natgillin/translations-raw huggingface dataset:
The maintenance of the investment-grade rating enabled France Télécom, moreover, to put its finances back on to a sound footing through a recapitalisation operation.
Kurz akcie FT prudko stúpol 2. októbra 2002 (nárast o viac ako 10,4 % v týždni okolo 2. októbra) po oznámení o vymenovaní nového vedúceho predstaviteľa a zvyšovanie kurzu pokračovalo a zintenzívnilo sa vďaka oznámeniu plánu TOP a nového výkonného výboru dňa 5. decembra 2002, ktoré v priebehu dvoch dní spôsobilo vzostup kurzu o viac ako 25 %.
Following a sovereign assessment of the facts, the General Court held that the shareholder loan offer granted by the State to France Telecom came only in December 2002, that the French Government had made no firm commitment in July 2002, and that the decision to provide France Télécom with financial support through the shareholder loan offer had been taken not in July 2002 but in early December 2002.
Okrem záväzku, ktorý dalo bankové združenie v septembri 2002, že bude ručiť, pokiaľ ide o časť určenú súkromným investorom, za úspešnú realizáciu zvýšenia základného imania FT, treba vziať do úvahy aj ďalšie základné prvky, a to prevod nestrategických aktív od júla do decembra 2002 do výšky približne 2,5 miliardy eur, dosadenie nového manažmentu podniku v októbri 2002 a riešenie sporu v novembri 2002 medzi FT a nemeckým operátorom Mobilcom.
The General Court also concluded that, between the months of July and December 2002, a private investor might have displayed behaviour similar to that displayed by the French State.
Všetky tieto skutočnosti viedli k výraznému zlepšeniu prevádzkových perspektív a výkonov FT v priebehu druhej polovice roku 2002.
It further emerges from the General Court's findings and assessments, in paragraphs 249 to 254 of the judgment of 2 July 2015, that there was a significant break in the series of State measures taken by France for France Télécom between the months of July 2002 and December 2002.
Pri prijímaní rozhodnutí o investícii nebola FT v ťažkostiach v zmysle usmernení.
In addition, at paragraph 230 of that judgment, the General Court noted ‘a number of relevant factors which effectively determined the French State's decision in December 2002, that is, in addition to restoring the confidence of the financial markets and preserving FT's credit rating, primarily the restructuring and rebalancing measures taken within FT, including the Ambition 2005 plan drawn up by its new management between October and December 2002, which provided in particular for the implementation of a plan, “the TOP plan”.’
Francúzske orgány zdôraznili, že straty boli spôsobené hlavne neplánovanými oprávkami a amortizáciami spojenými s odpismi aktív nadobudnutých pred celkom nepredvídateľným obratom na trhoch.
It also considered as ‘key factors’ in the case ‘the commitment given in September 2002 by a banking syndicate to underwrite that part of an increase in the capital of FT which was intended for private investors, the sale by FT of some EUR 2,5 billion in non-strategic assets between July and December 2002, the appointment of a new management team for the company in October 2002, and the resolution in November 2002 of the dispute between FT and the German operator Mobilcom.
Dôvera trhov v oživenie finančnej situácie FT sa môže zakladať tiež na skutočnosti, že straty boli spôsobené hlavne neplánovanými oprávkami a amortizáciami spojenými s odpismi aktív nadobudnutých pred celkom nepredvídateľným obratom na trhoch, a že prevádzkové náklady FT rástli pomalším tempom než obrat.
Taken as a whole, those factors brought about a marked improvement in FT's operational prospects and performance during the second half of 2002.’
Prevádzkový výsledok a prevádzkový peňažný tok navyše narastali.
In paragraph 143 of the judgment on the appeal of 30 November 2016, the Court found that ‘as rightly held by the General Court in paragraph 230 of the judgment under appeal, deciding in advance in July 2002 the time when the prudent private investor criterion fell to be assessed would have necessarily excluded from that assessment relevant factors that occurred between July 2002 and December 2002.’
Štát ako akcionár prijal všetky opatrenia, aby sa uistil o účasti štátnych a súkromných investorov na zvýšení základného imania FT.
Consequently, in view of the particular circumstances of the case, there is no inextricable link between the measures that the French authorities took prior to December 2002 and the measures that they took in December 2002.
Oznámenie o zámere štátu zúčastniť sa na zvýšení vlastného imania je z 12. septembra 2002, keď sa bankové združenie už zaviazalo k tomuto dátumu ručiť za úspešnú realizáciu časti zvýšenia základného imania určenej súkromným investorom po boku štátneho akcionára, pod podmienkou, že trhu sa oznámi plán opätovného získania rovnováhy, ktorý by bol považovaný za spoľahlivý.
It is necessary therefore to examine whether, between 4 December 2002 (when the State announced its shareholder loan to France Télécom) and 20 December 2002 (when the State sent France Télécom a signed and initialled draft shareholder loan agreement), the conditions for State aid were met, and in particular, whether the State acted in the same way as a prudent private investor in a market economy.
Podľa francúzskych orgánov bola účasť štátu takisto podmienená oznámením plánu považovaného trhom za spoľahlivý a štát sa nezaviazal formálne skôr než banky.
The measures taken by France in December 2002 fulfilled the private investor criterion
Podmienky operácie boli rovnaké pre subjekty štátnej správy a všetkých súkromných investorov, ktorí sa zúčastnili na zvyšovaní vlastného kapitálu.
The December 2002 shareholder loan appears to confer an advantage on France Télécom, since it enables it to increase its means of financing and to reassure the market as to its ability to meet its maturities.
Navyše15 miliárd eur od akcionárov tvorí iba tretinu prostriedkov, ktoré sa uvoľnili na podporu finančnej reštrukturalizácie FT.
Even if the loan agreement has never been signed, the appearance given to the market of the existence of such a loan is, a priori, likely to confer an advantage on France Télécom as the market has considered the Company's financial situation to be more secure.
Návrh akcionárskej pôžičky a jej oznámenie 4. decembra 2002
This may have influenced France Télécom's borrowing terms.
Po splnení podmienky, na ktorú bol naviazaný záväzok bankového združenia, a to oznámenie určené trhu o pláne opätovného získania rovnováhy, štát oznámil 4. decembra 2002 akcionársku pôžičku FT.
The advantageous effect of the measures taken by the State in December 2002 in favour of France Télécom is thus apparent.
Za týchto mimoriadnych okolností by bolo bývalo racionálne, aby uvedomelý súkromný operátor, nachádzajúci sa v podobnej situácii ako štát ako väčšinový akcionár FT, poskytol FT takúto ústnu podporu.
However, a measure is not deemed to constitute an advantage and so does not qualify as State aid if the recipient undertaking could, in circumstances which correspond to normal market conditions, obtain the same advantage as that which is made available to it through State resources.
Akcionárska pôžička poskytnutá štátom ako väčšinovým akcionárom bola v tomto prípade z pohľadu plánovanej investície nerizikovou, rentabilnou a obvyklou operáciou – v očakávaní zvýšenia imania (za rovnakých podmienok) – na ochranu majetkových záujmov väčšinového akcionára, aj keď nebolo možné rekapitalizovať FT v mesiaci december z časových dôvodov.
In the case of public undertakings, that assessment is made by applying, in principle, the prudent private operator test.
Ako vysvetľuje FT, koncom novembra sa vstup na trhy v skutočnosti značne obmedzuje.
In the present case, it is necessary to determine whether, in similar circumstances, in December 2002, a private investor of a comparable dimension could have been prevailed upon to make capital contributions of the same size, having regard in particular to the information available and foreseeable developments at the date of those contributions.
Investori musia vziať do úvahy uzatvorenie účtovnej závierky k 31. decembru, pričom je náročné zvládnuť takúto veľmi veľkú transakciu.
The prudent private investor criterion must therefore be applied when the State financial support measure that may be characterised as State aid is adopted, that is between 4 December 2002 and 20 December 2002.
Navyše termín na zvolanie mimoriadneho valného zhromaždenia na schválenie operácie zvýšenia základného imania je minimálne 15 dní a samotné vykonanie operácie si vyžaduje 30 dní.
The announcement of 4 December 2002 and the shareholder loan offer of 20 December 2002 must be jointly examined.
Pôžička je dočasná a slúži na preklenutie obdobia až do zvýšenia základného imania, pričom mnohé prvky nasvedčujú tomu, že bude úspešné.
In December 2002, it appeared that the confidence of the financial markets in France Télécom's future had been largely restored and that France Télécom's credit rating had been preserved, mainly as a result of the restructuring and rebalancing measures taken within FT, including the appointment of new management and their development of the Ambition 2005 plan between October and December 2002, which included the implementation of a plan, the ‘TOP plan’, to improve the Company's operational performance.
FT uviedla viacero príkladov akcionárskych pôžičiek poskytnutých v čase týchto udalostí, aby podporila skutočnosť, že pôžička od väčšinového akcionára, ktorá sa zmení na kapitál pri zvýšení základného imania, je obvyklou operáciou.
In assessing the shareholder loan, it is important to determine whether the participation in the strengthening of the Company's capital base satisfies normal market conditions.
Akcionárska pôžička, ktorú poskytla spoločnosť Italenergia Bis spoločnosti Edison vo výške jednej miliardy eur, sa premenila na kapitál pri zvýšení základného imania spoločnosti Edison v roku 2003.
Participation in the strengthening of the Company's capital base
Na účely reštrukturalizácie a uvedenia Thus na burzu London Stock Exchange odsúhlasil Scottish Power pôžičku vo výške 320 miliónov GBP, z čoho sa 260 miliónov GBP premenilo na kapitál; nevyčerpaný zostatok sa zrušil.
France's participation in the strengthening of the Company's capital base was conditional on the presentation to the market of a credible plan for the restructuring of France Télécom.
V roku 2002 sa America Movil a Bell Canada International zúčastnili na finančnej reštrukturalizácii ich spoločnej juhoamerickej dcérskej spoločnosti Telecom Americas po boku iného investora.
The Ambition 2005 plan and the TOP plan together form a complete and rational coherent plan.
120 miliónov dolárov sa vyplatilo vo forme akcionárskej pôžičky, ktorá sa mala refinancovať o dva roky neskôr v akciách Telecom Americas.
It permits among other things the generation of a EUR 15 billion cash flow via an operational improvement and a disposal of assets that does not involve any amputation of core businesses.
Pri zvyšovaní základného imania spoločnosti Ericsson bol záväzok hlavného akcionára (Industrivärden a Investor) súčasťou oznámenia, ktoré podnik uverejnil v apríli 2002, aj keď operácia nebola povolená pred júnom 2002 a začala sa až v auguste v tom istom roku.
The TOP plan represents a considerable effort on France Télécom's part.
V prípade zvýšenia základného imania spoločnosti Fiat v júli 2003 sa zámer hlavných akcionárov upísať nové akcie zodpovedajúce ich podielu zverejnil v marci 2003.
It is an overall plan for a change of management direction based on specific actions The French authorities stress that the plan makes possible an increase in the Company's profitability with a rate of return on investment (RRI) of 43 % in 2005 for those investors who participated in the April 2003 capital increase, that is, a much higher return than the reference RRI (11 %) expected by a private investor in the telecommunications sector.
Vzhľadom na tieto príklady a mimoriadnu situáciu FT v decembri 2002 Komisia nemôže vylúčiť, že sa štát v decembri 2002 voči spoločnosti zachoval tak, ako by sa zachoval uvedomelý súkromný investor v trhovom hospodárstve nachádzajúci sa v podobnej situácii ako štát ako väčšinový akcionár FT.
As regards the expected return, the French authorities state that compliance with the prudent private investor principle is also demonstrated by the high profitability prospects of the TOP plan, as confirmed by the plan's favourable reception by the market.
Záver
France Télécom's share price rebounded on 2 October 2002 (up more than 10,4 % on the previous week) following the announcement of the appointment of the new CEO, and the share price's progress continued upwards with the announcement of the TOP plan and of the new executive board on 5 December 2002, which led to a rise of more than 25 % in two days.
Skúmané opatrenie, a to oznámenie o akcionárskej pôžičke zo 4. decembra 2002 spolu s návrhom akcionárskej pôžičky z 20. decembra 2002 teda spĺňa kritérium uvedomelého súkromného investora v trhovom hospodárstve.
The capital increase was initiated as soon as it was technically possible to present to investors updated data on France Télécom's operational prospects.
Toto opatrenie preto nemožno považovať za výhodu v prospech FT.
The State had already received the undertaking, conditional on the presentation to the market of a credible plan, from the banking syndicate and it knew full well at the end of November that that condition would be met given the market's positive reaction to the appointment of the new management.
Ostatné podmienky stanovené článkom 107 ods. 1 ZFEÚ
In addition to the commitment given in September 2002 by the banking syndicate to underwrite that part of an increase in the capital of FT which was intended for private investors, consideration must be given to other key factors, namely the sale by FT of some EUR 2,5 billion in non-strategic assets between July and December 2002, the appointment of a new management team for the company in October 2002, and the resolution in November 2002 of the dispute between FT and the German operator Mobilcom.
Podľa ustálenej judikatúry, ak sa má opatrenie považovať za „pomoc“ v zmysle článku 107 ods. 1 ZFEÚ, musí spĺňať všetky podmienky uvedené v tomto ustanovení.
Taken as a whole, those factors brought about a marked improvement in FT's operational prospects and performance during the second half of 2002.
V prípade, že neexistuje výhoda v prospech FT poskytnutá prostredníctvom štátnych zdrojov podľa článku 107 ods. 1 ZFEÚ, nie je ďalej potrebné analyzovať, či sú ostatné požadované podmienky splnené, aby bolo možné konštatovať existenciu pomoci.
When the decision to invest was taken, France Télécom was not a firm in difficulty within the meaning of the Guidelines.
ZÁVERY
The French authorities point out that the losses were mainly due to the exceptional provisions and write-downs linked to the depreciation of assets acquired prior to the entirely unforeseeable reversal of the markets.
Komisia konštatuje, že akcionárska pôžička, ktorú Francúzsko poskytlo FT v decembri 2002 vo forme úverovej linky 9 miliárd eur, nie je štátnou pomocou podľa článku 107 ods. 1 ZFEÚ,
This performance was confirmed when the 2002 accounts were published.
PRIJALA TOTO ROZHODNUTIE:
Furthermore, France Télécom was not in a cessation of payments situation.
Článok 1
France Télécom had access to the financial markets during the course of 2002, and all of the financing instruments were at the Company's disposal between 11 July 2002 and 15 January 2003.
Akcionárska pôžička, ktorú Francúzsko poskytlo France Télécom v decembri 2002 vo forme úverovej linky vo výške 9 miliárd eur, nie je štátnou pomocou podľa článku 107 ods. 1 Zmluvy o fungovaní Európskej únie.
The French authorities mention the fact that, on 14 February 2002, France Télécom negotiated the provision of a syndicated credit line of EUR 15 billion and that during the course of 2002 the Company issued bonds, EUR 442,2 million worth of which was repayable in shares.
Článok 2
Market confidence in a recovery of France Télécom's financial situation may also be based on the fact that the losses were mainly due to the exceptional provisions and write-downs linked to the depreciation of assets acquired prior to the entirely unforeseeable reversal of the markets and that France Télécom's operating costs were increasing more slowly than its turnover.
Toto rozhodnutie je určené Francúzskej republike.
Moreover, operating results and cash flow were increasing.
V Bruseli 18. mája 2018
The State shareholder took every step to ensure the participation of public and private shareholders in the strengthening of France Télécom's capital base.
Za Komisiu
Thus, the announcement of the State's intention to participate in the strengthening of the Company's capital base dates from 12 September 2002, and on that date the banking syndicate had already undertaken to underwrite, when the time came, that part of a capital increase which was intended for private investors alongside the public shareholder, on condition that a credible rebalancing plan was announced to the market.
členka Komisie
According to the French authorities, the State's participation was also conditional on the announcement of a plan considered by the market to be credible, and the State did not commit itself formally prior to the banks' formal undertaking.
Ú. v. EÚ C 57, 12.3.2003, s. 5.
The terms of the operation were the same for the public bodies and all the private operators participating in the strengthening of the Company's capital base.
S účinnosťou od 1. decembra 2009 sa články 87 a 88 Zmluvy o ES stali článkami 107 a 108 Zmluvy o fungovaní Európskej únie (ďalej len „ZFEÚ“).
In addition, the EUR 15 billion from the shareholders only represents a third of the funds mobilised in support of France Télécom's financial restructuring.
V oboch prípadoch ide v podstate o totožné ustanovenia.
The shareholder loan offer and its announcement on 4 December 2002
Na účely tohto rozhodnutia sa odkazy na články 107 a 108 ZFEÚ v prípade potreby vzťahujú na články 87 a 88 Zmluvy o založení ES.
On 4 December 2002, once the condition for the banking syndicate's commitment had been fulfilled — namely, the announcement to the market of a credible rebalancing plan — the State announced the shareholder loan to France Télécom.
Pozri poznámku pod čiarou 1.
In this situation, it would have been rational for a prudent private operator in similar circumstances to the State (France Télécom's majority shareholder) to express its oral support for France Télécom.
Rozhodnutie Komisie 2006/621/ES z 2. augusta 2004 o štátnej podpore, ktorú Francúzsko poskytlo spoločnosti France Télécom (Ú. v. EÚ L 257, 30.9.2006, s. 11).
The loan granted by the State, as majority shareholder, in view of the planned investment, was in this case a low-risk, profitable and normal transaction — pending a capital increase (on equal terms) — aimed at safeguarding the majority shareholder's financial interests at a time (the month of December) when it was not possible to recapitalise France Télécom for reasons of scheduling.
Rozsudok Všeobecného súdu z 2. júla 2015, Francúzsko/Komisia, T-425/04, T-444/04, T-450/04 a T-456/04, ECLI:EU:T:2010:216.
Indeed, as France Télécom explains, the market window virtually closes at the end of November, since investors have to take into account their financial year-end on 31 December and major deals can be difficult to arrange.
Rozsudok Súdneho dvora z 19. marca 2013, Bouygues a Bouygues Télécom/Komisia a i. a Komisia/Francúzsko a i., C-399/10 P a C-401/10 P, ECLI:EU:C:2013:175.
In addition, a minimum of 15 days' notice must be given before holding an extraordinary general meeting to approve a capital increase, which takes a further 30 days to complete.
Rozsudok Všeobecného súdu z 2. júla 2015, Francúzka republika/Európska komisia, T-425/04 RENV a T-444/04 RENV, ECLI:EU:T:2015:450.
The loan is temporary and provides bridging finance for the capital increase, which by many accounts is expected to be a success.
Rozsudok Súdneho dvora z 30. novembra 2016, Komisia/Francúzsko a Orange, C-486/15 P, ECLI:EU:C:2016:912.
For example, the EUR 1 billion shareholder loan from Italenergia Bis to Edison was converted into equity during Edison's capital increase in 2003.
V lete 2002 audit perspektívy Mobilcomu poukázal na mimoriadnu krehkosť podniku a zjavnú neschopnosť dosiahnuť návratnosť investície (Správa prezentovaná v mene vyšetrovacej komisie o riadení štátnych podnikov s cieľom zlepšiť systém rozhodovania, zaprotokolovaná na predsedníctve Národného zhromaždenia 3. júla 2003).
In preparation for the restructuring and IPO of Thus on the London Stock Exchange, Scottish Power granted a loan of GBP 320 million, of which GBP 260 million was converted into equity; the undrawn balance was cancelled.
Echos č. 18695, Francúzsko, 12. júl 2002, s. 2.
In 2002, America Movil and Bell Canada International participated in the financial restructuring of their South American joint venture Telecom Americas, alongside another investor.
Off Watch; Outlook Stable; Teleconf 3:30PM BST Today, Standard & Poor's Ratings direct, 12. júl 2002.
In this case, USD 120 million was paid in the form of a shareholder loan which had to be refinanced two years later in Telecom Americas shares.
Tlačová správa ministra hospodárstva a financií z 13. septembra 2002, Finančná situácia France Télécom.
During the Ericsson capital increase, the commitment of the main shareholder (Industrivärden and Investor) was announced by the company in April 2002, even though the deal was not approved until June 2002 and was not launched until August of that year.
Tlačová správa ministra hospodárstva a financií z 2. októbra 2002.
In the case of Fiat's capital increase in July 2003, the intention of the reference shareholders to subscribe to new shares in proportion to their shareholding was published in March 2003.
Tlačová správa FT z 5. decembra 2002, s. 1.
In the light of these examples, and given France Télécom's position in December 2002, the Commission cannot rule out the possibility that in December 2002, the State acted towards France Télécom as a prudent private operator in a market economy would have done in similar circumstances, as France Télécom's majority shareholder.
Research France Télécom, standard&poor's ratingsdirect, 17. december 2002: „Since July 2002, support from the French state has been a key rating factor, underpinning the group's investment-grade status.“.
Conclusion
Toto vyhlásenie nasleduje po vyhlásení z 5. decembra 2002: „Standard & Poor's rating services said today that it has affirmed its BBB- long term and A-3 short term corporate credit ratings [on FT] … Since July 2002 Standard & Poor's has indicated that expected support from FT's 56 % shareholder, the French State, is a likely factor underpinning the group investments–grade status.
The measure being scrutinised — namely, the announcement of the shareholder loan of 4 December 2002, coupled with the shareholder loan offer of 20 December 2002 — thus meets the criterion of the prudent private investor in a market economy.
The French State's announcement today that it will immediately grant a EUR 9 billion shareholder loan to help FT face its 2003 debt obligations is viewed by Standard & Poor's as strong evidence of this support.“
Therefore, this measure should not be considered as an advantage for France Télécom.
Research France Télécom, standard&poor's ratingsdirect, 17. december 2002: „The state's December 2002 announcement that it will grant a EUR 9 billion shareholder loan, coupled with its commitment to subscribe to a EUR 15 billion capital increase, underscores this support and provides significant credit protection for FT's debtholders. …, FT and the state's targets in this respect meet Standard & Poor's expectations for the ratings.
The further conditions laid down by Article 107(1) TFEU
While market conditions may challenge the operation, the state's commitment to subscribe to the equity injection--so as to at least maintain its stake--strongly mitigates execution risks.“