natgillin/translations-raw huggingface dataset:
The content of these declarations and the impact they had on the market show that the State had decided as early as July to support the Company.
Vsebina teh izjav in njihov učinek na trg odkriva, da se je država odločila od julija naprej podpirati podjetje.
The Commission would point out first of all that Community law recognises in general the importance of promises and declarations made by the State for the application of the rules on state aid.
Komisija poudarja v uvodu, da pravo Skupnosti na splošno priznava pomembnost obljub in izjav države pri uporabi pravil o državnih pomočeh.
On 12 July 2002, Les Échos published an interview with the French Minister for Economic Affairs and Finance in which the Minister confirmed more than once that if France Télécom were to have any financing problems, then the State would take whatever measures were necessary to overcome them.
12 julija 2002 je časopis Les Echos objavil intervju francoskega ministra za gospodarstvo in finance, v katerem je minister večkrat potrdil, da če bi podjetje FT imelo finančne težave bi morala država ustrezno ukrepati.
The precise wording of the published interview is as follows:
Objavljeno besedilo je naslednje:
‘You mention market excesses.
„Omenjate kršitve trgov.
France Télécom's share price is highly volatile.
Borzna cena podjetja France Télécom je zelo nestabilna.
You are the majority shareholder in the company, do you have a message to convey?
Vi ste večinski delničar tega podjetja, lahko kaj poveste o tem?
We are the majority shareholder, with 55 % of the capital, there is clearly no question of our “renationalising” the company, as I have sometimes heard it said.
Mi smo večinski delničar s 55 % kapitala in tu ni vprašanja o ‚ponovni nacionalizaciji‘ podjetja, kot sem slišal sem in tja.
I feel responsible for the State's financial interests.
Počutim se odgovornega za državne interese.
The State shareholder will behave like a prudent investor and if France Télécom were to face any difficulties, then we would take appropriate steps.
Državni delničar je sestavljen iz premišljenih vlagateljev in če bi France Télécom imel težave, bi posegli po ustreznih ukrepih.
Was the State behaving like a prudent investor when it let France Télécom get deeper into debt, by moving, for example, into Germany?
Je bila država preudarna, ko je pustila France Télécom, da se zadolži, ob obveznostih recimo v Nemčiji?
It is not for me to criticise my predecessors.
Moja naloga ni kritizirati mojih predhodnikov.
I would point out that the entire industry was pursuing the same strategy at the same time.
Opažam, da je imel ves sektor enako strategijo ob istem času.
Having said that, the ideologically motivated retention of a majority holding has not made it any easier to internationalise France Télécom, as it has not been able to pay for its acquisitions with shares.
To pomeni, da ideološka volja za ohranjanje večine kapitala ni olajšala internacionalizacije podjetja France Télécom, ki ni moglo kupiti podjetij z ‚dokumenti‘.
Hence the indebtedness.
Odkod zadolžitev?
I repeat, if France Télécom had any financing problems, which is not the case today, the State would take whatever decisions were necessary to overcome them.
Ponavljam, če bi France Télécom imel težave s financiranjem, vendar pa danes ni tako, bi država s potrebnimi ukrepi storila vse, da te težave premaga.
You are reviving the rumour of a capital increase…
Ali želite zopet sprožiti govorice o zvišanju kapitala …
No, certainly not!
Ne, nikakor ne!
I am simply saying that we shall take appropriate measures when the time comes.
Samo trdim, da bomo ustrezno ukrepali ob pravem času.
If it is necessary.
Če bo potrebno.
…’(205) The interview has never been disowned by the French authorities.
…“.(205) Treba je pripomniti, da tega intervjuja francoske oblasti nikoli niso zanikale.
On the contrary, its substance has been confirmed by successive statements contained in press releases of the Ministry of Economic Affairs and Finance dated 13 September, 2 October and 4 December 2002.
Prav nasprotno, njegova vsebina je bila potrjena z zaporednimi izjavami v sporočilih za javnost ministrstva za gospodarstvo in finance, z dne 13. septembra 2002, 2. oktobra 2002 in 4. decembra 2002.
The focus became narrower with each subsequent declaration, culminating in the indication of the detailed arrangements for implementing the commitment to resolve France Télécom ' s financing problems (amount of the capital increase and state participation, shareholder loan, support for the Company ' s refinancing capacity before the recapitalisation) which formed the subject-matter of France ' s notification.
Natančnost je naraščala z zadnjimi izjavami, do označevanja načinov izvajanja obveznosti za rešitev finančnih težav podjetja France Télécom (višina zviševanja kapitala in sodelovanje države, delničarsko posojilo, podpora zmožnosti za ponovno financiranje podjetja pred dokapitalizacijo), kar je bila vsebina obvestil.
The first press release of the Ministry of Economic Affairs and Finance dated 13 September 2002 spells out how the State will participate in the future increase in France Télécom's capital: ‘The State will support the plan's implementation and contribute to a very substantial strengthening of the company's capital base, according to a timetable and in a manner to be determined in the light of market conditions’.
Še posebej prvo sporočilo za javnost ministrstva za gospodarstvo in finance z dne 13. septembra 2002 omenja bolj jasno sodelovanje pri prihodnjem zvišanju kapitala podjetja France Télécom „Država bo podprla France Télécom pri izvajanju tega načrta in bo s svoje strani prispevala k obsežni krepitvi sredstev podjetja, po koledarju in glede na načine za določanje pogojev na trgu“.
It adds that ‘Meanwhile, the State will, if necessary, take measures to spare the company any financing problems’.
In dodaja, da „Od takrat naprej, če je potrebno, bo država ukrepala tako, da se podjetje izogne vsem finančnim težavam“.
The same remarks are made in the press release of the Ministry of Economic Affairs and Finance of 2 October 2002: ‘The State will assist in the implementation of the recovery measures and will contribute to the strengthening of the company's capital base in a manner to be determined in close collaboration with the company's chairman and board.
Iste izjave vsebuje sporočilo za javnost ministrstva za gospodarstvo in finance z dne 2. oktobra 2002: „Država bo pomagala pri izvajanju dejavnosti preoblikovanja in s svoje strani prispevala k krepitvi lastnih sredstev podjetja, na načine, ki bodo določeni s tesnim sodelovanjem predsednika podjetja in Upravnega odbora.
As has already been indicated, the State will, if necessary, take steps in the meantime to prevent the company from being faced with any financing difficulties’.
Kot je bilo že omenjeno, bo država medtem, če bo potrebno, ukrepala tako, da se podjetje izogne vsem finančnim težavam“.
The press release of 4 December also focuses on these two aspects, namely, the participation in the capital increase and the refinancing of the Company through a shareholder loan in the form of a credit line.
Sporočilo z dne 4. decembra je prav tako usmerjeno v teh dveh pogledih, z ene strani o sodelovanju pri zvišanju kapitala in z druge ponovno financiranje podjetja, tokrat na način delničarskega posojila v obliki kreditne linije.
Taken as a whole, these declarations may be regarded as having made public the State's intention whereby, if France Télécom had any financing problems or financial difficulties, it, the State, would do whatever was necessary to overcome them.
V celoti se te izjave lahko razumejo kot javno objavljen namen države, v skladu s katerim bo država naredila vse potrebno za rešitev težav, če bi podjetje France Télécom imelo težave s financiranjem ali finančne težave.
As will be seen in Section 9, it was already clear at the time of the first of these declarations that France Télécom was experiencing structural financial difficulties as reflected in its unbalanced balance sheet.
Kot vidimo v razdelku 9, je bilo očitno, da je že v obdobju prve izjave podjetje FT imelo finančno strukturne težave, vidne v neuravnoteženem stanju.
Cash flow generation was proving insufficient to resolve the debt-related problems.
Rast denarnega toka se je izkazala kot neprimerna za rešitev težav, povezanih z zadolžitvijo.
The established inadequacy of the cash flow and undue optimism about the non-strategic asset disposals continued to have an impact on France Télécom's share price and on the rating of its debt.
Ugotavljanje nezadostnosti denarnega toka in neutemeljen optimizem pri prenosih nestrateških naložb sta nadaljevala s pritiskom na ceno podjetja FT in tudi na oceno svojega dolga.
By asserting that the State would take the necessary decisions or appropriate steps, the Minister was making plain the State's commitment to doing whatever was necessary to resolve the Company's structural financing problems.
Ob potrditvi, da bo država ustrezno ukrepala, minister izraža obveznost države, da stori, kar je potrebno za rešitev strukturnih težav financiranja podjetja.
That was, at any rate, how economic operators saw it.
Takšno je bilo v vseh primerih zaznavanje gospodarskih dejavnikov.
The question how far these declarations can be attributed to the State arises only in relation to the July declaration.
V zvezi s prištevnostjo izjav države se to vprašanje postavlja samo v povezavi z julijsko izjavo.
The Commission would point out in this connection that, in the economic context just described, the French financial newspaper of reference, Les Échos, met with the Minister responsible and asked him, not how he felt about the events of the day, but whether he had a message for the market.
Zato Komisija opaža, da je v gospodarskem okviru, na katerega je treba spomniti, francoski finančni časopis, Les Echos, poiskal pristojnega ministra in ga vprašal ne po njegovih občutkih o dogodkih tega obdobja, ampak ali želi kaj sporočiti trgu.
The Minister's reply to the journalist was therefore neither off the cuff nor an analysis of past events.
Odgovor ministra novinarju ni torej niti rezultat tveganja niti pretekle analize.
It was, rather, a reflection of the choice made by the Minister and, behind him, the Government to send a clear message to every market player.
Gre predvsem za izbiro ministra in v ozadju vlade, da bi vsem udeležencem na trgu pustila jasno sporočilo.
The Minister was therefore making precise declarations on behalf of the State and the Government (against the background of a series of articles on the new Government's economic policy priorities).
Minister je oblikoval natančne izjave v imenu države in vlade (v okviru vrste člankov o prednostih glede gospodarske politike nove vlade).
In such circumstances, the interview given by the Minister is proof beyond doubt of the Government's resolve to support France Télécom and therefore constitutes an act imputable to the State.
V teh okoliščinah ni dvoma, da je intervju ministra v celoti dokazal rešitev države za podporo podjetja FT in torej predstavlja dejanje v breme državi.
In any event, as indicated in paragraph 205, the remarks reported in the press were subsequently neither contradicted or amended by the Minister nor denied by the Government.
Sicer pa, kot je navedeno v uvodni izjavi 205, izjave v medijih v nadaljevanju niso bile niti preklicane niti spremenjene s strani ministra ali vlade.
The Commission considers that these public declarations are sufficiently clear, precise and firm for them to attest to the existence of a credible commitment on the part of the State.
Komisija poudarja, da so javne izjave dovolj jasne, natančne in trdne, da pokažejo obstoj ustrezne obveznosti države.
As far as their publication is concerned, the first declaration was published in a national daily newspaper aimed at an audience of business people and financiers.
Glede objavljanja Komisija poudarja, da je bila prva izjava objavljena v dnevniku nacionalne razsežnosti, ki je poleg tega usmerjen proti občinstvu gospodarskih dejavnikov in bančništva.
What is more, the Minister's replies were clearly addressed not only to the journalist but also to the whole world of finance and industry.
Odgovori ministra niso namenjeni samo novinarju, ampak očitno tudi celotni finančni in industrijski skupnosti.
The first question put by the journalist is highly revealing: ‘France Télécom's share price is highly volatile.
Pravzaprav je prvo vprašanje novinarja precej razkrivajoče: „Borzna cena podjetja France Télécom je zelo nestabilna.
The other declarations were, for their part, published in press releases of the Ministry of Economic Affairs and Finance intended by their very nature to be disseminated as widely as possible.
Druge izjave so bile objavljene v sporočilih za javnost ministra za gospodarstvo in finance, katerih namen je čim večja razširjenost.
On the issue of clarity, the Commission considers that as early as July 2002 the message was clear, although the State's means of intervention, i.e. the detailed arrangements for carrying out its commitment, were as yet unspecified: ‘I feel responsible for the State's financial interests.
Glede jasnosti Komisija ocenjuje, da je že sporočilo julija 2002 jasno, čeprav sredstva poseganja države, in sicer načini izvajanja obveznosti, še niso določena: „Počutim se odgovornega za državne interese.
The State shareholder will behave like a prudent investor and if France Télécom were to be in difficulty, then we would take appropriate steps’ and, a bit later, ‘I am simply saying that we shall take appropriate measures when the time comes.
Državnega delničarja sestavljajo premišljeni vlagatelji in če bi podjetje France Télécom imelo težave, bi posegli po ustreznih ukrepih“ in malce kasneje „Samo trdim, da bomo ustrezno ukrepali ob pravem času.
If it is necessary’.
Če bo potrebno“.
It is clear from this passage, firstly, that the State claims to be acting like a prudent majority shareholder and, secondly, that it will take steps to alleviate France Télécom's difficulties.
Iz tega odlomka je jasno razvidno, da po eni strani država želi zasesti mesto previdnega večinskega delničarja, po drugi strani pa bo ukrepala, da bi ublažila težave podjetja France Télécom.
The clarity of the majority shareholder's commitment can scarcely be doubted inasmuch as it is reiterated a few lines further down: ‘I repeat, if France Télécom had any financing problems, which is not the case today, the State would take whatever decisions were necessary to overcome them’.
O jasnosti glede obveznosti večinskega delničarja ni dvoma, kar je nekaj vrstic nižje omenjeno še enkrat: „Ponavljam, če bi podjetje France Télécom imelo težave s financiranjem, vendar pa danes ni tako, bi država s potrebnimi ukrepi storila vse, da te težave premaga“.
The Commission would stress that the clarity of the State's commitment did not diminish with each successive declaration.
Komisija poudarja, da jasnost obveznosti države ni bila zmanjšana z zaporednimi izjavami.
As to the firmness of the commitment, the Commission is not convinced that the phrases ‘if France Télécom were to be in difficulty’ or ‘if France Télécom had any financing problems’ (July declarations) and ‘if necessary’ (September and October press releases) can be interpreted as provisos having the effect of suspending the effectiveness of the State's commitment.
Glede trdnosti te obveznosti Komisija ni prepričana, da se izrazi „če bi podjetje France Télécom imelo težave“ ali „če bi podjetje France Télécom imelo težave s financiranjem“ (julijske izjave) in „če bo potrebno“ (sporočila za javnost septembra in oktobra) lahko razumejo kot pogoji, ki lahko ukinejo učinkovitost obveznosti države.
At the time of the first declaration, France Télécom had already seen its credit rating fall strongly, its debt came to approximately EUR 70 billion, and the market knew that it had to meet certain important maturities at the end of 2002/beginning of 2003 and to cover a substantial financing need before the end of 2003.
V obdobju prve izjave je podjetje FT že videlo svojo zelo znižano oceno, imelo je dolg približno 70 milijard EUR in trg je vedel, da se bo moralo soočiti z določenimi pomembnimi zapadlimi roki konec leta 2002 in v začetku leta 2003 ter financirati pomembno potrebo po financiranju konec leta 2003.
The financing problems were therefore not unexpected, given the general financial context.
Nenaden pojav težav financiranja ni bil težaven ob upoštevanju splošnega finančnega okvira.
The situation had not changed by the time the other declarations were published.
Ta situacija se ni razvila ob objavi drugih izjav.
Consequently, the phrases in question cannot be regarded as conditions precedent when the condition precedent is, by definition, a future, uncertain event.
Posledično se zadevna vprašanja ne morejo obravnavati kot odložni pogoji, ker je odložni pogoj po definiciji nedoločen dogodek v prihodnosti.
Moreover, the declarations in question do not contain any reservation as to prior notification to the Commission.
Zadevne izjave ne vsebujejo nikakršne zadržanosti pri predhodnem obveščanju Komisije.
Contrary to what the French authorities maintain, their assertion that the State claims to act like a prudent investor (such a ‘precaution’ was, moreover, simply mentioned in July and December) cannot be considered a condition precedent to the State's commitment.
Treba je poudariti, da se v nasprotju s tem, kar podpira francoska vlada, njihovo potrdilo, v skladu s katerim država želi ravnati kot dobro poučen vlagatelj (takšna „poučenost“ je bila omenjena v juliju in decembru), ne more obravnavati kot pogoj za obveznost države.
There is nothing to show that the market had knowledge of any such condition.
Noben element ne more pokazati, da je trg opazil kakršen koli pogoj.
The only mention of the prudent investor concept is to be found in the Standard & Poor's press release of 12 July 2002, and then only as a quotation of the Minister's remarks; the interpretation of the Minister's remarks by the agency which follows the quotation is different.
Edina omemba pojma dobro poučenega vlagatelja je v sporočilu podjetja Standard & Poor z dne 12. julija 2002, vendar samo v okviru navedb trditev ministra; razumevanje trditev ministra agencije, ki sledi navedbam, je različna (kljub temu oznaka države podpira pojem podjetja FT v okviru vlaganj).
Nor is it taken up by the press releases of other rating agencies such as Moody's, which in any event see in the ministerial declarations an indication of the State's firm commitment to support France Télécom by whatever means.
Poleg tega, to ni povzeto v sporočilih drugih agencij za ocenjevanje, kot je agencija Moody's, ki v ministrskih izjavah vidi oznako zanesljive obveznosti države, ki prinaša svoj prispevek („podpora“) podjetju FT, na kakršen koli način.
Affirming one's intention to behave like a prudent investor is not enough when it comes to complying with the rules on state aid, and in particular with the prudent private investor principle.
V tem okviru ni dovolj potrditi želje po ravnanju dobro poučenega vlagatelja, da bi spoštovali pravila o državni pomoči, in še posebej načela zasebnega dobro poučenega vlagatelja.
Otherwise, all Member States would have to do in order to comply with the rules is maintain that they have complied with them, and the Commission's monitoring activity would be entirely superfluous.
Če bi bilo tako, bi bilo za države članice dovolj, da podpirajo spoštovanje teh pravil, za izključno spoštovanje teh pravil, in dejavnosti nadzora Komisije povsem odvečne.
Moreover, it is not for the Member States to judge whether the prudent investor test has been met, but for the Commission under the watchful eye of the Community courts.
Poleg tega, države članice niso zadolžene za ocenjevanje spoštovanja načela dobro poučenega vlagatelja, ampak je za to zadolžena Komisija pod nadzorom sodnika Skupnosti.
Despite what they maintain, the French authorities do not seem to have behaved like a prudent investor (see point 5.5).
Zato se kljub temu kar poudarja, zdi, da se francoska vlada ne obnaša kot dobro poučen vlagatelj (glej točko 5.5).
France Télécom has, moreover, indicated that the phrase ‘appropriate steps’ does not mean a priori that the State has committed itself to adopting financial measures.
Podjetje FT je poudarilo, da izraz „ustrezna določila“ ne pomeni nujno, da se bo država obvezala za sprejetje finančnih določil.
The Commission would stress the clear contradiction in the French authorities' arguments.
Komisija poudarja očitno nasprotje v argumentih francoske vlade.
On the one hand, the State maintains that it will behave like a prudent investor.
Pravzaprav se po eni strani država pretvarja, da se obnaša kot dobro poučen vlagatelj.
In view of the Company's financial situation, the financial analyses and the private shareholder resources, this suggests that the State intends to give France Télécom financial support (a change of management could by no means be considered sufficient, as was subsequently confirmed by the content of the Ambition 2005 plan).
Ob upoštevanju finančne situacije podjetja, finančnih analitikov in sredstev zasebnega vlagatelja je videti, da država namerava zagotoviti finančno podporo podjetju FT (sprememba vodstva ne more v nobenem primeru biti zadovoljivo ocenjena, kar je bilo potrjeno v nadaljevanju v vsebini načrta Ambition 2005).
On the other hand, when the French authorities maintain that the measures are not financial, this suggests that they intended to act in their capacity as a public authority.
Če pa po drugi strani francoska vlada trdi, da ukrepi niso finančni, je videti, da namerava ukrepati kot javni organ.
As to the French authorities' argument based on the Compagnie nationale Air France judgment, according to which the remarks at issue cannot imply a firm and unconditional commitment on the part of the State as they are not sufficiently precise, this argument is based on a confusion between the question of the date of the commitment and the assessment of that commitment in the light of the prudent private investor principle.
Glede argumenta francoske vlade, ki temelji na sodni praksi podjetja Compagnie nationale Air France, katere zadevne izjave ne morejo pomeniti trdne in brezpogojne državne obveze, ker niso dovolj natančne, ta argument temelji na nejasnosti zaradi težave z datumom obveznosti in upoštevanjem te obveznosti v okviru načela zasebnega dobro poučenega vlagatelja.
As far as the date of the commitment is concerned, the Commission would point out that the case law does not rule out the possibility that a firm commitment may exist prior to all the precise implementing arrangements being known.
Če gre torej za datum obveznosti, Komisija zagotovi, da sodna praksa ne izključuje možnosti, da bi trdna obveznost lahko obstajala pred poznavanjem vseh načinov izvajanja.
On the other hand, what the Court of First Instance of the European Communities stresses is that a private investor in general would not take an irrevocable investment decision as long as the final details of the investment have not been fixed.
Nasprotno, to kar Sodišče Evropskih skupnosti prve stopnje poudarja je, da zasebni vlagatelj na splošno ne odloča nepreklicno o vlaganju, dokler določeni načini vlaganja niso sprejeti.
The other relevant circumstances surrounding the said declarations confirm the clarity and firmness of the Minister's message and the will of the State to commit itself in full knowledge of all the facts.
Druge primerne okoliščine, ki obdajajo omenjene izjave, potrjujejo jasnost in trdnost sporočil ministra in voljo države, da se strokovno obveže.
Thus, in July 2002, the State did not simply issue public declarations; it also contacted the main market operators in order that they might act as go-betweens with investors.
Tako se že julija 2002 država ni zadovoljila z javnimi izjavami in je stopila v stik z glavnimi akterji na trgu, da bi uporabljali izmenjave pri vlagateljih.
The urgency due to the Company's financial situation confirms the existence of a firm decision by the State to support France Télécom.
Nujnost zaradi finančne situacije podjetja potrjuje obstoj trdne odločitve države za podporo podjetju FT.