natgillin/translations-raw huggingface dataset:
A description of the facts which led to the procedure being opened is not included in this Decision.
Opisa dogodkov, ki so privedli do začetka tega postopka, v tej odločbi ni.
The opening decision was notified to France on 31 January 2003.
Odločitev o začetku je bila sporočena Franciji 31. januarja 2003.
After a number of substantive errors had been corrected, a corrigendum was notified to France on 7 March 2003.
Francija je dne 7. marca 2003 po popravljenih vsebinskih napakah dobila sporočilo o popravku.
France communicated additional information to the Commission by letters dated 4 April 2003, 15 May 2003 and 29 January 2004.
Francija je sporočila dodatne podatke Komisiji s pismi z dne 4. aprila 2003, 15. maja 2003 in 29. januarja 2004.
The Commission's decision to open the procedure was published in the Official Journal of the European Union.
Odločitev Komisije, da začne s postopkom, je bila objavljena v Uradnem listu Evropske unije.
The Commission invited interested third parties to submit their comments on the aid measures in question.
Komisija je povabila zainteresirane strani, da predstavijo svoje pripombe o ukrepih zadevne pomoči.
The Commission received the following comments on the subject from interested third parties:
Komisija je v zvezi s tem prejela naslednje pripombe s strani zainteresiranih:
21 March 2003: comments from Cable and Wireless plc and Cable and Wireless SA
marca 2003: pripombe podjetja Cable and Wireless plc in podjetja Cable and Wireless SA
11 April 2003: comments from Cegetel
aprila 2003: pripombe podjetja Cégétel
10 April 2003: comments from AFORS Telecom
aprila 2003: pripombe združenja AFORS Télécom (Francosko združenje operaterjev za omrežja in storitve telekomunikacije)
11 April 2003: comments from LDCOM
aprila 2003: pripombe podjetja LDCOM
11 April 2003: comments from A
aprila 2003: pripombe podjetja A
10 April 2003: comments from Tiscali
aprila 2003: pripombe podjetja Tiscali
11 April 2003: comments from WorldCom France
aprila 2003: pripombe podjetja WorldCom France
11 April 2003: comments from B
aprila 2003: pripombe podjetja B
11 April 2003: comments from Bouygues ITS and Bouygues Telecom14 April 2003: comments from Telecom Italia
aprila 2003: pripombe podjetij Bouygues SA in Bouygues Télécom (v nadaljevanju „BT“) 14. aprila 2003: pripombe podjetja Telecom Italia
14 April 2003: comments from C
aprila 2003: pripombe podjetja C
29 April 2003: comments from B
aprila 2003: pripombe podjetja B
30 April 2003: comments from LDCOM.(6) The Commission transmitted the comments to France on 16 May 2003, giving it the opportunity of commenting on them.
aprila 2003: pripombe podjetja LDCOM.(6) Komisija je te pripombe posredovala Franciji 16. maja 2003 z možnostjo pojasnil.
It received France's comments by letters dated 30 June and 29 July 2003.
Komisija je prejela pojasnila v pismih z dne 30. junija 2003 in 29. julija 2003.
On 30 May 2003, the Commission published an invitation to tender for a contract ‘for the provision of services to assist in assessing the compliance of the financial assistance granted to France Télécom with the principle of the private investor in a market economy and if necessary to analyse France Télécom's recovery plan’.
maja 2003 je Komisija objavila razpis za javno naročilo „za opravljanje storitev pomoči za ocenjevanje skladnosti finančne pomoči, dodeljene podjetju FT, z načelom zasebnega vlagatelja v tržno gospodarstvo, in za morebitno analizo načrta preoblikovanja podjetja FT“.
By letter dated 3 July 2003, the French authorities wrote to the Commission about the above-mentioned invitation to tender.
V pošti z dne 3. julija 2003 so francoski organi Komisiji pisali o omenjenem razpisu za javno naročilo.
The Commission replied by letter dated 24 September 2003.
Komisija je odgovorila s pismom z dne 24. septembra 2003.
On 24 September 2003, the contract for the provision of services was awarded to the firm of consultants NERA (‘NERA’, or ‘the consultant’).
septembra 2003 je bila odobrena pogodba o opravljanju storitev v korist podjetja NERA (v nadaljevanju „NERA“ ali „svetovalec“).
The French authorities were informed of the expert's identity by fax dated 8 October 2003.
Francoski organi so bili obveščeni o identiteti strokovnjaka dne 8. oktobra 2003 s telegramom.
The Commission received other information and documents from the third parties listed below:
Komisija je prejela druge podatke in dokumente s strani tretjih:
23 June 2003: letter from LDCOM
junija 2003: pismo podjetja LDCOM
25 June 2003: letter from D
junija 2003: pismo podjetja D
27 October 2003: letter from MCI
oktobra 2003: pismo podjetja MCI
16 October 2003: letter from ECTA
oktobra 2003: pismo združenja ECTA
25 June 2003: letter from XXX
junija 2003: pismo podjetja XXX
7 January 2004: letter from Bouygues Telecom
januarja 2004: pismo podjetja BT
16 January 2004: letter from Bouygues Telecom
januarja 2004: pismo podjetja BT
19 March 2004: letter from France Télécom
marca 2004: pismo podjetja FT
5 April 2004: letter from Tiscali
aprila 2004: pismo podjetja Tiscali
17 May 2004: letter from LDCOM
maja 2004: pismo podjetja LDCOM
26 May 2004: letter from Bouygues Telecom
maja 2004: pismo podjetja BT
22 June 2004: letter from France Télécom
junija 2004: pismo podjetja FT
30 June 2004: fax from France Télécom
junija 2004: telegram podjetja FT
2 July 2004: fax from France Télécom.
julija 2004: telegram podjetja FT.
The Commission requested additional explanations from the French authorities by the following letters:
Komisija je zahtevala dodatna pojasnila od francoskih organov z naslednjimi pismi:
11 September 2003 (answer given by the French authorities on 20 October 2003)
septembra 2003 (odgovor francoskih organov z dne 20. oktobra 2003)
11 November 2003 (answer given by the French authorities on 4 December 2003)
novembra 2003 (odgovor francoskih organov z dne 4. decembra 2003)
12 January 2004 (answer given by the French authorities on 21 January 2004)
januarja 2004 (odgovor francoskih organov z dne 21. januarja 2004)
2 February 2004 (answer given by the French authorities on 16 February 2004)
februarja 2004 (odgovor francoskih organov z dne 16. februarja 2004)
1 June 2004 (answer given by the French authorities at the meeting on 16 June 2004).
junija 2004 (odgovor francoskih organov ob srečanju 16. junija 2004).
The Commission forwarded to the French authorities on 3 May and 14 June 2004 the letters referred to in paragraph 8 and the NERA report of 28 April 2004 (‘the NERA report’).
Komisija je francoskim organom poslala 3. maja 2004 in 14. junija 2004 pisma iz uvodne izjave 8 in tudi poročilo podjetja NERA z dne 28. aprila 2004 (v nadaljevanju „poročilo NERA“).
The report is in two separate parts: (i) a legal report by Professor Berlin; and (ii) an economic report.
To poročilo je sestavljeno iz dveh različnih delov: (i) pravnega poročila, ki ga je sestavil profesor Berlin, in (ii) ekonomskega poročila.
The Commission heard representatives of third parties at various meetings during the course of the proceeding.
Komisija je zaslišala predstavnike tretjih strani ob različnih srečanjih med postopkom.
The Commission and the consultant met with the French authorities and France Télécom on 22 January and 16 and 23 June 2004.
Komisija in svetovalec sta se srečala s francoskimi organi in podjetjem FT 22. januarja ter 16. in 23. junija 2004.
By letter dated 14 May 2004, which was confirmed on 3 June 2004, the French authorities stressed that the opening decision did not cover all the facts forming the subject-matter of the Commission's investigation.
S pismom z dne 14. maja 2004, potrjenim dne 3. junija 2004, so francoski organi poudarili, da odločitev o začetku ne vsebuje vseh dogodkov, ki so cilj preiskave Komisije.
By email dated 9 June 2004, which was confirmed by letter dated 10 June 2004, the French authorities submitted comments on the NERA report, which were supplemented by letter dated 21 June 2004.
S pošto z dne 9. junija 2004, potrjeno s pismom z dne 10. junija 2004, so francoski organi predstavili pripombe o poročilu NERA, dopolnjene s pošto z dne 21. junija 2004.
DESCRIPTION OF FRANCE TELECOM
OPIS PODJETJA FRANCE TELECOM
As indicated in the opening decision, the present proceeding concerns the France Télécom group as a single economic entity.
Kot je razvidno iz odločitve o začetku, ta postopek zadeva skupino FT kot enotno gospodarsko enoto.
Since the beginning of the proceeding, the Commission has referred to the Company's consolidated accounts.
Od začetka postopka se je Komisija vedno sklicevala na konsolidirane računovodske izkaze podjetja.
In adopting this approach, the Commission is taking a line which is consistent with economic reality as reflected by the market, which assesses France Télécom's performance and financial strength on the basis of its consolidated results.
Pri sprejetju tega pristopa Komisija ravna v skladu s gospodarskim stanjem, ki se kaže na trgu, in ocenjuje izvedbo in finančno trdnost FT na podlagi zajamčenih rezultatov.
In the opening decision, the France Télécom group was described as follows (unofficial translation from the original French):
V odločitvi o začetku je bila skupina FT opisana, kot sledi:
‘Originally part of the Ministry of Posts and Telecommunications, France Télécom was formed in 1991 as a public operator endowed with legal personality.
„Podjetje FT je bilo ustanovljeno leta 1991, najprej kot del Ministrstva za pošto in telekomunikacije, z javnim poslovanjem v pristojnosti pravne osebe.
Since 31 December 1996 the operator has had the status of a public limited company, and since October 1997 it has been listed on the First Market of Euronext Paris SA and on the New York Stock Exchange (NYSE).
Od 31. decembra 1996 ima operater status družbe z omejeno odgovornostjo in kotira na borzi Premier Marché d’Euronext Paris Sa in na borzi New York Stock Exchange (NYSE) od oktobra 1997.
In 2002, the State held a majority stake in France Télécom of 56,45 %, the remainder being divided between the public (32,25 %), France Télécom itself (8,26 %) and employees of the Company (3,04 %).
Leta 2002 je bil kapital družbe FT večinoma v lasti države v višini 56,45 %, ostanek pa je bil razdeljen med javnost (32,25 %), samonadzor (8,26 %) in zaposlene v podjetju (3,04 %.
France Télécom is an operator and a supplier of telecommunications services, active in France and throughout the world with a presence in the following markets: fixed telephony, mobile telephony, the Internet and other information services, services to business, TV broadcasting and cable TV.
FT je operater in dobavitelj telekomunikacijskega omrežja in storitev v Franciji in po svetu in deluje na naslednjih trgih: fiksna telefonija, mobilna telefonija, svetovni splet in druge informacijske storitve, storitve za podjetja, oddajanje televizijskega signala in kabelska televizija.
Following the reorganisation of Orange plc and the formation of Orange SA as France Télécom's main mobile telephony subsidiary, its placing on the stock exchange and the placing on the stock exchange of Wanadoo SA, France Télécom's activities are henceforth organised in four segments: (i) Orange; (ii) Wanadoo; (iii) fixed, voice and data services in France; and (iv) fixed, voice and data services outside France, mainly through its subsidiary Equant.
Po pridobitvi družbe Orange plc in glede na oblikovanje podjetja Orange SA kot glavnega hčerinskega podjetja FT za mobilno telefonijo so se pri vstopu na borzo in ob vstopu na borzo skupine Wanadoo SA dejavnosti podjetja FT preuredile na štiri dele: (i) Orange; (ii) Wanadoo; (iii) Fiksne storitve, prenos govora in podatkov v Franciji, in (iv) Fiksne storitve, prenos govora in podatkov zunaj Francije, večinoma prek hčerinske družbe Equant.
At the end of 2001, France Télécom employed 211554 people worldwide, including 146882 in France’.(15) The above description remains valid for the period covered by this Decision.
FT je 31. decembra imel 211,554 zaposlenih po svetu, od katerih jih je v Franciji 146,882“.(15) Ta opis velja tudi za obdobje, ki je med cilji te odločbe.
During that same period, the group's structure was characterised by ‘a policy of out-and-out subsidiarisation through the creation of four listed companies centred on France Télécom: Orange, Wanadoo, TPSA in Poland and Equant.
Poleg tega je bila v tem obdobju sestava skupine opredeljena kot „pretirana hčerinska politika pri ustvarjanju štirih družb, ki kotirajo v okviru podjetja FT: Orange, Wanadoo, TPSA v Poljski in Equant.
The group thus took shape in a quite paradoxical and unbalanced manner, with the parent company France Télécom SA carrying all the debt while the subsidiaries concentrated on growth …’.
Kot skupina je torej sestavljena na popolnoma paradoksalen in neuravnotežen način, sama hiša FTSA nosi ves dolg, medtem ko se hčerinske družbe osredotočajo na rast …“.
CHRONOLOGICAL DESCRIPTION OF THE FACTS AND FINANCIAL SITUATION OF THE COMPANY
KRONOLOŠKI OPIS DOGODKOV IN FINANČNEGA STANJA PODJETJA
The data known during the first half of 2002 and events at that time
Znani podatki iz prve polovice leta 2002 in dogodki v tem obdobju
The Commission would point out that the analysis under the state aid rules of a State's conduct must be carried out using the data and information available at the time of each state intervention.
Komisija ugotavlja, da mora biti v skladu s pravili o državni pomoči analiza o ravnanju države izvedena na podlagi razpoložljivih podatkov in informacij v trenutku vsake državne pomoči.
Given that the present case concerns events occurring in 2002 and early 2003, it is essential, in order to understand the facts on which the Commission has based its analysis of the State's conduct, to set out chronologically the evidence available from the time of publication of the results for the 2001 financial year.
Ker se zadevni primer nanaša na dogodke iz leta 2002 in z začetka leta 2003, je nujno potrebno, da se kronološko povzame elemente, ki so na razpolago po objavi rezultatov proračunskega leta 2001, da bi razumeli dogodke, na katerih temelji analiza Komisije o ravnanju države.
The financial results for the first half of 2002 were not made public until 13 September 2002.
Prav tako je treba opomniti, da so bili finančni rezultati prvega semestra leta 2002 objavljeni šele 13. septembra 2002.
Before that date, the last financial results to have been published by France Télécom were those for the 2001 financial year.
Pred tem so bili zadnji finančni rezultati, objavljeni pri podjetju FT, rezultati iz proračunskega leta 2001.
However, some additional data emanating from financial analysts were to be found in the latters' forecasts, opinions and recommendations.
Vsekakor so bili določeni dodatni podatki, ki izhajajo iz finančnih analiz, na razpolago pri predvidevanjih, mnenjih in predlogih.
As is clear from the analysis below, France Télécom was, from June 2002 onwards, a company with serious structural problems and an unbalanced balance sheet.
Kot je razvidno iz naslednje analize, se je podjetje FT od junija 2002 ukvarjalo z resnimi strukturnimi težavami in je predstavilo neuravnoteženo stanje.
During the first quarter of 2002, the nature of these problems was revealed by the publication of the 2001 accounts.
Od prvega trimesečja 2002 naprej so bile težave razvidne iz objav računov iz leta 2001.
The publication of these accounts showed improved operating results and substantial cash flow generation.
Objava teh računov je pokazala porast operativnih rezultatov in tudi precejšnjo rast denarnega toka (cash flow).
This is clearly demonstrated by the HSBC study submitted by France Télécom (see Section 4), which calculates a financing requirement of EUR 35 billion over the period 2002-05.
To je razvidno iz študije banke HSBC, ki jo je predstavilo podjetje FT (glej oddelek 4), kjer je bila izračunana potreba po financiranju 35 milijard EUR v obdobju 2002–2005.
On 31 December 2001, France Télécom's net debt came to EUR 63,5 billion, as can be seen from Tables 1 and 2.
Čista zadolženost podjetja FT se je 31. decembra 2001 zvišala na 63,5 milijard EUR, kot prikazujeta tabeli 1 in 2.
Debt (leverage) ratios
Razmerje zadolženosti („Razmerja vzvoda“)
Source: NERA.
Vir: NERA
Debt ratio [20]
Razmerje zadolženosti [20]
Debt/equity [21]
Dolg/socialni kapital [21]
Bonds falling due from the third quarter (Q3) of 2002 to the fourth quarter of 2003
Obveznosti od izteka tretjega trimesečja (T3) 2002 do četrtega trimesečja 2003
Total 2003
skupaj 2003
Amount in EUR billion [23]
znesek v milijardah EUR [23]
In the light of these data, the Commission would observe that, in view of the scale of its debt, France Télécom was forced to announce, on 21 March 2002, not only a major clean-up of its balance sheet through balance sheet provisions and asset disposals totalling EUR 27,2 billion (comprising disposals worth EUR 17 billion and exceptional provisions of EUR 10,2 billion), but also a substantial increase in the available cash flow to the tune of EUR 14 billion for the period 2002-05.
Glede na te podatke Komisija ugotavlja, da mora podjetje FT ob upoštevanju pomena svojega dolga 21. marca 2002 razglasiti ne samo pomembno čiščenje svoje bilance stanja z računovodskimi provizijami in s prenosi v višini 27,2 milijard EUR (vključno s prenosi v višini 17 milijard EUR in z izjemnimi provizijami v višini 10,2 milijard EUR), ampak tudi pomembno rast denarnega toka v višini 14 milijard EUR v obdobju 2002–2005.
The downgrading of France Télécom's credit rating
Znižanje ocene podjetja FT
During the first half of 2002, France Télécom's situation worsened rapidly, as reflected in a series of downgrades in the Company's credit rating.
V prvi polovici leta 2002 se je stanje podjetja FT hitro poslabšalo, kar je bilo razvidno s serijo znižanj (downgrades) ocene podjetja.
Thus, on 27 March 2002, the Moody's credit rating agency announced a downgrading of France Télécom's rating for long-term debt/ .
marca 2002 je agencija za ocenjevanje Moody's objavila znižanje ratinga (ocenjevanje) podjetja FT za dolgoročni dolg/ .
On 28 March 2002, Standard & Poor's (‘S & P’) maintained France Télécom's rating but downgraded its prospects to negative following news concerning Mobilcom.
marca 2002 je agencija Standard & Poor’s („S & P“) vzdrževala rating podjetja FT, vendar je znižala svojo oceno na negativno zaradi novice v zvezi s podjetjem Mobilcom.
On 13 May 2002, Moody's, doubting the Company's capacity to implement its debt-reduction strategy, announced a possible downgrade of France Télécom's short-term debt rating.
maja 2002 je agencija Moody's ob dvomih o zmožnosti podjetja o dobrem vodenju strategije zniževanja dolgov objavila morebitno znižanje ratinga kratkoročnega dolga podjetja FT.
On 14 May 2002, Standard & Poor's maintained France Télécom's existing rating.
maja 2002 je agencija Standard & Poor's obdržala obstoječi rating podjetja FT.
On 24 June 2002, Moody's downgraded France Télécom's rating.
junija 2002 je agencija Moody's znižala rating podjetja FT.
The Company's prospective rating was maintained at a negative level.
Perspektiva za rating podjetja se je obdržala na negativni ravni.
Moody ' s decision at that time was based on the fact that the agency did not expect France Télécom and Orange to be in a position to generate sufficient cash flow to reduce the group ' s consolidated debt.
Odločitev agencije Moody ' s je bila takšna zaradi tega, ker agencija ni čakala, da bosta podjetji FT in Orange v stanju vodenja dovolj velikega denarnega toka za zmanjšanje konsolidiranega dolga skupine.
Although Moody ' s was not concerned about the likelihood of a liquidity crisis in the Company in the immediate future, it did point out that France Télécom was confronted with debts of about EUR 15 billion falling due in 2003.
Poleg tega je agencija za ocenjevanje Moody ' s kljub temu, da ni sumila o mogoči krizi likvidnosti podjetja odkrila, da ima podjetje FT 15 milijard EUR dolga, ki se izteče v letu 2003.
On 25 June 2002, Standard & Poor's downgraded France Télécom's short- and long-term debt rating, basing its decision on the difficulties concerning Mobilcom and the Company ' s inability to reduce its debt far and fast enough.
junija 2002 je agencija Standard & Poor's znižala rating dolga podjetja FT na kratki in dolgi rok zaradi težav v zvezi s podjetjem Mobilcom in zaradi nezmožnosti podjetja, da dovolj hitro in učinkovito zmanjša svoj dolg.
S & P also mentions France Télécom ' s considerable financing requirements, referring also to the EUR 15 billion of debt coming due in 2003.
Agencija S & P prav tako omenja pomembne potrebe financiranja podjetja FT s sklicevanjem na 15 milijard EUR dolga, ki se izteče med letom 2003.
This downward trend was confirmed several times over the next few days.
Ta nagib k znižanju je bil v naslednjih dneh večkrat potrjen.
On 12 July 2002, Standard & Poor's even drew attention to a potential problem involving the refinancing of the debt coming due in 2003.
julija 2002 je agencija Standard & Poor's obvestila o možni težavi pri povračilu dolga, ki poteče leta 2003.
The downgrading of France Télécom's rating clearly revealed the Company's debt problems, worsened by the uncertainty surrounding Mobilcom.
Znižanje ocene podjetja FT je očitno razkrilo težave z zadolženostjo podjetja, ki jih je še poslabšala negotovost stanja podjetja Mobilcom.
Table 3 recapitulates the various positions of S & P, Moody's and Fitch regarding France Télécom's rating:
Tabela 3 prikazuje različna stališča agencij S & P, Moddy's in Fitch pri ocenjevanju podjetja FT:
Events connected with credit ratings
Dogodki, povezani z ocenjevanjem kredita
Situation in May 2002
Stanje maja 2002
24 June 2002
junija 2002
25 June 2002
junija 2002
05 July 2002
julija 2002
12 July 2002
julija 2002
Analysis of credit spreads
Analiza „Kreditnih razmikov“
It is important that the behaviour of spreads in the financial markets be examined.
Pomembno je, da se preuči gibanje „razmikov“ na finančnih trgih.
The spreads relating to the debt of a company reflect the assessment, by the markets, of the risk linked to the capacity of the company to meet its obligations in respect of the payment of interest and the reimbursement of the debt upon maturity.
Razmiki, povezani z dolgom družbe, so pokazatelji ocenjevanja tveganja na trgih in so povezani z zmožnostjo spoštovanja obvez v tem podjetju glede plačila obresti in povračila dolga v roku plačila.
Spreads influence the valuation, by the market, of bonds and the level of interest that may be required for the issue of new bonds.
„Razmiki“ vplivajo na ocenjevanje, na obveznosti in na raven izterljivih obresti za izdajo novih obveznosti.
A widening of the spreads indicates an increase in the risk attributed to the issuer and/or the bond.
Povečanje razmikov je znak rasti tveganja, ki je določeno za izdajatelja in/ali za obveznosti.
The Commission has analysed France Télécom's spreads for the period covering the 2002 financial year and has established a relatively high assessment of the risk at the beginning of July.
Komisija je nadaljevala z analizo o razmikih za podjetje FT za obračunsko obdobje leta 2002 in ugotovila, da se je od začetka julija ocenjevanje tveganja znatno povečalo.
Normally, the spreads for long-term debt are greater than those for short-term debt, with several factors coming into play here: lack of visibility, uncertainty as to future prospects, macroeconomic parameters, and the trend in interest rates.
Seveda so razmiki za „dolgoročni dolg“ bolj pomembni kot tisti za „kratkoročni dolg“ zaradi različnih dejavnikov: pomanjkanje vidnosti, negotovost glede prihodnjih perspektiv, makroekonomski parametri, gibanje obrestne mere.
However, an examination of Table 3 shows clearly that the problems encountered by France Télécom were particularly concentrated on short-term debt.
Tabela 3 torej jasno razkriva, da so bile težave, s katerimi se je soočalo podjetje FT, še zlasti osredotočene na „kratkoročni dolg“.
The spreads study concerning France Télécom has thus demonstrated that the very short-term risks were higher than those in the medium and long term.
Tudi študija o razmikih podjetja FT je pokazala, da so bila kratkoročna tveganja višja kot dolgoročna.
This phenomenon is called a ‘spread inversion’.
Ta pojav se imenuje „inverzija razmika“.