natgillin/translations-raw huggingface dataset:
The banks, for their part, are contributing Treasury notes to the value of EUR 300 million and undertake to renew this contribution until the end of a period of twelve months as from the last issue before 8 February 2004.
Banke prispevajo zakladne zapise v višini 300 milijonov EUR in se obvežejo da bodo ta prispevek obnovile do poteka roka 12 mesecev od zadnje izdaje pred 8. februarjem 2004.
The agreement also provides (measure 3) for the provision by the banks of a syndicated bonding guarantee facility worth EUR 3.5 billion, of which 65 %, or EUR 2,275 billion, is counter-guaranteed by the state.
Sporazum prav tako predvideva (ukrep 3), da banke izdajo sindicirane garancijske sheme v višini 3,5 milijard EUR, o tega 65 %, to je 2,275 milijard EUR proti jamstvu države.
This bonding guarantee facility was to operate until the EUR 3,5 billion had been used up. The period covered by the commercial contracts thus covered may not exceed seven years.
Tak sistem garancij naj bi se izvajal do porabe v višini 3,5 milijarde EUR. Trajanje zadevnih gospodarskih pogodb ne sme preseči 7 let.
The counter-guarantee was put in place through the Caisse Française de Développement Industriel (CFDI), which belongs to the Banques Populaires group.
Blagajna za industrijski razvoj (Caisse Française de Développement Industriel (CFDI), ki je del skupine Banques Populaires, je uvedla tudi indirektno garancijo.
It should be noted that, in its references to this measure, France regards the counter-guarantee as being granted by the state.
Opozoriti je treba, da je pri sklicevanju na te ukrepe Francija to indirektno garancijo obravnaval kakor da jih je dodelila država.
The fourth measure is a fixed-term subordinated loan (Prêt Subordonné à Durée Déterminée - PSDD) of EUR 1,5 billion for a period of five years, EUR 300 million of which was to be provided by the state and EUR 1,2 billion by the banks (measure 4).
Četrti ukrep je podrejeno posojilo za določeno obdobje (Prêt Subordonné à Durée Déterminée (PSDD) za obdobje 5 let v znesku 1,5 milijarde EUR, od tega 300 milijonov prispeva država, 1,2 vpisane milijarde pa banke (ukrep 4).
In its comments submitted on 5 December 2003, France stated that the loan had finally been granted by the CFDI.
V komentarjih z dne 5. decembra 2003 je Francija navedla, da je to posojilo dokončno odobril CFDI.
The state confined itself to giving a guarantee to the CFDI for the amount of the loan.
Država se je omejila na to, da je CFDI dala garancijo za znesek posojila.
The PSDD is remunerated at Euribor + 450 base points, of which 300 base points are payable at the end of each interest period and 150 base points capitalised and paid upon reimbursement.
PSDD je povrnjen v višini EURIBOR + 450 osnovnih točk, od je tega 300 osnovnih točk plačanih na koncu vsakega obrestnega obdobja, 150 osnovnih točk pa je kapitaliziranih in plačanih na koncu.
This loan constitutes a subordinated debt, though it will be prior-ranking over the TSDDRA, TSDD and ORA.
To posojilo je del podrejenega dolga, zato ima prednost glede na TSDDRA, TSDD in ORA.
France has given an irrevocable commitment to subscribe to a state-reserved issue of fixed-term subordinated bonds (Titres Subordonnés à Durée Déterminée - TSDD) for an amount of EUR 200 million and for a period of 15 years (measure 5, formerly measure 4bis).
Francija se je nepreklicno obvezala, da bo vpisala izdajo državnih podrejenih vrednostnih papirjev za določen čas (Titres Subordonnés à Durée Déterminée (TSDD)) v višini 200 milijonov EUR za dobo 15 let (ukrep 5, prejšnji ukrep 4 bis).
They will be remunerated at the reference rate plus 500 base points a year, of which 350 base points a year will be payable annually in arrears and 150 base points a year capitalised and paid upon reimbursement.
TSDD bo povrnjen v referenčni meri, povečani za 500 osnovnih točk na leto, od tega 350 osnovnih točk na leto, plačanih vsako leto za zaostala plačila, in 150 osnovnih točk na lepo, kapitaliziranih, plačanih na koncu.
They are subordinated to the mandatorily convertible bonds, fixed-term subordinated loans and/or unsecured liabilities.
Podrejeni so zamenljivim delnicam, podrejenim posojilom za določen čas in/ali nezavarovanim tveganjem.
In addition to the measures already described, the banks have guaranteed the placing of an issue originally set at EUR 1 billion in mandatorily convertible bonds (ORA), with preferential subscription rights for existing shareholders.
Poleg že opisanih ukrepov so banke zagotovile, da bodo izdale zamenljive obveznice (ORA) v znesku 1 milijarde EUR, s preferencialno pravico za trenutne delničarje podjetja.
The mandatorily convertible bonds, whose amount was finally set at EUR 900 million, will be reimbursable with shares after five years from the date on which the operation is launched.
Zamenljive obveznice, katerih znesek je določen na 900 milijonov EUR, se povrnejo v delnicah po 5 letih od datuma začetka delovanja.
The conditions for this issue are as follows: a coupon of 2 % capitalised at the end of 2004, a parity of one ORA to one share, an issue price of EUR 1.40, plus an issue premium of 10 to 20 %.
Pogoji te izdaje so naslednji: kupon za 2 %, kapitaliziran na koncu leta 2004, pariteta za 1 zamenljivo obveznico za 1 delnico, cena ob vpisu je 1,40 EUR in premija za vpis v višini od 10 do 20 %.
These debts are subordinated to the PSDD, but prior-ranking in relation to the TSDDRA and TSDD.
Ti dolgovi so podrejeni PSDD, vendar nadrejeni TSDDRA in TSDD.
Table 3 gives an overview of the measures comprised in the financial package designed to underpin Alstom, as communicated by France on 26 September 2003, superseding the agreement of 2 August 2003.
Tabela 3 prikazuje pregled zajetih ukrepov v finančnem paketu, katerega namen je podpora skupini Alstom, kot je v pismu s 26. septembra 2003 navedla Francija, ob nadomestitvi sporazuma z dne 2. avgusta 2003.
Description of the financial package, version at end of September 2003
Opis finančnega paketa, različica septembra 2003
(EUR billion)
(v milijardah EUR)
Banks/Investors
Banke/investitorji
State commitments [9]
Udeležba države [9]
Capital increase I
Povečanje kapitala I
TSDDRA (measure 1)
TSDDRA (ukrep 1)
Short-term liquidity (measure 2)
kratkoročna likvidnost (ukrep 2)
Bonding facility of EUR 3.5 billion (measure 3)
Garancije v znesku 3,5 milijard (ukrep 3)
Counter-guarantees of 65 %, i.e. 2,275
Indirektne garancije za 65 % kar je 2,275
PSDD (measure 4)
PSDD (ukrep 4)
Guarantee for the CFDI in respect of 0,30
Garancije za CFDI glede na 0,30
TSDD (measure 5)
TSDD (ukrep 5)
In May 2004, France informed the Commission of changes to the above financial package that were to be implemented by the state and the banks in the summer of 2004.
Maja 2004 je Francija obvestila Komisijo o spremembah v zvezi s finančnim paketom, ki bo opisan v nadaljevanju in ki jih bodo poleti 2004 izvajale država in banke.
The new package includes two changes to the existing measures and one new measure.
Nov finančni paket vključuje dve spremembi obstoječih ukrepov in en nov ukrep.
Firstly, the state counter-guarantee on the syndicated bonding facility (measure 3) will be released and repositioned within a guarantee mechanism that will cover a new syndicated bonding facility programme totalling EUR 8 billion, provided by the banks.
Najprej se bo sprostila indirektna garancija države v sindicirani garancijski shemi (ukrep 3) in prenesena v mehanizem garancij, ki zajema novo sindicirano garancijsko shemo in predstavlja znesek 8 milijard EUR, ki jih izdajo banke.
This new bonding facility comprises the following guarantee mechanism: losses will be covered primarily by a EUR 700 million cash collateral provided by the company.
Ta nova garancijska shema zajema naslednje mehanizme garancij: Izgube bodo v prvi vrsti pokrite z denarjem iz prodaje, v višini 700 milijonov EUR, ki jih zbere podjetje.
Losses will be covered secondarily by a EUR 1,3 billion guarantee to which the state and the banks will contribute pari passu EUR 1,25 billion and EUR 50 million respectively. Losses over and above EUR 2 billion will not be covered by any guarantee and will be borne in full by the banks providing the bonds.
Sekundarno bodo izgube pokrite z garancijo v višini 1,3 milijarde EUR, pri tem pa pari passu sodeluje država z 1,25 milijarde EUR in banke s 50 milijoni EUR. Izgube nad 2 milijardi EUR ne bodo zajete v garancije in jih bodo v celoti nosile banke, ki so izdale garancijo.
The period covered by this syndicated bonding facility is two years from the time at which it starts to run, which is expected to be the summer of 2004.
Obdobje za izdajo garancij v tej sindicirani shemi je dve leti od začetka, predvideno za poletje 2004.
During that period, on the one hand, the writing-off of existing bonds through the completion and delivery of products by Alstom will bring about a reduction in the total outstanding amount of the bonding facility.
Med tem obdobjem bo na eni strani odpis obstoječih garancij prek dokončanja in dobave izdelkov skupine Alstom zmanjšal skupni znesek garancij.
On the other, during the period, the facility will be topped up by other bonds, up to the ceiling of EUR 8 billion.
Na drugi strani se bo v istem obdobju shema napajala z drugimi garancijami do višine zneska 8 milijard.
Once the period during which bonds can be provided is over and topping up no longer permitted, the total amount of the facility will decrease as bonds are amortised.
Po koncu obdobja izdaje garancij in prepovedi napajanja sheme, se bo znesek zmanjšal glede amortizacije garancij.
In parallel, the guarantees to banks will be amortised in such a way that they are at any given time at least equal to 25 % of the total amount of the bonding facility.
Vzporedno s tem se garancije amortizirajo tako, da kadar koli ostanejo enake vsaj 25 % zneska garancijske sheme.
The second-rank guarantee of EUR 1,3 billion will be amortised on a priority basis, and the first-rank loss guarantee of EUR 700 million will be amortised subsequently.
Garancija drugega ranga v znesku 1,3 milijarde EUR se amortizira prednostno, garancija prvih izgub v znesku 700 milijonov EUR pa se amortizira takoj zatem.
Consequently, the risk of the state being called upon should fall to zero as from the end of 2008/beginning of 2009, as against the end of 2011/beginning of 2012 under the previous mechanism in which the state’s counter-guarantee did not enjoy any priority amortisation.
Posledično se tveganje, da bo država pozvana, zmanjša na nič od konca leta 2008/začetka 2009, proti koncu leta 2011 začetku 2012, po predhodnem mehanizmu, v katerem indirektna garancija države ni predmet prednostnega odpisa.
It should be noted that the total amount of EUR 8 billion will not represent only a provision of new bonds.
Opozoriti je treba, da znesek 8 milijard EUR ni le izdaja novih garancij.
All of the bonds provided by the banks after September 2003 and thus no longer enjoying the state’s counter-guarantee of 65 %, and, subject to certain conditions and to a limited extent, the bonds provided before September 2003, can be brought within this new syndicated bonding line of EUR 8 billion and thus benefit from the corresponding guarantee mechanism.
Vse garancije, ki so jih izdale banke po septembru 2003, ki niso več predmet indirektne garancije države v višini 65 % ter pod nekaterimi pogoji in za omejeno obdobje garancije izdane pred septembrom 2003, se lahko vnesejo v novo sindicirano shemo 8 milijard EUR in tako uporabljajo ustrezen mehanizem garancij.
Secondly, France undertakes to convert into capital during the summer of 2004 its claims on Alstom consisting of the EUR 300 million PSDD (measure 4) held by the CFDI and the EUR 200 million TSDD (measure 5).
Na drugem mestu se je Francija obvezala, da bo poleti 2004 v kapital preoblikovala terjatve do skupine Alstom, ki so sestavljene iz PSDD v vrednosti 300 milijonov EUR (ukrep 4), ki jih zadržuje CFDI, in TSDD v višini 200 milijonov EUR (ukrep 5).
The banks will also have the possibility of converting part of their claims on Alstom into capital.
Banke imajo prav tako možnost, da del terjatev do skupine Alstom preoblikujejo v kapital.
An additional capital increase will take place in the summer of 2004 amounting to EUR 1 to 1,2 billion (measure 6).
Povečanje dodatnega kapitala v višini od 1 do 1,2 milijardi EUR bo izvedeno poleti 2004 (ukrep 6).
The state will participate in this in proportion to its participation in the capital, resulting from the conversion of the TSDDRA, i.e. at a percentage which should be between 17 and 18,5 %.
Država bo sodelovala sorazmerno z udeležbo pri kapitalu, ki izhaja iz preoblikovanja TSDDRA, kar pomeni v odstotku, ki mora biti med 17 in 18,5 %.
Consequently, the amount subscribed to the state will be comprised between EUR 170 and 222 million. The balance will be placed on the market underwritten by a syndicate of banks.
Posledično bo znesek, ki ga vpiše država, med 170 in 220 milijonov EUR. Saldo bo dan na trg ko ga bo prevzel konzorcij bank.
This capital increase will in particular be used to obtain the EUR 700 million needed to provide the collateral covering the initial losses of the new syndicated bonding facility.
To povečanje kapitala je namenjeno zlasti pridobitvi 700 milijonov EUR, ki so potrebni za pokritje prvih izgub iz nove sindicirane garancijske sheme.
Table 4 provides an overview of the measures comprised in the new package which is the subject of this Decision.
Tabela 4 prikazuje pregled ukrepov, zajetih v tem paketu, ki je del te odločbe.
Description of the financial package, version at end of May 2004
Opis finančnega paketa, različica iz maja 2004
State commitments
Obveznosti države
Capital increase I
povečanje kapitala I
Bonding facility of EUR 8 billion (measure 3)
garancije v znesku 8 milijard (ukrep 3)
Second-loss guarantee, 1.25
Garancije za drugo izgubo, 1,25
PSDD to be converted into capital (measure 4)
PSDD za preoblikovanje v kapital (ukrep 4)
TSDD to be converted into capital (measure 5)
TSDD za preoblikovanje v kapital (ukrep 5)
Capital increase II (measure 6)
Povečanje kapitala II (ukrep 6)
Financial outlook
Finančne perspektive
France considers that the restructuring plan will enable Alstom to become viable again in the long term.
Francija ocenjuje, da bo načrt prestrukturiranja skupini Alstom omogočil dolgoročno sposobnost preživetja.
The estimates are contained in the three-year treasury plan, version W10.
Te ocene so zajete tudi v zakladni načrt (Tri-letni zakladni načrt), različica W10.
That version is the most recent one available containing all the forecasts for each financial year from 2003/2004 to 2005/2006.
To je najnovejša različica, ki vsebuje vse napovedi za vsako proračunsko leto od 2003/2004 do 2005/2006.
The main figures in that plan are set out in Table 5.
Glavne postavke tega načrta so povzete v tabeli 5.
Extract from Alstom’s three-year refinancing plan – version W10, September 2003
Izvleček iz načrta za refinanciranje skupine Alstom za dobo treh let – različica W10 iz septembra 2003
Financial year
Proračunsko leto
Orders received
Prejeta naročila
Industrial turbines
Industrijske turbine
Power — environment
Power – okolje
Power — turbo-systems
Power – Turbo sistemi
Power — services
Power – storitve
T&D (power conversion included)
T&D (vključno Power Conversion)
Corporate and others
Podjetje in drugo
Operating income
Prihodek iz poslovanja
Operating margin
operativna marža
Free cash flow
Neto tok denarja
Total gross debt
Skupni bruto dolg
Economic debt
Gospodarski dolg
Equity
Lastna sredstva
Debt/equity
Dolg/lastna sredstva
Following the changes to the financial package which were announced in May 2004, France submitted a new version of the financial forecasts.
Po spremembi finančnega paketa, objavljenega maja 2004, je Francija predložila novo različico finančnih napovedi.
The main figures in that version are set out in Table 6.
Glavne postavke te različice so povzete v tabeli 6.
Two values are indicated: the first reflects the situation where the banks convert the maximum amount of claims provided for in the financial package announced in May 2004 (i.e. EUR 700 million); the second reflects the situation where the banks do not convert any of their claims.
Navedeni sta dve vrednosti: prva ustreza primeru, če banke preoblikujejo najvišji znesek terjatev, določenih v finančnem paketu, določenem maja 2004 (to je 700 milijonov EUR); druga opisuje primer, kjer banke ne preoblikujejo terjatev.
The forecasts do not take account of the divestitures which the company will have to carry out.
Napovedi ne upoštevajo prodaje, ki jo bo podjetje moralo izvesti.
New forecasts incorporating the effects of the new financing measures
Nove napovedi vključujejo učinek novih finančnih ukrepov
Apart from the measures referred to above, the agreement of 2 August 2003 referred to a measure which the Commission had learned of through press reports and on which France had been asked to provide information by letter dated 10 July 2003 (measure 7, former measure 5): according to the press, the nuclear group Areva had made a bid for Alstom’s T&D business, allegedly for an amount in excess of EUR 1 billion. According to France, the French state gave its agreement [11] to the Areva board of directors' proposal to make a bid for Alstom’s T&D unit in the course of the supervisory board (conseil de surveillance) meeting on 1 July 2003.
Poleg že omenjenih ukrepov sporazum z dne 2. avgusta omenja ukrep, za katerega je Komisija izvedela iz tiska in za katerega je v pismu z dne 10. julija 2003 zahtevala od Francije, da ji posreduje podatke (ukrep 7, prejšnji ukrep 5): po podatkih iz tiska, je jedrska družba Areva predstavila ponudbo za nakup sektorja „T&D“ skupine Alstom v znesku, ki je predvidoma višji od 1 milijarde EUR. Po podatkih Francije je na nadzornem svetu 1. julija 2003 država dala upravnemu odboru skupine Areva soglasje [11] za ponudbo nakupa enote „T&D“ skupine Alstom.
It should be noted that this measure is expressly mentioned in the restructuring plan and in the agreement of 2 August 2003.
Treba je opozoriti, da je ta ukrep izrecno omenjen v načrtu prestrukturiranja in sporazumu z dne 2. avgusta 2003.
Furthermore, the Commission learned of a series of measures not notified by France on which France was asked to provide information by letters dated 28 August and 3 December 2003:
Poleg tega je Komisija izvedela za več ukrepov, ki jih Francija ni posredovala in za katere je bila v pismih z dne 28. avgusta in 3. decembra 2003 pozvana, da to stori:
measure 8 (former measure 6): according to a complainant, France is reported to have also given guarantees for the construction of electricity plants (for example, in Bahrain and/or other countries);
Ukrep 8 (prej ukrep 6): po tožnikovih izjavah je Francija izdala garancije za gradnjo elektrarn (npr. v Bahrajnu in/ali v drugih državah);
measure 9 (former measure 7): according to press reports, the public utilities company Gaz de France (GdF) had signed a letter of intent to buy one or two LNG (liquefied natural gas) tankers from Alstom, conferring an advantage on Alstom; the total value of the relevant contracts is EUR […] million (two LNG tankers worth EUR […] million and EUR […] million respectively);
Ukrep 9 (prej ukrep 7): po podatkih iz tiska je javno podjetje Gaz de France (GdF) podpisalo pismo o nameri v zvezi z nakupom enega ali dveh tankerjev za prevoz utekočinjenega zemeljskega plina od skupine Alstom pridobila prednost pri skupini Alstom; skupna vrednost zadevnih pogodb je […] milijonov EUR (dva tankerja za utekočinjen zemeljski plin v vrednosti […] milijonov EUR);
measure 10 (former measure 8): according to press reports, SeaFrance, a cross-channel operator owned by the French national railways (Société Nationale des Chemins de fer Français - SNCF), had ordered a car ferry from Alstom worth EUR […] million, conferring a further advantage on Alstom.
Ukrep 10 (prej ukrep 8): po podatkih iz tiska je SeaFrance, pomorsko podjetje, ki ponuja prevoz čez Kanal, in ki je v lasti francoskih železnic „Société Nationale des Chemins de fer Français (SNCF)“, pri skupini Alstom naročilo trajekt v vrednosti […] milijonov EUR, kar je še dodatna prednost pri dobičku skupine Alstom.
JUSTIFICATION OF THE PROCEDURAL OPTIONS
OBRAZLOŽITEV POSTOPKOVNIH MOŽNOSTI
The formal investigation procedure was initiated in order to check whether the measures that came to the Commission’s attention in the summer of 2003 were aid that was compatible with the common market.
Uradni preiskovalni postopek je bil začet zato, da se preveri, ali so ukrepi, za katere se je poleti 2003 zanimala Komisija, res pomoč, združljiva s skupnim trgom.
Although the measures derived from state resources and allowed Alstom to remain in business on the relevant markets, threatening to distort competition and to affect trade between Member States, France disputed that some of the measures were aid (notably measure 1).
Čeprav so zadevni ukrepi, izpeljani iz državne pomoči, ki so skupini Alstom omogočili poslovanje na ustreznih trgih, izkrivljali konkurenco in prizadeli trgovanje med državami članicami, Francija ugovarja, da so nekateri od teh ukrepov pomoč (zlasti ukrep 1).
Furthermore, the information communicated by France regarding measures 7 to 10 was insufficient, the rest of the measures being considered to be rescue and restructuring aid.
Poleg tega so podatki, ki jih je posredovala Francija v zvezi z ukrepi 7 in 10, nezadostni, ostali ukrepi pa so obravnavani kot pri reševanju in prestrukturiranju.
All of the aid measures were liable not to meet the criteria laid down in the Community guidelines on state aid for rescuing and restructuring firms in difficulty [12] (hereinafter referred to as the guidelines), in particular the measures described as rescue aid by France, since a restructuring plan had already been implemented.
Vsi ukrepi pomoči niso ustrezali kriterijem, določenim v smernicah Skupnosti za državno pomoč za reševanje in prestrukturiranje podjetij v težavah [12] (v nadaljevanju: „smernice“), zlasti ukrepi, opisani kot ukrepi za reševanje, ki jih izvaja Francija, potem ko je bil načrt prestrukturiranja že izvajan.
Subsequently, France made changes to the initial aid measures after having concluded a new agreement with the banks.
Posledično je Francija spremenila začetne ukrepe pomoči po tem, ko je z bankami sklenila nov sporazum.
These measures were communicated to the Commission on 26 September 2003.
Ti ukrepi so bili Komisiji posredovani 26. septembra 2003.
The formal investigation procedure was accordingly extended to cover the new measures that partly replaced those provided for in the agreement of 2 August 2003 and increased their amount.
Zaradi teh pogojev je bil uradni preiskovalni postopek ustrezno razširjen in zajema tudi nove ukrepe, ki bodo delno nadomestili tiste iz sporazuma z dne 2. avgusta 2003 in povečali njihovo vrednost.
Following the new financial package introduced in May 2004, the Commission took the view that it was not necessary or appropriate to carry out a second extension of the investigation procedure.
Takoj po novem finančnem paketu maja 2004 je Komisija menila, da drugo podaljšanje preiskovalnega postopka ni primerno niti potrebno.
It was noted, firstly, that the changes did not result in any increase in the total amount of aid, but, on the contrary, reduced the total.
Najprej je bilo ugotovljeno, da spremembe niso prispevale k povečanju skupnega zneska pomoči, ampak nasprotno k zmanjšanju tega zneska.
The state guarantee on the bonding facility (measure 3), which replaces the former state counter-guarantee, represents a EUR 1 billion reduction in the state’s exposure. Furthermore, the guarantee mechanism set up now provides that losses will be covered on a priority basis by collateral of EUR 700 million provided by the company, with the state intervening only under the second-rank guarantee.
Garancija države v garancijski shemi (ukrep 3), ki nadomešča stare indirektne garancije države, je zmanjšanje izpostavljenosti države za 1 milijardo EUR. Poleg vsega ta mehanizem garancij predvideva, da se izgube pokrijejo v prvi vrsti z denarjem od prodaje v višini 700 milijonov EUR, ki jih priskrbi podjetje, država pa posreduje le pri garancijah drugega ranga.