquidity to develop SWU trading activities.
Prvo, u pogledu cilja od općeg interesa TVO podupire argument Francuske, koja ističe doprinos potpore ostvarenju ciljeva Ugovora o Euratomu, kako su navedeni u članku 2. točki (d).
Urenco also wanted the French authorities to explore other pro-competition measures to be spread across all the segments, such as the sale of an activity to a new entrant, in order to reduce the synergies derived from New Areva's integration on the fuel cycle side.
Međutim, TVO ističe potrebu za time da se ocijene i točke (b) i (c) članka 2.
Lastly, Urenco stressed the importance of compliance with the ban on acquiring any undertaking during the restructuring period, unless it could be shown that such an acquisition was indispensable to the Areva Group's return to viability.
Ugovora.
TVO is a Finnish electricity generator established in 1969 and owned by other Finnish electricity undertakings and by industrial companies.
U pogledu članka 2. točke (c) mjerom potpore pridonosi se ostvarenju projekta OL3, koji predstavlja važan projekt za razvoj europskog energetskog sektora i za sigurnost opskrbe nordijskih zemalja.
TVO is the future owner of OL3, a nuclear power plant using European Pressurised Reactor (‘EPR’) technology, that is still under construction.
U pogledu članka 2. točke (b), kako je utvrđeno u članku 11.
The construction contract for this plant […] was concluded on 18 December 2003 with the Consortium.
Konvencije o nuklearnoj sigurnosti, cilj nuklearne sigurnosti podrazumijeva sljedeće: „Svaka ugovorna stranka osigurat će dovoljan broj kvalificiranog osoblja s odgovarajućom naobrazbom i kontinuiranim uvježbavanjem za rad u svim djelatnostima u svezi sa sigurnošću svakog nuklearnog postrojenja, tijekom njegovoga cijeloga radnog vijeka”.
The initial date of delivery was 30 April 2009.
Budući da su kapaciteti TVO-a ponajprije ograničeni na upravljanje elektranama, TVO se oslanja na stručnost Konzorcija kako bi zajamčio sigurnost djelatnosti projekta OL3.
Following numerous delays, the Consortium has now announced that delivery will take place in December 2018.
Svaki plan za restrukturiranje kojim je obuhvaćeno izdvajanje projekta OL3 u strukturu za kupovinu loše imovine može dovesti do raspoređivanja kvalificiranog osoblja grupe Areva na rad u projektu OL3, odnosno do gubitka „pozadinskog ureda” (engl. back office) grupe Areva u Francuskoj i Njemačkoj, kao i do mogućih problema s podizvoditeljima u okviru projekta.
In addition, OL3 was a pioneering project, which should pave the way for a ‘resurgence’ of the nuclear industry.
Nova državna potpora ne bi se mogla odobriti u tom slučaju zbog načela jednokratnosti.
The OL3 project was in its final stage of completion.
U svrhu odgovora na te sumnje i pitanja TVO ustraje na potrebi za time da svaki plan za restrukturiranje obuhvaća sljedeće:
External construction was almost complete, but some construction and fitting work was still ongoing inside the plant, particularly with respect to the nuclear island (reactor).
operativne mjere kako bi se zajamčilo da će dostatni ljudski, tehnički i financijski resursi ostati na raspolaganju i biti namijenjeni osiguranju pravilnog dovršetka projekta OL3 u utvrđenim rokovima i u skladu s razinom uspješnosti zajamčenom u početnom ugovoru o gradnji te kako bi se omogućilo rješavanje ostalih potencijalnih troškova do kraja jamstvenog razdoblja i nakon njega;
Some 2400 people were working on the site.
dostatne financijske resurse dodijeljene subjektu koji će obuhvaćati projekt OL3, koji su u potpunosti namijenjeni tom konkretnom projektu, a u svrhu pokrivanja preostalih troškova dovršetka, kao i ostalih obveza koje proizlaze iz različitih ugovora sklopljenih između grupe Areva i TVO-a.
TVO stressed that the OL3 project was now entering the crucial commissioning phase, which would ultimately take it to the provisional delivery date.
Siemens je, zajedno s dvama društvima iz grupe Areva (Areva GmbH i Areva NP), partner u Konzorciju koji izvodi projekt OL3.
This phase required the ongoing support of the Consortium, which had the EPR knowledge and expertise.
Iako je grupa Areva zadužena za najveći dio projekta, članovi Konzorcija solidarno su odgovorni za dovršetak projekta pred TVO-om, svojim klijentom.
TVO also referred to the arbitration dispute between itself and the Consortium.
Iako grupa Siemens u potpunosti podupire intervenciju francuske države u korist grupe Areva, ipak izražava rezerviranost na nekoliko razina.
The total amount claimed by the Consortium was currently some EUR [0-5 billion], while the amount claimed by TVO to cover its own costs and losses came to EUR [0-5 billion] according to its latest estimates.
Kao prvo, Siemens dovodi u pitanje dostatnost potpore za pokrivanje obveza i rizika koje je preuzela Areva SA:
The total combined amount claimed by the two parties to the dispute therefore came to around EUR [0-10 billion].
Siemens procjenjuje izloženost grupe Areva u projektu OL3 na iznos između [0 – 5 milijardi] i [0 – 5 milijardi] EUR u scenariju osnovnog slučaja, dok taj iznos u scenariju najgoreg slučaja, uključujući i. […] i ii. […], može dosegnuti […] EUR;
TVO went on to explain its understanding of the Areva Group's restructuring plan, now based on ‘plan B’, i.e. transferring New Areva NP to EDF after ring-fencing the OL3 project and the resources needed to complete it, as well as leaving in this ‘legacy structure’ the components contracts and part of the Areva Group's debt.
osim toga, Siemens ističe dodatne obveze Areve SA, kao što su određene bankovne obveze, koje iznose 3,4 milijarde EUR.
Overall, TVO supported the planned recapitalisation of the Areva Group by the French State.
Nadalje, Siemens želi znati na koji će način struktura koja treba nositi projekt OL3 imati dostatne pravne, ljudske, financijske i operativne resurse za dovršetak projekta ako imovina i operativna sredstva u izgradnji moraju biti prenesena na Novu Arevu NP, za koju se traži prodaja EDF-u.
However, it had concerns about the potential negative impact of the group's restructuring on the OL3 project.
Gotovo neizbježna eksternalizacija ostvarenja dijela projekta Novoj Arevi NP mogla bi […].
In particular, TVO wondered about the ability of the legacy structure, in which the ring-fenced OL3 project would be placed, to maintain the resources necessary for the proper completion of the project.
Konačno, Siemens izražava zabrinutost zbog blokiranja […] TVO-a u pogledu restrukturiranja grupe Areva kojim se OL3 želi izdvojiti u posebnu strukturu, […].
The legacy structure would have limited financial resources to meet what could be significant debts that were difficult to quantify at this stage.
Prema tvrdnjama Siemensa ti rizici mogu biti pokriveni dodatnim mehanizmima kao što su i. dodatna financijska sredstva koja bi uplatila francuska država, ii. državno jamstvo za sve dodatne obveze povezane s projektom OL3 ili iii. preuzimanje obveze francuske države za financiranje svih potreba za dodatnim kapitalom povezanih s projektom.
The financial resources of the legacy structure were composed of: EUR 2 billion in capital injections, EUR 2,5 billion in proceeds from the sale of New Areva NP to EDF, residual proceeds from the sales of Areva's non-strategic activities and the balance still owed by TVO to the Areva Group for the completion of the OL3 project.
Konačno, uzimajući u obzir solidarnost između Siemensa i grupe Areva unutar Konzorcija, Siemens se boji da će biti obvezan za financijske troškove koje grupa Areva neće moći snositi što bi, kako tvrdi to društvo, bilo protivno načelu podjele tereta utvrđenom u smjernicama.
Mirroring these resources, the costs borne by the legacy structure were estimated to be: the costs of completing the OL3 project and the associated guarantees, the repayment of the banking debt of EUR 3,4 billion, potential guarantees to EDF for the contracts for nuclear plants whose components were to be audited, other guarantees linked to the sale of non-strategic assets and, if TVO were to win the ongoing arbitration dispute, an amount that could be as high as EUR [0-5 billion].
Treća osoba koja ne želi da se objavi njezin identitet
TVO therefore questioned the ability of the restructured Areva Group to cope with the risks associated with the OL3 project, in particular the costs of completing it, and set out the implications of its doubts for the restructuring aid assessment under the Guidelines, and more specifically the degree to which the aid contributed to an objective of common interest, the long-term return to viability of the Areva Group, and the one-time-last-time principle.
Treća osoba, koja želi ostati anonimna, upozorava Komisiju na narušavanje tržišnog natjecanja nastalo zbog predmetne mjere.
First, as regards the objective of common interest, TVO endorsed the argument made by France highlighting the contribution made by the aid to achieving the objectives of the Euratom Treaty, set out in Article 2(d) thereof.
Prema tvrdnjama te treće osobe, zahvaljujući intervenciji države restrukturiranjem se ne bi ojačala samo Nova Areva već i Nova Areva NP.
However, TVO stressed the need also to consider Article 2(b) and (c) of the Treaty.
Poduzetnici koji uživaju državnu potporu imaju snažnu prednost u tržišnom natjecanju na nuklearnom tržištu.
With respect to Article 2(c), the aid contributed to the completion of OL3, which was an important project for the development of the European energy sector and for security of supply in the Nordic countries.
To se tržište odlikuje snažnim tržišnim natjecanjem i zahtjevom za sve većim jamstvima.
With respect to Article 2(b), the nuclear safety objective implied, as laid down in Article 11 of the Convention on Nuclear Safety that ‘each Contracting Party shall take the appropriate steps to ensure that sufficient numbers of qualified staff with appropriate education, training and retraining are available for all safety-related activities in or for each nuclear installation, throughout its life’.
Konačno, anonimna treća osoba smatra da će se budućom suradnjom Nove Areve i Nove Areve NP ponovno stvoriti snažne sinergije kojima će se narušiti tržišno natjecanje.
Given that TVO's expertise was mainly restricted to the operation of power plants, it was relying on the Consortium's expertise to ensure the safety of the OL3 project.
OPASKE FRANCUSKE
However, a restructuring plan involving the ring-fencing of the OL3 project in a legacy structure risked giving rise to under-allocation of qualified staff from the Areva Group to the project, loss of back-office support from the Areva Group in France and Germany, loss of the Areva Group's technical infrastructure and potential problems with project sub-contractors.
Francuska je iznijela opaske u četiri dijela, koji odgovaraju glavnim sumnjama koje je iznijela Komisija u odluci o pokretanju postupka.
Second, as regards the return to long-term viability of the Areva Group, TVO questioned whether the capital injection into Areva SA was sufficient, whether the assumptions underlying the restructuring plan were realistic, and therefore whether the aid could ensure the long-term viability of Areva SA.
Francuska nadležna tijela najprije žele pokazati da jedina mjera koja može predstavljati državnu potporu jest povećanje kapitala na razini Areve SA i Nove Areve.
Third, as regards the one-time-last-time principle, if the restructuring plan did not ensure that the Areva Group was able to meet its obligations in respect of the completion of the OL3 project, additional obligations in the form of damages associated with new delays could arise.
Potom odgovaraju na sumnje Komisije u pogledu ostvarivosti pretpostavki na kojima se temelji poslovni plan, razmjernosti iznosa potpore i predloženih mjera za tržišno natjecanje.
It would then be impossible to approve new State aid because of the one-time-last-time principle.
Samo povećanje kapitala može predstavljati državnu potporu
In order to address these doubts and questions, TVO stressed that any restructuring plan had to comprise:
Francuska nadležna tijela prvo upućuju na to da mogućnost da grupa Areva dodijeli državne potpore trećim osobama prodajom svojih društava kćeri po preniskim cijenama i. nije relevantna u okviru ovog postupka i ii. čini se da je u potpunosti teoretska u smislu da grupa Areva ima razloga željeti postići što veću dobit od tih prodaja.
operational measures to ensure that sufficient human, technical and financial resources remained available and were set aside to ensure the proper completion of the OL3 project within the deadlines agreed and in line with the performance level guaranteed in the initial construction contract, and to cover other potential costs until the end of the guarantee period and beyond;
Jednako tako navode da grupa Areva ne prima nikakvu potporu za prodaju Nove Areve NP i Areve TA, kod kojih se, doduše, upotrebljavaju državna sredstva, ali se provode po tržišnim cijenama.
sufficient financial resources allocated to the entity in which the OL3 project was to be housed, and earmarked in full for this project specifically, in order to cover the residual costs of completion and the other obligations deriving from the various contracts concluded between the Areva Group and TVO.
U pogledu Nove Areve NP francuska nadležna tijela objašnjavaju da je u okviru EDF-a uveden poseban model upravljanja kako bi se zajamčilo očuvanje interesa EDF-a.
Together with two companies belonging to the Areva Group (Areva GmbH and Areva NP), Siemens is part of the Consortium sponsoring the OL3 project.
U okviru tog upravljanja uspostavljena je radna skupina koju čine neovisni upravitelji, upravo za kupnju Nove Areve NP, kako bi provjerila sukladnost te operacije s društvenim interesom EDF-a i kako bi dala neovisno mišljenje upravnom odboru EDF-a.
Although the Areva Group is carrying the biggest share of the project, the members of the Consortium are jointly and severally liable to their client, TVO, for the completion of the project.
U toj radnoj skupini nema nijednog predstavnika države.
While the Siemens group expressed full support for the intervention by the French State on behalf of the Areva Group, it nevertheless had a number of reservations.
EDF je konačno donio odluku o kupnji upravo na temelju rada te skupine, koja je, među ostalim, naručila izradu studije o valorizaciji od banke Société Générale.
First, Siemens questioned whether the aid was sufficient to cover the commitments and risks borne by Areva SA:
Francuska nadležna tijela jednako su tako objasnila da su se konačno odlučila za pristup razdvajanja u okviru društva kćeri za provedbu kupnje reaktora grupe Areva od strane EDF-a.
Siemens estimated the Areva Group's exposure to the OL3 project at between EUR [0-5 billion] and EUR [0-5 billion] in a baseline scenario, while an adverse scenario, including (i) […] and (ii) […], could see it rise to EUR […].
Prema francuskim nadležnim tijelima ti novi načini kupnje ne utječu na vrednovanje koje su provele stranke i njihovi upravni odbori pod pretpostavkom prethodnog sustava kupnje: 2,5 milijardi EUR za 100 % vlasničkog kapitala.
Siemens also pointed to the additional liabilities, such as certain banking liabilities, borne by Areva SA to the tune of EUR 3,4 billion.
Neovisno o pravnim odredbama kupnje gospodarska stvarnost ostaje ista za EDF, koji će preuzeti povijesne djelatnosti Areve NP bez preuzimanja rizika povezanog s projektom OL3.
Siemens then wondered how the structure that was to house the OL3 project would have sufficient legal, human, financial and operational resources to carry the project to completion, if the activities and operational resources in construction were to be transferred to New Areva NP for sale to EDF.
EDF će jednako tako biti zaštićen od rizika povezanih s ugovorima o sastavnicama.
The almost inevitable outsourcing of part of the project to New Areva NP could […].
Doduše, ti rizici nisu uzeti u obzir pri vrednovanju provedenom u siječnju 2016., ali mehanizmom zaštite koji su utvrdile stranke omogućeno je da se ne mijenja njegov sadržaj.
Siemens also expressed concern that the Areva Group's restructuring plan designed to ring-fence OL3 in a specific structure might be blocked […] by TVO.
U pogledu Areve TA postupak vrednovanja proveden je u dvije faze, u skladu s najčešćim tržišnim praksama: i. između siječnja i svibnja 2016. grupa Areva dostavila je konzorciju kupaca financijske, operativne, pravne i porezne informacije te je organizirala nekoliko radnih sastanaka s timom za upravljanje Areve TA; ii. nakon toga Konzorcij je dobio pristup „sobi s podatcima” (data room) i mogao je komunicirati s upravom Areve TA razmjenom pitanja i odgovora.
According to Siemens, these risks could be covered by additional mechanisms such as (i) additional financial resources from the French State, (ii) a State guarantee covering any additional liabilities arising from the OL3 project, or (iii) an undertaking from the French State to finance any additional capital shortfall linked to the project.
U okviru navedenoga grupa Areva i kupac imali su pomoć 12 pravnih, bankarskih i stručnih savjetnika u postupku financijske dubinske provjere (due diligence).
Lastly, given that Siemens and the Areva Group bore joint liability within the Consortium, Siemens was worried that it would have to cover the financial costs that the Areva Group was unable to meet, which in its view, would be incompatible with the burden-sharing principle laid down in the Guidelines.
Ta je cijena zadržana u ugovoru o kupnji potpisanom 15. prosinca 2016.
Third party wishing to remain anonymous
Prema tome, francuska nadležna tijela ocjenjuju da se konačno prihvaćeno vrednovanje temelji na zajednički prihvaćenim metodama, nakon uobičajenih provjera.
A final third party, who wished to remain anonymous, alerted the Commission to the distortions of competition generated by the aid under scrutiny.
Grupa Areva provodi plan za restrukturiranje kojim se ponovno uspostavlja njezina dugoročna održivost
According to this third party, both New Areva and New Areva NP would end up stronger as a result of the restructuring, thanks to the State intervention.
Francuska nadležna tijela prvo prikazuju financijsku putanju koju je ažurirala Nova Areva.
Undertakings in receipt of State support had a distinct competitive advantage in the nuclear industry, which was characterised by very intense competition and a demand for increasingly broad guarantees.
Francuska nadležna tijela potom odgovaraju na različite sumnje koje je izrazila Komisija u pogledu plana ponovne uspostave održivosti.
Lastly, the anonymous third party took the view that the future cooperation between New Areva and New Areva NP would recreate important synergies that would distort competition.
Poslovnim planom Nove Areve u obzir su uzete posljedice predviđenih prodaja
COMMENTS BY FRANCE
Međutim, ta je značajka zajednička svim dobavljačima nuklearnog materijala jer se ugovori o opskrbi najčešće sklapaju na nekoliko godina, obično pet do deset godina, ovisno o vrsti materijala (sirovi uranij, pretvoreni uranij, obogaćeni uranij) te vrsti klijenta.
The comments by France are divided into four parts, corresponding to the main doubts raised by the Commission in the opening decision.
S druge strane, predviđena prodaja različitih društava, osobito Nove Areve NP, dugoročno će naštetiti konkurentskom položaju Nove Areve.
First, the French authorities seek to demonstrate that the only measure which could constitute State aid is the capital injection into Areva SA and New Areva.
Osim toga, grupa Areva provodi Plan za uspješnost i konkurentnost, kojim će se smanjiti kratkoročni učinak prodaje Nove Areve NP na njezine strukturne troškove.
They then respond to the Commission's doubts concerning the robustness of the assumptions underlying the business plan, the proportionality of the aid and the proposed competition measures.
Na primjer, u pogledu smanjenja nabave predmetnim se Planom nastoji ostvariti dobit u tom području kako bi se nadoknadio gubitak količine nabave koji će uslijediti nakon prodaje Nove Areve NP.
Only the capital injection could constitute State aid
U skladu s financijskom putanjom iz scenarija najgoreg slučaja ipak se pretpostavlja da će ciljevi Plana biti postignuti samo u omjeru od [50 – 100] %, zbog čega će se osjetiti negativni učinak.
The French authorities pointed out first that the possibility of the Areva Group granting State aid to third parties by selling its subsidiaries at too low a price (i) was not relevant in this procedure, and (ii) was entirely theoretical because it had an incentive to maximise the return on its divestments.
Analiza osjetljivosti i strategija smanjenja rizika
They also pointed out that the Areva Group was receiving no aid from the divestments of New Areva NP and Areva TA, which involved State resources but were being carried out at market price.
Francuska nadležna tijela i grupa Areva utvrdili su glavne čimbenike rizika za budućnost Nove Areve.
As regards New Areva NP, the French authorities explained that a specific type of governance had been introduced within EDF to ensure that EDF's interests were protected.
Utvrđeno je da je scenarij osnovnog slučaja veoma oprezan, zbog čega je malo vjerojatno da će se sve pretpostavke scenarija najgoreg slučaja ostvariti istodobno.
In that context, a working group composed of independent managers had been specifically created for the acquisition of New Areva NP, in order to check whether the transaction was in the interests of EDF's shareholders and to give an independent opinion to EDF's Board of Directors.
Prvi od tih čimbenika jest tečaj EUR/USD.
The French authorities also explained that they had ultimately opted for a hive-down for EDF's acquisition of the Areva Group's reactors business.
Drugi se rizik odnosi na […].
According to the French authorities, these new divestment arrangements had no impact on the valuation carried out by the parties and their advisers under the previous divestment plan: EUR 2,5 billion for 100 % of the capital.
Ta su poboljšanja navedena u Planu za uspješnost i konkurentnost do 2018.; ako se rizik ostvari, […] se mogu istraživati i nakon 2018.
Irrespective of the legal arrangements for the divestment, the economic reality remained the same for EDF, which would take over Areva NP's historical activities without bearing the risks linked to the OL3 project.
Treći utvrđeni rizik odnosi se na posljedice mogućeg neuspjeha […].
EDF would also be insulated against the risks linked to the components contracts.
Francuska nadležna tijela smatraju taj rizik malo vjerojatnim jer […].
As regards Areva TA, the valuation process had been organised in two stages, in accordance with the most common market practices: (i) between January and May 2016, the Areva Group had provided the consortium of buyers with financial, operational, legal and tax information, and organised several working sessions with the Areva TA management team; (ii) the consortium had then had access to a data room and had been able to hold question and answer discussions with Areva TA management.
U financijskim predviđanjima Nove Areve uzet je u obzir određeni broj nepredvidivih čimbenika […], čija se ozbiljnost razlikuje ovisno o tome primjenjuje li se scenarij osnovnog slučaja ili scenarij najgoreg slučaja.
In this context, the Areva Group and the buyer had been assisted by 12 legal, banking and due diligence advisers.
Ti nepredvidivi čimbenici iznose [1 – 2 milijarde] EUR u scenariju najgoreg slučaja za razdoblje između 2016. i 2025., odnosno [0 – 1 milijarde] EUR više nego u scenariju osnovnog slučaja.